Silicone Elastomers Market Expected to Grow At a CAGR of 8.7% between 2021-2028
2021 - 2028 Global Silicone Elastomers Market
The Global Silicone Elastomers Market is accounted for $6.94 billion in 2021 and is expected to reach $12.45 billion by 2028 growing at a CAGR of 8.7% during the forecast period. Silicone Elastomers is also known as vulcanized silicone-based polymers, can be found in numerous forms such as solids, open-cell foams, closed cell sponges, thermally conductive, and electrically conductive. Its superior properties of it such as extreme temperature resistance, excellent environmental resistance, and low compression set make them suitable for application in various end-use industries such as transportation, electrical and electronics, and healthcare.
High-temperature vulcanized silicone rubbers have vast application areas due to their excellent properties such as electrical conductivity, high strength of siloxane bond radiation resistance, etc. The North America is projected to hold the highest market share, owing to growing construction, and automotive industries across the province, increasing disposable income, evolving business, and work opportunities, and rising urbanization along with escalating migration to the country has increased the need for infrastructure to facilitate their occupation. Asia Pacific is projected to have the highest CAGR, due to the presence of a wide industrial base in developing economies such as India, China, and Thailand, and increasing automotive production as a result of the surging demand for automobiles coupled with the rising per capita income of consumers.
Some of the key players profiled in the Silicone Elastomers Market include Delphi, Dow Corning Corporation, GW Plastics, India National Bluestar (Group) Co, Ltd., KCC Corporation, Mesgo S.P.A, Momentive Performance Materials, Reiss Manufacturing Inc., Shin-Etsu, Specialty Silicone Products Inc., Wacker Chemie, Zhejiang Xinan Chemical Industrial Group Co., Ltd., and DuPont.
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