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Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Silicone Rubber Market
Silicone Rubber Market
Silicone Rubber Market
Published date: Feb 2024 • Formats:
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  • Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Silicone Rubber Market

Global Silicone Rubber Market By Product Type(Room Temperature Vulcanized (RTV), High-Temperature Vulcanized (HTV), Liquid Silicone Rubber (LSR)), End-Use(Automotive and Transportation, Electrical and Electronics, Industrial Machinery, Consumer Goods, Construction, Healthcare, Others), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: Feb 2024
  • Report ID: 29332
  • Number of Pages: 202
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • By Product Type
    • Applications
    • Key Маrkеt Ѕеgmеntѕ
    • Market Drivers
    • Restraints
    • Market Opportunities
    • Market Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The global Silicone Rubber Market size is expected to be worth around USD 22.2 billion by 2033, from USD 12.4 billion in 2023, growing at a CAGR of 6.0% during the forecast period from 2023 to 2033.

    The Silicone Rubber Market refers to the global industry involved in the production, distribution, and utilization of silicone rubber, a versatile elastomer synthesized from silicon, oxygen, carbon, and hydrogen. Silicone rubber exhibits unique properties, including high thermal stability, flexibility, resistance to extreme temperatures, electrical insulation, and weathering, making it widely utilized in various applications such as automotive, electronics, construction, healthcare, and consumer goods.

    The market encompasses manufacturers, suppliers, and end-users engaged in the production and consumption of silicone rubber products, driving innovation and advancements in silicone rubber technology.

    Silicone Rubber Market

    Key Takeaways

    • Market Growth: Silicone Rubber Market is projected to reach USD 22.2 billion by 2033, growing at a robust CAGR of 6.0% from 2023.
    • HTV Dominance: In 2023, High-Temperature Vulcanized (HTV) secured over 48.5% market share, valued for high-temperature resistance in automotive and industrial applications.
    • Versatile Material: Silicone rubber, with unique properties like flexibility and electrical insulation, is extensively used in automotive, electronics, construction, healthcare, and consumer goods.
    • Application Leadership: Automotive & Transportation led applications in 2023, capturing a significant 36.7% market share due to silicone rubber’s resilience.

    By Product Type

    High-Temperature Vulcanized (HTV): In 2023, HTV dominated with over 48.5% market share. Its prevalence is attributed to high-temperature resistance, making it ideal for applications like automotive parts and industrial components demanding durability in extreme conditions.

    Room Temperature Vulcanized (RTV): RTV showcased a notable market presence in 2023, known for its easy application at room temperature. Widely used in sealants and molds, RTV’s convenience and versatility contribute to its significant share in the silicone rubber market.

    Liquid Silicone Rubber (LSR): 2023 marked LSR as a key player, holding substantial market space. Recognized for its liquid form and versatility, LSR is extensively employed in medical devices, consumer goods, and automotive applications, showcasing adaptability in manufacturing processes.

    Applications

    Automotive & Transportation: In 2023, Automotive & Transportation dominated, with a 36.7% share. Silicone rubber’s resilience and electrical properties make it vital in enhancing automotive components, ensuring durability and performance.

    Electrical & Electronics: High Electrical & Electronics usage marked 2023, securing a significant market share. Silicone rubber’s insulation properties and adaptability contribute to its extensive application in electronic components, supporting the industry’s technological advancements.

    Industrial Machinery: In 2023, Industrial Machinery showcased robust silicone rubber utilization. With its resistance to extreme conditions, silicone rubber plays a pivotal role in ensuring the longevity and efficiency of various industrial machinery components.

    Consumer Goods: Silicone rubber gained prominence in Consumer Goods in 2023, holding a notable market position. Its versatility and safety in consumer applications, such as kitchenware and personal care items, contribute to its substantial market presence.

    Construction: The Construction sector witnessed increased silicone rubber adoption in 2023. Its role in enhancing the durability and weather resistance of construction materials positions it as a crucial component in the industry.

