Proliferation of Global Automotive Sector to Escalate Liquid Silicone Rubber Market Growth
According to our latest market study on “Liquid Silicone Rubber Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Grade (Food, Medical, and Industrial) and End User (Healthcare, Automotive, Consumer Goods, Electricals and Electronics, and Others),” the market was valued at US$ 1,249.3 million in 2022 and is projected to reach US$ 1,877.1 million by 2028; it is expected to grow at a CAGR of 7.0% from 2022 to 2028. The report highlights key factors driving the liquid silicone rubber market growth and prominent players along with their developments in the market.
Parts made from liquid silicone rubber exhibit steam, corrosion, and humidity resistance; flame retardancy; low creep and compression set; weatherability; and vibration absorption. Moreover, they don’t support the growth of mold, mildew, and bacteria. Liquid silicone rubber is a highly versatile material, and its newer applications are being discovered and tested every day. Different varieties of liquid silicone rubber are available to cater to different requirements in the manufacturing of healthcare products, automotive components, electronics and consumer products, gaskets, and other hardware components.
The automotive sector has witnessed tremendous growth in the last decade. The automotive industry in China, India, the US, Japan, France, etc., has been growing rapidly. Further, there has been increasing regulatory pressure on improving the fuel economy of vehicles and reducing greenhouse gas emissions, owing to which the development of lightweight components has gained significant traction in the automotive sector. The components manufactured from liquid silicone rubber are lightweight and contribute to the goal of attaining fuel efficiency. Liquid silicone rubber also helps reduce carbon dioxide and nitrogen emissions. Thus, the flourishing automotive industry in different countries and stringent government policies on reducing greenhouse gas emissions are driving the liquid silicone rubber market growth globally.
A few of the companies operating in the market are Avantor, Inc.; Beacon Medtech Solutions; Dow Inc.; MOMENTIVE; Wacker Chemie AG; CHT Germany GmbH; Elkem Asa; KCC Silicone Corporation; Shin Etsu Chemical Co. Ltd.; and Stockwell Elastometrics Inc. The market players are focusing on investing significant resources in research and development activities for providing high-quality products to meet the customer demands. They are also focused on the expansion of their production capacities and geographic presence.
Impact of COVID-19 Pandemic on Liquid Silicone Rubber Market
In 2020, the factors such as the shutdown of manufacturing facilities, and the discontinuation of manufacturing processes and research & development activities hampered the market growth in North America. The declined sales of automotive vehicles in North America and other regions affected the production of automobiles, further hampering the liquid silicone rubber market growth.
However, the market for liquid silicone rubber market entered the phase of revival in 2021 due to the government's significant measures, such as vaccination drives. The growing production of consumer goods, and electrical & electronics in different countries is expected to generate a demand for liquid silicone rubber in the coming years.
Liquid Silicone Rubber Market Breakdown – by Region
Liquid Silicone Rubber Market Demand and Growth 2022, 2028
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The report includes the segmentation of the liquid silicone rubber market as follows:
The liquid silicone rubber market, by grade, is segmented into food, medical, and industrial. Based on end user, the market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. By geography, the liquid silicone rubber market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is analyzed on the basis of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market in South & Central America is subsegmented into Brazil, Argentina, and the Rest of South & Central America.