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NEW YORK , June 20, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the silicone elastomers market value was around $8,344.8 million in the year 2021, which is likely to propel at a growth rate of 7.8% in the years to come, to touch $16,425.2 million by 2030. The industry is pushed by the rising consumption of these materials in the electrical & electronics sector, their advanced properties, and an elderly population, which is powering product requirement in healthcare manufacturing.
The automotive and transportation industry is second in the silicone elastomers market, with in excess of 20% revenue share. The industry produces 90 million automobiles each year and is frequently discovering and demanding novel resources both underneath the top and elsewhere on vehicles.
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Due to the necessity of a higher pressure of air, superior flow of water, and powerful injection of fuel and the use of corrosive solutions, innovative vehicle components are being created. Furthermore, auto manufacturers are instructed to decrease the weight of the vehicle and consumption of fuel, thus leading to small and compact engine sections. The smaller space creates high temperatures and additional stress on important parts.
The share of HTV was the largest, at approximately 60%, in the silicone elastomers market in the year 2021. This kind of elastomer is extensively employed in aerospace, weaponry, automotive, chemicals, construction, electronics, electrical, food and beverage, and numerous other sectors. This is because of HTV's extraordinary qualities of age and temperature resistance; they contain linear chains of heavy macromolecules and many kinds of reactive molecular groups.
The share of Europe is the largest, of approximately 35%. The tendency to lessen the weight of the vehicle is chiefly driving the industry. Silicone elastomers are able to supplement metals and additional constituents in vehicles, thereby dropping the weight and improving the efficiency of fuel and, eventually, lowering the release of pollutants. Silicones keep their properties intact and guarantee that vehicle, aircraft, ship, and train operations remain safe and efficient for a long time.
Moreover, Germany is among the "super-elderly" nations, and the population in the age group of 65 years and above here will be nearly 33% of its entire population by the year 2050. Consequently, there have been significant advancements in the medical sector in the last 20–30 years. New technologies have assisted in the detection of formerly unimagined approaches to fighting disease, mainly among the aged. Silicone elastomers play a vital role in healthcare by aiding medical device and implant manufacturers in creating new solutions that resolve critical medical problems.
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The silicone elastomers market is also pushed by the high need for these resources from the electrical & electronics industry. A diversity of grades are resistant to heat and almost non-volatile for delicate mechanisms, do not catch fire as easily, offer protection from moisture, and strongly adhere to a variety of surfaces. Moreover, silicones have become substantial in the development of material solutions contributing to automotive design freedom and lasting component strength under tough operating conditions.
Silicone Elastomers Market Segmentation Analysis
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