The Silicone Growth and High Temperature Elastomer Makert was valued at $15 billion in 2015, the global silicone market is expected to leap to $20 billion by 2021 due to high demand of products.
The market is separated into five categories:
- Other products
The largest segment in 2015 was elastomers accounting for 37.13% of the total market. Fluids are one of the fastest growing segments because the transportation market is using more and more of the substance. In addition, the personal care and medical markets will do their share to spur the demand of silicone in the coming years. Gels and resins will also grow in the future.
With the auto industry expanding at a good clip, driven by the emerging Asia-Pacific, Africa and Latin America markets, high temperature elastomer will expand from $1.06 billion in 2015 to $1.72 billion by 2022. In the transportation industry, high temperature elastomers are used in manufacturing specialty rubber, tires and seat covers.
Healthcare and manufacturing industrial machinery, electronics and consumer goods also apply high temperature elastomer as additives. Prime applications of high temperature elastomers include the sterilization of medicines, progressive cavity pumps and under the hood automobile applications.
North America dominated the market by volume in 2015 and will continue to do so, with the Asia-Pacific area posting the fastest growth.
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