Silicone Rubber Market to Reach USD 4.4 billion, by 2032 at 7.50% CAGR: Says The MRFR

Silicone Rubber Market was estimated to be worth USD 2.3 billion. The Silicone Rubber Market is expected to increase from USD 2.4 billion in 2023 to USD 4.4 billion by 2032, at a compound annual growth rate (CAGR) of 7.50% between 2023 and 2032, according to the latest Market Research Future (MRFR) report. Silicone rubber, simply put, is an elastomer composed of silicone, itself being a polymer having silicone along with oxygen, hydrogen, and carbon. Generally, silicone rubber is stable, resistant to extreme temperatures and environments, and non-reactive, yet still holds its useful properties. Owing to these alluring properties and ease of manufacturing as well as shaping, this form of rubber is extensively used in various products such as hardware and in-home repair having silicone sealants, medical implants and devices, and electronics.

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Various factors are propelling the silicone rubber market growth. These factors, by the MRFR report, include growing demand of the product from the plastic industry, growing applications in healthcare sectors and medical devices, excellent properties such as resistance to chemicals and heat, and the burgeoning demand for silicone rubber from different industrial verticals such as electronic and automotive sector.

On the contrary, rapid research by leading players in developing innovative and eco-friendly products and volatility in the cost of raw materials are factors that may impede the silicone rubber market growth over the forecast period.

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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Key Companies in the Silicone Rubber market 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.
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This release was published on openPR.