According to a new report, published by KBV research, The Global Silicone Elastomer Market size is expected to reach $11.2 billion by 2031, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 8,139.50 hundred tonnes experiencing a growth of 22.3% (2020-2023).
Silicone elastomers, hailed for their exceptional properties and versatility, have emerged as indispensable materials across a myriad of industries. They drive innovation and foster advancements in engineering and technology. From automotive to healthcare, silicone elastomers play a pivotal role in various applications, offering unparalleled performance, durability, and reliability.
The Liquid Silicone Rubber segment led the Global Silicone Elastomer Market, by Product Type in 2023; thereby, achieving a market value of $5.7 Billion by 2031. Liquid silicone rubber is increasingly used in consumer goods and baby care products due to its safety, durability, and soft-touch properties. LSR is used to manufacture baby bottle nipples, pacifiers, feeding utensils, and baby care accessories. The infant care industry has implemented LSR due to the rising awareness of product safety and hygiene and the rising demand for premium, high-quality baby care products.
The Construction segment is growing at a CAGR of 4.8 % during the forecast period. Silicone elastomers are highly effective for construction applications that require weatherproofing and waterproofing. Silicone waterproofing systems offer superior durability, flexibility, and resistance to UV degradation, ensuring long-term protection and structural integrity in buildings and infrastructure projects.
Full Report: https://www.kbvresearch.com/silicone-elastomer-market/
The Asia Pacific region dominated the Global Silicone Elastomer Market, by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5.5 Billion by 2031. The North America region is anticipated to grow at a CAGR of 6.2% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 6.5% during (2024 - 2031).
By Product Type (Volume, Hundred Tonnes, USD Billion, 2020-31)
By End-Use (Volume, Hundred Tonnes, USD Billion, 2020-31)
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-31)
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