Silicone Rubber Market is estimated to grow at a CAGR 7.5% from 2022 to 2030.
The silicone rubber market is projected to register a CAGR of 7.50% from 2022 to 2030. Elastomeric silicone rubber is made of polymer, fillers, carbon, hydrogen, and oxygen. In general, it is either a one-part rubber or a two-part rubber. The silicone rubber is stable, inert, and exceptionally resistant to harsh working conditions. The market for silicone rubber has equally impacted the forces affecting the larger rubber market. Almost all industries experiencing tremendous growth, like the automotive, construction, and electronics sectors, employ silicone rubber products extensively. The silicone rubber market size is expected to reach approximately USD 3.82 billion by 2030. The market is also expected to be driven by rising demand for highly water-, chemical-, oil-, and fuel-resistant rubber in automotive and electrical applications throughout the study period.
COVID-19 Impact Analysis
The chain of supply and demand for both raw materials and finished goods has undoubtedly been affected by COVID-19. The market was disrupted due to changes in the raw material supply cycles, shipping and logistics standards, and a lack of labor. Due to the loosening of regulations across various worldwide economies and the opening up of manufacturing and trade activities, demand increased more quickly in the first half of 2020. In addition, it was challenging for enterprises and sectors to regain the essential workforce after the layoff and lockdown.
Silicone rubber Market Dynamics
The silicone rubber industry in Europe is undergoing substantial change due to investments in green construction initiatives, polymer recycling, sustainability, and trends in the circular economy. Silicone rubber is used in the construction of buildings for many interior components, including baseboards and doors, as well as concrete slabs and decks. Due to the expansion of the infrastructure and construction industries, there has likely been a rise in the demand for silicone rubber shortly. Apartment sales are rising due to increased interest in 3D (3-dimensional) construction project designs and CAD (Computer Aided Design) building outlines. Given the versatility of silicone rubber, such trends are translating into the expanded potential for manufacturers in the e silicone rubber industry.
Manufacturers in the market benefit from consistent income streams generated by the dynamic automobile industry. The industry uses silicone rubber in various products, including foam cushioning, tire additives, engine gaskets, and navigation displays. Silicone rubber with a high degree of consistency can survive challenging operating conditions in various automotive systems and components. Developing electrified and safer autonomous vehicles is a major market driver for silicone rubber. Modern silicone rubber is designed for automotive applications to offer the ideal balance of compression and tear resistance when heated to high temperatures. The auto industry highly values rubber materials' performance and quality. Continuous sales of autos, boats, planes, and trains are significant indicators of the market's expansion.
Government efforts to manage healthcare costs and a lack of product development funding limit market expansion. The main obstacles for the market are strict and cumbersome regulatory laws. The strict requirements present several developmental problems, particularly in the medical sector.
The semiconductor industry has experienced enormous expansion recently. Trends like artificial intelligence, virtual reality, machine learning, and high-performance computing drive the semiconductor manufacturing sector. By 2025, the System for Mobile Communications Association (GSMA) predicts that 4G will be used by 57% of all mobile users worldwide. Many fast-growing emerging markets are increasing their usage of smartphones and 4G. For instance, 85% of smartphones in India, where smartphone penetration is currently at 70%, operate on 4G networks. High-tech components and seals with chemical resistance and the ability to limit particle contamination are in greater demand in the semiconductor industry. The requirement for contamination-free components is growing, and the components for the semiconductor sector have to meet the strictest standards of cleanliness. All the boxes are checked, and liquid silicone rubber can overcome these difficulties. Liquid silicone rubber produced using micro molding and clean room technologies enhances semiconductor performance where it is primarily utilized for bonding, sealing, and protection.
Silicone Rubber Market Segmentation
Based on type, the silicone rubber market segmentation is liquid silicone rubber, high consistency rubber, and fluorosilicone rubber. The silicone rubber market growth was prominently high under the liquid silicone rubber category in 2021. Due to growing use in the construction industry. However, fluorosilicone rubber is anticipated to be the fastest-growing in the coming years. Additionally, synthetic lubricants, aggressive fluids, and alternative fuels are growing, and vehicle engines' increased operating temperatures and reduced cooling airflow present special problems for material performance and its use in sealing applications.
