Report: Silicone market could see 6% growth

Leatherhead, UK – The silicone elastomers market could be poised to grow by 6 percent, according to new findings by Smithers Rapra.

Smithers Rapra reported that end use markets such as electric/electronic, medical and health care and consumer products are performing well. When combined with the positive growth in newer markets such as oil and gas exploration, the silicone elastomers market could grow at a compound annual growth rate of 6 percent through 2021.

“In this day and age, silicone elastomers are playing a continuous and increasingly important role in all aspects of both industry and in the everyday life of the world’s population,” Patrick Ellis, author of the report, said in a news release. “Their special properties ensure that they will continue to be increasingly in demand for a wide range of end-use applications, which cannot be fulfilled by conventional carbon-based elastomers.”

Smithers Rapra said HTV represents the largest elastomers market with a 60 percent share of 2011 consumption, amounting to 186,000 tons. This material and process group will continue to grow very slightly, reaching a consumption of 300,000 tons in 2021, according to the report.