Portland, OR -- (SBWIRE) -- 11/22/2017 -- The silicone elastomer market was valued at $6,378 million in 2016, and is projected to reach $9,217 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. Silicone elastomer is an elastic material that consists of silicon, carbon, hydrogen, and oxygen along with fillers. It is available in various forms including open cell foams, solids, closed cell sponges, coupled with thermally & electrically conductive elastomers. It is popularly used in cooking, baking & food storage products, undergarments, sportswear, and footwear due to their versatility and ease in shaping as well as manufacturing.

Owing to its high dielectric strength, heat stability, and good mechanical strength, it is used in electronics, medical devices, and hardware to develop spark plug boots, ignition cables, door seals, and hoses. In addition, it is used in mold making, electrocasting, pad printing, industrial bonding, and sealing. Silicone elastomers are more efficient and superior than natural rubbers; thus, they can be utilized as a substitute for the latter. Increase in adoption in medical, automotive, and healthcare industries boosts the demand for silicon rubber in the global market. Developments and rise in demand in the automotive industry are expected to provide potential opportunities for expansion.

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Change in lifestyle and increased disposable income of consumers in Asia-Pacific and LAMEA have led to growth of consumer electrical & electronics, healthcare, and medical device industries, leading to high market potential for silicone elastomers. Growth in population and rise in urbanization in emerging economies, such as India and China, have accelerated the construction activities and automobile production, thus driving the market growth. However, fluctuation in raw material prices may serve as a significant limitation to this growth. R&D on antimicrobial silicone elastomers and projected growth in automobile industry represent numerus opportunities for the market.

The report segments the global silicone elastomer market based on type, application, and geography. The product segment includes liquid silicone rubber, high consistency rubber, fluorosilicone rubber, and others, which consists of different types of room temperature vulcanized silicone elastomers (RTVs). By application, the market is categorized into automotive, healthcare, electronics, apparel, medical devices, home repair & hardware, construction, and other industries (baby care, cosmetics, optics, food, and more). Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2015, Asia-Pacific accounted for the largest volume share of the market, owing to emergence of China as the key contributor in the manufacture & consumption of silicone elastomers, and it is expected to maintain its dominance during the forecast period as well.

A recent finding by Carnegie Mellon University team in February 2017 explains the significance of adding a liquid metal to silicone elastomer, which can create a rubbery heatsink, nicknamed as "thubber." The high thermal conductivity and elasticity of thubber is meant for rapid heat dissipation in wearable computing and soft robotics applications requiring mechanical compliance and stretchable functionality.

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Major players profiled in this study are as follows:
- ICM Products Group
- Elkem AS
- KCC Corporation
- The Dow Chemical Company
- Mesgo S.p.A.
- Momentive Performance Materials Inc.
- Reiss Manufacturing, Inc.
- Shin-Etsu Chemical Co., Ltd.
- Specialty Silicone Products Inc.
- Wacker Chemie AG (Wacker)

KEY BENEFITS FOR STAKEHOLDERS

- This report provides an extensive analysis of the current trends and emerging estimations & dynamics in the global silicone elastomer market from 2015 to 2023, in terms of value and volume, which assist in identifying the prevailing opportunities.

- Geographically, the market is analyzed based on various regions, such as North America, Europe, Asia-Pacific, and LAMEA, including countries in each region.

- Detailed analysis of the market by type facilitates to understand the silicone elastomer types that are currently in use, along with the variant that are expected to gain prominence in the future.

- Porter's Five Forces analysis highlights the potency of buyers & suppliers to offer a competitive advantage to stakeholders to make profit-oriented business decisions and strengthen their supplier & buyer network.

- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.