May 18, 2024

Silicone Elastomers Market Driven By Increasing Demand From Construction Sector

Silicone elastomers are a class of advanced polymer materials characterized by their strength, flexibility and resistance to extreme temperatures and corrosion. Widely used in applications that require seals, gaskets, flexible parts and molded/fabricated components, silicone elastomers provide long-lasting performance across many industries including construction, automotive, healthcare and consumer goods. Their high tear strength, elasticity and resistance to UV radiation makes them well-suited for sealing, bonding, healthcare tubing, prosthetics and other uses where reliability is critical.

 The global Silicone Elastomers Market is estimated to be valued at US$ 10.1 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends driving increased demand for silicone elastomers is the ongoing growth and infrastructure investments in the global construction sector. Silicone elastomers are widely used in sealants, adhesives and coatings for buildings due to their durability, flexibility and weatherability. They provide excellent adhesion and sealing on versatile substrates such as glass, metals, plastics and composites. As countries focus on urban development and real estate, the construction sector is expected to sustain strong growth over the coming years, thus fueling the silicone elastomers market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as silicone elastomers require high capital investment for R&D and production facilities.

 Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many manufacturers providing silicone elastomers.

 Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of raw material substitutes.

 Threat of new substitutes: The threat of new substitutes is moderate as there are some substitute products available in the market.

Competitive rivalry: Competition in the market is high as key players are focusing on new product launches and innovation.

Key Takeaways

The Global Silicone Elastomers Market Share is expected to witness high growth.

Regional Analysis: North America is the largest silicone elastomers market owing to the rising demand from industries such as automotive, medical, and consumer goods in the US and Canada.

Key players operating in the silicone elastomers market are Neuralink Corporation, Neurable, Emotiv Inc., BitBrain, Alpha Omega, Blackrock Microsystems, LLC, Femtonics Ltd, NeuroNexus, Opto Circuits (India) Limited, BIOTRONIK, Plexon Inc., Noldus Information Technology, NextMind, Nectome, and Paradromics. Neuralink Corporation focuses on developing implantable brain–machine interfaces to connect the human brain to computers. It aims to restore sensory and motor function and cure neurological conditions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it