by Silicone elastomers are highly flexible synthetic polymers made of silicone that exhibit rubber-like characteristics. Silicone elastomers exhibit properties such as gas permeability, chemical inertness, thermal stability, and biocompatibility which makes them ideal for applications in medical devices and healthcare. As the performance and longevity requirements of medical devices increase, the demand for silicone elastomers is growing significantly owing to their advantages.
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:
Increased adoption in the medical industry is one of the key trends driving the growth of the global silicone elastomers market. Silicone elastomers are increasingly being used in various medical devices and equipment due to their non-toxicity, chemical inertness, enhanced durability, and biocompatibility. They are used in components for surgical devices, diagnostic equipment, medical tubing, catheters, implants, and prosthetics. As the demand for advanced medical devices rises due to the growing global disease burden, the need for high-performance silicone elastomers is also growing significantly. Their inertness prevents undesirable reactions within the human body and compatibility with living tissue allows them to be used in various critical applications. This growing adoption of silicone elastomers in the medical sector will continue to propel the market growth over the forecast period.
SWOT Analysis
Strength: Silicone elastomers has high elasticity, temperature resistance and durability which makes it suitable for use in wide range of industrial applications. It can maintain its shape even after prolonged usage or exposure to heat.
Weakness: R&D costs associated with developing new grades of silicone elastomers are very high. Manufacturing processes involved also require huge capital investments. Dependence on crude oil prices also affects the overall costs.
Opportunity: Growing demand from end-use industries like automotive, healthcare and consumer goods offer huge growth opportunities. Developing advanced grades of elastomers for use under extreme conditions also opens up new segments.
Threats: Stringent environmental regulations regarding use of certain additives and plasticizing agents act as a challenge. Substitutes like thermoplastic elastomers have gained some acceptance and pose competition.
Key Takeaways
The Global Silicone Elastomers Market Share is expected to witness high growth.
Regional analysis: North America dominates the global market currently due to strong presence of silicone elastomers producers and widespread application in industrial, medical and consumer goods sectors there. Asia Pacific is projected to be the fastest growing market in the forecast period supported by growth of end-use industries in countries like China, India.
Key players: 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. These companies are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