    Healthcare: In 2023, Healthcare exhibited a growing reliance on silicone rubber. The material’s biocompatibility and sterility make it indispensable in healthcare applications, contributing to its dominant market share within this segment.

    Silicone Rubber Market Share

    Key Маrkеt Ѕеgmеntѕ

    By Product Type

    • Room Temperature Vulcanized (RTV)
    • High Temperature Vulcanized (HTV)
    • Liquid Silicone Rubber (LSR)

    Applications

    • Automotive & Transportation
    • Electrical & Electronics
    • Industrial Machinery
    • Consumer Goods
    • Construction
    • Healthcare
    • Others

    Market Drivers

    Expanding Automotive Sector:

    The surge in the automotive industry acts as a primary driver. Silicone rubber, particularly High-Temperature Vulcanized (HTV), witnesses increased demand for automotive components due to its resilience under extreme conditions.

    Growing Electrical & Electronics Demand:

    The demand for silicone rubber rises in the electrical and electronics sector. Its use in electrical insulation, seals, and gaskets contributes significantly. The evolving electronics industry and increased connectivity drive silicone rubber adoption.

    Restraints

    Raw Material Cost Volatility:

    The market faces challenges due to raw material cost fluctuations. Silicone rubber production relies on materials subject to price volatility. This poses challenges for manufacturers in maintaining stable pricing and margins.

    Technical Limitations in Certain Applications:

    Despite its versatility, silicone rubber encounters technical limitations in specific applications. Certain industries demand materials with characteristics beyond current silicone rubber capabilities, restricting its widespread use.

    Market Opportunities

    Emerging Applications in Healthcare:

    An opportunity lies in the growing healthcare sector. Silicone rubber, especially Liquid Silicone Rubber (LSR), finds increased use in medical devices due to its biocompatibility. The expanding healthcare industry presents untapped potential.

    Sustainable Practices in Construction:

    The construction sector presents an opportunity for silicone rubber application. Innovations supporting sustainable practices, such as eco-friendly silicone formulations, align with the construction industry’s increasing focus on green materials.

    Market Trends

    Rising Popularity of Liquid Silicone Rubber (LSR):

    A prominent trend is the increasing adoption of Liquid Silicone Rubber (LSR) owing to its liquid form and versatility. LSR gains traction in medical devices and consumer goods, showcasing a trend towards efficient and precise manufacturing processes.

    Innovations in Formulations:

    Ongoing innovations in silicone rubber formulations mark a trend. Manufacturers focus on enhancing properties like durability, flexibility, and eco-friendliness. This trend aligns with the industry’s pursuit of advanced materials meeting diverse application needs.

    Regional Analysis

    In 2023, the Asia-Pacific (APAC) region emerged as a leading force in the Silicone Rubber Market, capturing a substantial market share of over 42.3%. The market valuation reached USD 5.02 billion, showcasing significant growth driven by the region’s robust demand for silicone rubber.

    This dominance highlights the considerable interest and utilization of silicone rubber across diverse industries in the APAC region. The thriving industrial sector, particularly in segments like automotive, electrical & electronics, and healthcare, played a pivotal role in driving the substantial demand for silicone rubber, contributing significantly to the market’s expansion.

    The region’s economic prosperity, coupled with extensive infrastructural development and a surge in manufacturing activities, propelled the consumption of silicone rubber. Moreover, the rising population and the expanding middle-class demographic further fueled the demand for automotive components, electronic devices, and medical applications—all of which extensively incorporate silicone rubber in their manufacturing processes.