Based on application, the silicone rubber market segmentation is automotive, medical, electronics, construction, footwear, consumer goods, and sportswear. In 2021, automotive accounted for the largest market share of the market due to the increased adoption of electric cars. However, the electronics category is estimated to register the highest growth rate during the forecast period due to the growing demand for electronic devices.
Global Silicone Rubber Market Share, by Region, 2021 (%)
Silicone rubber Market Overview, by Region
By region, the silicone rubber market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
Asia-Pacific dominated the market for silicone rubber share in 2021 due to the increased rise in the production of automobiles. Due to their economies' rapid growth, China and India, in particular, are driving this region's growth. In addition, it is projected that product improvements, fresher applications, and supportive laws have fuelled the market. Additionally, they are aiming for long-term quality consistency and supply assurance. Increased demand for the product in this region would result from the rapid expansion of its physical infrastructure projects and encouragement of its footwear manufacturing sector. The region's market is also anticipated to grow quickly due to the country's construction and automotive industries.
Europe accounted for the second-largest market for silicone rubber share in 2021. The enormous automobile production base drives the need for the electrically conductive segment. For instance, Germany is the leader in the production of modern vehicles. Due to greater environmental and climate change awareness and Europe's transition to electric vehicles, there is a rising demand for liquid silicone rubber embedded with sensors and car safety electronics.
Silicone rubber Market Competitive Landscape
Due to the existence of large manufacturing firms all over the world, the industry is greatly fragmented. The players mostly compete based on product quality and silicone production techniques. Key players in the market for silicone rubber are more likely to use marketing tactics, including mergers and acquisitions, the debut of new and innovative products, and developing production facilities. For instance, in December 2022, Dow introduced the SILASTICTM SA 994X Liquid Silicone Rubber (LSR) series as part of its ongoing efforts to develop more advanced, secure, and environmentally friendly technologies for the mobility and transportation sectors. The SILASTIC SA 994X LSR series is a primer-free, self-adhesive, all-purpose, and self-lubricating LSRs with a one-to-one mix ratio created for two-component injection molding with thermoplastic substrates like, but not limited to, polybutylene terephthalate and polyamide. This novel series can be applied to various automotive applications, including connector seals, battery vent gaskets, radiator gasket seals, and environmental protection seals to house lidar and radar in autonomous vehicles.
Prominent players in the silicone rubber market research include CHT Group (Germany), KCC CORPORATION (South Korea), Elkem Silicones (Norway), MESGO S.p.A. (Italy), Momentive (US), Wacker Chemie AG (Germany), Shin-Etsu, Chemical Co. (Japan), Reiss Manufacturing, SIMTEC Silicone Parts (US), Shenzhen Inno Silica Co. among others.
Silicone rubber Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Silicone rubber Market Forecast & Size:
To identify and estimate the market size for the silicone rubber market report segmented by type and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the silicone rubber market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the silicone rubber market growth
Market Influencing Factors:
To find out the factors which are affecting the silicone rubber market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 3.82 billion|
|CAGR||7.50% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||CHT Group (Germany), KCC CORPORATION (South Korea), Elkem Silicones (Norway), MESGO S.p.A. (Italy), Momentive (US), Wacker Chemie AG (Germany), Shin-Etsu, Chemical Co. (Japan), Reiss Manufacturing, SIMTEC Silicone Parts (US), Shenzhen Inno Silica Co. among others|
|Key Market Opportunities||Growing semiconductor industry|
|Key Market Drivers||Increase in the automobile industry|
Dwindling raw material prices, combined with investment to find eco-friendly alternatives, can prevent the silicone rubber market the expected growth.
The silicone rubber market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~7.50% over the next 10 years, according to silicone rubber market research.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia - Pacific held the largest share in 2021
The market size is expected to be USD 3.82 billion by 2030.
CHT Group (Germany), KCC CORPORATION (South Korea), Elkem Silicones (Norway), MESGO S.p.A. (Italy), Momentive (US), Wacker Chemie AG (Germany), Shin-Etsu, Chemical Co. (Japan), Reiss Manufacturing, SIMTEC Silicone Parts (US), Shenzhen Inno Silica Co. among others are the major companies operating in the market.