Press release
Silicone Rubber Market Eyeing Substantial Growth due to Demand from Healthcare Sector
Silicone Rubber
Silicone Rubber Market is estimated to grow at a CAGR 7.5% from 2022 to 2030. states the latest Market Research Future (MRFR) report. Silicon rubber is basically an elastomer that contains oxygen, hydrogen, carbon, silicon polymer, and fillers for property modification. It is highly valued for its excellent characteristics of elongation, fire and temperature resistance, good thermal conductivity, and high tear strength.
Various factors are propelling the Silicone Rubber Market growth. Such factors, as per the latest Market Research Future report, include growing application in medical device and plastics industry, surplus use of liquid silicone rubber to produce household goods including lampshades, bread molds, jelly molds and ice cube, mats, and protective gloves, growing demand from the healthcare sector, electronics and automotive industries, and characteristics such as heat and chemical resistance. Additional factors pushing the silicone rubber market growth include the wide use in the pharmaceutical and food and beverage industry and increasing research and development activities by key manufacturers to develop innovative products.
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On the contrary, volatility in raw material cost and fluctuations in supply are factors that may restrict the silicone rubber market growth during the forecast period.
Key Players
Notable players in the silicone rubber market report include CHT Group (Germany)
Shenzhen Inno Silica Co. Ltd. (China)
KCC CORPORATION (South Korea)
Shin-Etsu Chemical Co. (Japan)
Wacker Chemie AG (Germany)
SIMTEC Silicone Parts (US)
Elkem Silicones (Norway)
MESGO S.p.A. (Italy)
Reiss Manufacturing Inc. (US)
and Momentive (US)
among others.
Market Segmentation
The silicone rubber market is segmented based on type and application.
By type, the silicone rubber market is segmented into high consistency rubber, fluorosilicone rubber, liquid silicone rubber, and others. Of these, the liquid silicone rubber segment will dominate the market during the forecast period primarily due to its substantial physical properties such as longevity, elongation, softness, greater clarity, high elongation, excellent ability to be sterilized by different methods, and high biocompatibility. This will be followed by the high consistency rubber segment that is predicted to have a favorable growth for its surging demand in the automotive and healthcare sectors.
By application, the silicone rubber market is segmented into electronics, medical, automotive, construction, consumer goods, sportswear, footwear, and others. Of these, the automotive segment will lead the market during the forecast period primarily due to its burgeoning demand in different automotive applications, including sealants, hoses, seals, o-rings gaskets, and other types of rubber parts.
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Regional Analysis
By region, the silicone rubber market report has been segmented into North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. Among these, the APAC region will remain the driving force in the market during the forecast period. Factors pushing the growth of the silicone rubber market in the region include the growing infrastructure development activities coupled with the rapidly increasing markets such as medical devices, electronics, consumer foods, footwear, and construction.
In North America, the silicone rubber market will have the second-largest share during the forecast period. Factors pushing the growth of the silicone rubber market in the region include rising reconstruction activities, growing demand for silicone rubber in the automotive industry, high consumption potential in different industries, increasing industrialization, increasing production of sportswear, rising production capacities, and high economic growth rate. The US, as well as Canada, are the main contributors in the region.
In Europe, the silicone rubber market will have a notable growth during the forecast period. Factors pushing the growth of the silicone rubber market in the region include growing demand from automobile manufacturers, rising expenditure in innovation, improving economy, and expanding markets for construction, automobiles, consumer goods, and medical devices. Germany, France, and the UK are the chief contributors in the market.
In Latin America and the MEA, the silicone rubber market will have healthy growth during the forecast period. Factors pushing the growth of the silicone rubber market in these regions include increasing spending made by consumers on passenger cars, coupled with the intervention of advanced technologies in silicone rubber. Argentina, Columbia, and Brazil are the chief contributors in this region for rising penetration of both lightweight trucks and vehicles.
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Industry News
October 2019: German RepRap and Dow are joining hands with Nexus Elastomer Systems to help designers manufacture transparent 3D printed parts along with colored liquid silicone rubber parts.
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