Silicone Elastomers are Estimated to Witness High Growth Owing to Adoption in Medical Devices and Wearables

Silicone Elastomers Market 

 

Silicone elastomers are superior elastic polymers that exhibit excellent physical and mechanical properties including flexibility, resistance to temperature extremes, chemical inertness and biocompatibility. They are being extensively used in various end-use industries such as automotive, building & construction, consumer goods, medical and healthcare industries. In the healthcare sector, silicone elastomers are widely used for producing medical devices and wearables owing to their biocompatibility and safety. Their flexible nature enables applications like feeding tubes, catheters, breast implants, bandages and medical tapes.

 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 Opportunity
Growing demand for comfortable and aesthetic medical devices and wearables: Rapid advances in medical science has led to rising demand for innovative medical devices and wearables. Silicone elastomers offers design flexibility to manufacture aesthetic devices that are comfortable for patients. Their flexible and elastic properties allow designing ergonomic and form-fitting devices. This has significantly boosted their adoption in wearables and medical devices, contributing greatly to the market growth over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants in the silicone elastomers market is moderate. Establishing manufacturing facilities require large capital investments and R&D capabilities which act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the silicone elastomers market is high. Buyers can negotiate on price and switch to substitutes due to fragmented market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the availability of raw materials is not a major concern for suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as silicone elastomers have superior chemical and thermal resistance properties over substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of many international as well as domestic players offering similar products.

SWOT Analysis
Strength: Silicone elastomers have high tensile strength, resistance to extreme temperatures and UV stability. They offer long product life, odorless and tasteless properties.
Weakness: Silicone elastomers have high production cost. Vulnerable to economic slowdowns affecting end-use industries.
Opportunity: Growing demand from healthcare sector for medical devices and implants manufacturing. Rapid industrialization in emerging economies boosting consumption.
Threats: Stringent government regulations regarding production and usage. Volatility in raw material prices adversely impacting margins.

Key Takeaways
The Global Silicone Elastomers Market Share is expected to witness high growth due to increasing demand from healthcare, automotive and consumer goods industries.

Regional analysis: Asia Pacific comprises fastest growing region due to rising industrial activities in China, India and other Southeast Asian countries.

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.

 

Explore more information on this topic, Please visit @ https://www.marketwebjournal.com/silicone-elastomers-market-driven-by-increasing-demand-from-construction-sector


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