Pune, India – Global demand for silicone elastomers is set to grow at a projected CAGR of 6.49 percent between 2016 and 2021 to reach a value of $7.94 billion, according to market information supplier MarketsandMarkets.
In a study, titled Silicone Elastomers Market by Type - Global Forecast to 2021, the firm cites increasing demand from the healthcare and electrical & electronics end-use industries among the most significant market drivers.
Liquid silicone rubber (LSR) is forecast to show the fastest growth rate, with a CAGR of 6.74 percent. A combination of low viscosity, chemical stability, and electrical resistance, said M&M, is making LSR a preferred material particularly in the automotive, transport and healthcare industries.
Regionally, the report identified high demand for silicone elastomers in India and China have due to rise in the use of vehicles and increasing number of manufacturing units.
Countries, such as Japan and South Korea, have a well-established automotive & transportation industry. Japan in particular has a highly developed automotive & transportation end-use industry, enabling the country to export its manufactured automobiles to Indonesia.
Key players in the silicone elastomers market are listed as including: Momentive, Wacker, Dow Corning, Shin-Etsu, KCC, Bluestar, Reiss Manufacturing, Messgo and Zhenjian Xinan Chemical.