PUNE, India—Global demand for silicone elastomers is set to grow at a projected compound annual growth rate of 6.49 percent between 2016-21 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 health care and electrical and electronics end-use industries among the most significant market drivers.
Liquid silicone rubber 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 is making LSR a preferred material particularly in the automotive, transport and health care industries, according to MarketsandMarkets.
Regionally, the report identified rise in the use of vehicles and increasing number of manufacturing units as driving factors behind the high demand for silicone elastomers in India and China.
Meanwhile, countries such as Japan and South Korea have a well-established automotive and transportation industry. Japan in particular has a highly developed automotive and transportation end-use industry, enabling the country to export its manufactured automobiles to Indonesia.
The report also lists Momentive, Wacker, Dow Corning, Shin-Etsu, KCC, Bluestar, Reiss Manufacturing, Messgo and Zhenjian Xinan Chemical as key players in the silicone elastomers market.