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
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.
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