    Silicone Rubber Market Regional Analysis

    Key Regions and Countries

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Key Players Analysis

    The Silicone Rubber Market is marked by the presence of key players that contribute significantly to the industry’s dynamics. Some prominent companies driving innovation and market growth include Dow, Wacker Chemie AG, Shin-Etsu Chemical Co., Ltd., Momentive, and Elkem ASA

    Top Key Рlауеrѕ

    • Wacker Chemie AG
    • Dow Shin-Etsu Chemical Co. Ltd
    • Elkem ASA
    • Momentive Silicone
    • BRB International
    • CHT Group
    • DyStar Singapore Pte Ltd
    • Evonik Industries AG
    • Hoshine Silicon Industry Co. Ltd
    • Jiangsu Mingzhu Silicone Rubber Material Co. Ltd
    • Kaneka Corporation
    • Mitsubishi Chemical Holdings Corporation
    • Momentive
    • Shin-Etsu Chemical Co. Ltd.
    • Wynca Group

    Recent Developments

    2023 Wacker Chemie AG: Announced plans to expand LSR production capacity in Europe and Asia.

    2023 Dow: Focused on expanding LSR applications in healthcare and automotive industries.

    2023 Elkem ASA: Focused on developing silicone solutions for renewable energy and e-mobility.

    Report Scope

    Report Features Description
    Market Value (2023) USD 12.4 Bn
    Forecast Revenue (2033) USD 22.2 Bn
    CAGR (2024-2033) 6.0%
    Base Year for Estimation 2023
    Historic Period 2020-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Product Type(Room Temperature Vulcanized (RTV), High-Temperature Vulcanized (HTV), Liquid Silicone Rubber (LSR)), End-Use(Automotive & Transportation, Electrical & Electronics, Industrial Machinery, Consumer Goods, Construction, Healthcare, Others)
    Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia & CIS, Rest of Europe; APAC– China, Japan, South Korea, India, ASEAN & Rest of APAC; Latin America– Brazil, Mexico & Rest of Latin America; Middle East & Africa– GCC, South Africa, & Rest of MEA
    Competitive Landscape Wacker Chemie AG, Dow Shin-Etsu Chemical Co. Ltd, Elkem ASA, Momentive Silicone, BRB International, CHT Group, DyStar Singapore Pte Ltd, Evonik Industries AG, Hoshino Silicon Industry Co. Ltd, Jiangsu Mingzhu Silicone Rubber Material Co. Ltd, Kaneka Corporation, Mitsubishi Chemical Holdings Corporation, Momentive, Shin-Etsu Chemical Co. Ltd., Wynca Group
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the size of Silicone Rubber Market?

    Silicone Rubber Market size is expected to be worth around USD 22.2 billion by 2033, from USD 12.4 billion in 2023

    What is the Silicone Rubber Market growth?

    The global Silicone Rubber Market is expected to grow at a compound annual growth rate of 6.0%. From 2024 to 2033.

    Who are the key players in the Silicone Rubber Market?

    Wacker Chemie AG, Dow Shin-Etsu Chemical Co. Ltd, Elkem ASA, Momentive Silicone, BRB International, CHT Group, DyStar Singapore Pte Ltd, Evonik Industries AG, Hoshine Silicon Industry Co. Ltd, Jiangsu Mingzhu Silicone Rubber Material Co. Ltd, Kaneka Corporation, Mitsubishi Chemical Holdings Corporation, Momentive, Shin-Etsu Chemical Co. Ltd., Wynca Group

    Silicone Rubber Market
    Silicone Rubber Market
    Published date: Feb 2024
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    • Wacker Chemie AG
    • Dow Shin-Etsu Chemical Co. Ltd
    • Elkem ASA
    • Momentive Silicone
    • BRB International
    • CHT Group
    • DyStar Singapore Pte Ltd
    • Evonik Industries AG
    • Hoshine Silicon Industry Co. Ltd
    • Jiangsu Mingzhu Silicone Rubber Material Co. Ltd
    • Kaneka Corporation
    • Mitsubishi Chemical Holdings Corporation
    • Momentive
    • Shin-Etsu Chemical Co. Ltd.
    • Wynca Group
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