Global Silicone Elastomers Market Revenue Estimated to Hit Usd 6.6 Billion by 2023: Fractovia

Silicone Elastomers Market share worth USD 7.1 billion in 2015, is estimated to grow at a CAGR of 7.6% over the period of 2016-2023, reaching USD 12.8 billion mark by 2023. Favorable mechanical & chemical features along with its growing applications in construction, automotive, consumer goods, healthcare, electronics, and machinery sectors are anticipated to drive the market growth trends.

Silicone elastomers market contributes towards 45% of the total silicone industry share. Silicone is a polymer that finds application in sealants, lubricants, resins, coatings, and thermal & electrical insulation. Further, silicone implant market growth driven by an increase in old age population and their desire for aesthetic appeal, is predicted to fuel the demand for silicone elastomers and their products.

Construction applications segment is predicted to surpass USD 5.5 billion by 2023, at a CAGR of 5.3% over the period of 2016-2023. Asia Pacific is predicted to fuel the segment growth owing to the increasing investments in infrastructural developments in countries like India and China.

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Automotive applications segment is forecast to record a CAGR of 5.2% over the period of 2016-2023. Healthcare is an unexplored application predicted to offer huge opportunities for the market growth in the next few years.

Electronics applications segment is predicted to grow at a CAGR of 8% over 2016-2023. Technological breakthroughs and demographic trends are predicted to boost the segment growth over the next seven years.

HTV (High Temperature Vulcanize) silicone elastomers industry, contributing 600 kilotons in 2015, is expected to grow at a CAGR of 5.2% over the period of 2016-2023.

RTV (Room Temperature Vulcanize) silicone elastomers market is projected to surpass USD 1.3 billion by the end of 2023 owing to its growing demand in key end-use applications. LSR (Liquid Silicone Rubber)...