The liquid silicone rubber 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.
Liquid silicone rubber is a high-purity, two-component platinum-cured silicone. It is ideally formulated for the production of technical parts, which require superior strength, resistance, and quality. It is a viscous and pumpable material, and is mostly processed through liquid injection molding (LIM). Liquid silicone rubber is highly biocompatible and durable, and hence, ensures long-term stability and chemical resistance.
In 2021, Asia Pacific held the largest share of the global liquid silicone rubber market . The market in this region is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The liquid silicone rubber production capacity of these countries is expected to increase in the coming years due to heavy investments from various manufacturers and a rise in government initiatives to support the production of different types of liquid silicone rubber. Further, the need for specialty components has been increasing with the growing trends of electrification and autonomy of vehicles in the region.
China is one of the major producers of electronics products. Liquid silicone rubbers are extensively used in the electronics industry. Superior longevity, UV resistance, temperature resistance, mechanical properties, and flexibility are the prime attributes of this rubber, which are encouraging manufacturers to use these materials in the manufacturing of different electronics components.
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Liquid Silicone Rubber Market: Strategic Insights
Market Size Value in US$ 1,249.3 Million in 2022 Market Size Value by US$ 1,877.1 Million by 2028 Growth rate CAGR of 7.0% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Liquid Silicone Rubber Market: Strategic Insights
| Market Size Value in | US$ 1,249.3 Million in 2022 |
| Market Size Value by | US$ 1,877.1 Million by 2028 |
| Growth rate | CAGR of 7.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Liquid Silicone Rubber Market
The liquid silicone rubber market before the COVID-19 pandemic was mainly driven by increasing their use in various industries such as automotive, consumer goods, electrical & electronics, and healthcare. The liquid silicone rubber is used in automotive components, such as seals, gaskets, among others. In healthcare industry, it is used in making of medical devices and implants. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in key raw materials and disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. During the COVID-19 crisis, the automotive production across the globe has declined which has negatively impacted the liquid silicone rubber market growth.
The demand for liquid silicone rubber began increasing for different applications with the resumption of economies in various countries in 2021. Furthermore, relaxation in restrictions imposed in 2020 paved the way for the resurgence of automotive production activities in emerging economies of Asia Pacific, thereby boosting the demand for liquid silicone rubber.
Global Liquid Silicone Rubber Market Breakdown –by Region
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Proliferation of Global Automotive Sector
In the last decade, the automotive sector has witnessed tremendous growth and is expected to rise steadily during the forecast period. According to the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the number of commercial and passenger cars produced in American countries increased from ~16.2 million to ~20 million from 2010 to 2019, at a rate of more than 23%. In China, the automotive industry has been growing rapidly and the country is playing an increasingly important role in the global automotive market. Despite the adverse effects of the COVID-19 pandemic on this sector in 2020 and 2021 due to nationwide lockdowns, trade and travel restrictions, and decreased investments, it is experiencing a resurgence from FY 2022–2023.
Various companies operating in the automotive market are investing heavily in the automobile manufacturing sector to increase production capacities and sales. With the rise in automotive production and sales, the demand of liquid silicone rubber is growing significantly. In automotive industry, the liquid silicone rubbers are used in diverse range of application such as, in tire additives, engine gaskets, navigation display, foam padding and many other applications. In addition, newer applications of liquid silicone rubber are consistently being developed for the automotive industry. Thus, the rising demand for liquid silicon rubber from the automotive industry is driving the liquid silicone rubber market growth.
Grade Insights
Based on grade, the liquid silicone rubber market has been segmented into food, medical, and industrial. The medical segment accounted for the largest market share in 2021. Medical-grade liquid silicone rubber is used in the manufacturing of medical devices and equipment. The medical-grade liquid silicone rubber is non-allergenic. In addition, its hydrophobicity contributes to its ability to resist the growth of bacteria and fungi. These properties of medical-grade liquid silicone rubber fuel their demand in the in the healthcare sector.
Liquid Silicone Rubber Market, by Grade – 2021 and 2028
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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. are among the major players operating in the liquid silicone rubber market. 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Spotlights
- Progressive industry trends in the liquid silicone rubber market to help players develop effective long-term strategies
- Business growth strategies adopted by the market players to secure growth in developed and developing markets
- Quantitative analysis of the liquid silicone rubber market from 2020 to 2028
- Estimation of global demand for liquid silicone rubber
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and factors driving and restraining the liquid silicone rubber market growth
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the liquid silicone rubber market growth
- The liquid silicone rubber market size at various nodes
- Detailed market overview, along with segmentation, and the liquid silicone rubber industry dynamics
- The liquid silicone rubber market size in various regions with promising growth opportunities
Company Profiles
- Avantor, Inc.
- Beacon Medtech Solutions
- Dow Inc.
- MOMENTIVE
- Wacker Chemie AG
- CHT Germany GmbH
- Elkem Asa
- KCC Silicone Corporation
- Shin Etsu Chemical Co. Ltd.
- Stockwell Elastometrics Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Grade, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global liquid silicone rubber market are Avantor, Inc.; Beacon Medtech Solutions; CHT Germany GmbH; Dow; Elkem ASA; KCC Silicone Corporation; Momentive; Shin-Etsu Chemical Co., Ltd.; Stockwell Elastomerics, Inc.; Wacker Chemie AG.
In 2022, Asia Pacific held the largest share of the global liquid silicone rubber market. The rise in the number of automotive productions in the region would cater the demand of liquid silicone rubber. The region is also flourishing owing to presence of manufacturing facilities and cheap labor. China is one of the largest producers of automotive due to abundance of resources and raw material.
The industrial segment held the largest market share. Industrial-grade liquid silicon rubber is highly versatile and widely applicable to industries such as electronics, aerospace, construction, automotive, and consumer products. In the electronics industry sealants and lubricants are widely used and purified liquid silicone rubber is extensively used by the manufacturers. The rising extensive research and development in the electronics industry are fueling the demand for industrial-grade liquid silicone rubber market. Liquid silicone rubber is used to manufacture spacesuit fabrics, seals, tooling materials, and gaskets in the aerospace and aircraft industry.
The automotive segment held the largest market share. In the automotive industry, industrial-grade liquid silicone rubber offers excellent solutions in the form of moulded components. It is used in the manufacturing of headlights, sealants, LED diffusers, spark-plug boots, and ignition components. Due to the product's outstanding thermal stability, superior compression set, resistance to oxidation, and clarity, it is frequently employed in automotive applications. The emerging electrification of vehicles, automation, and autonomous technology requirement in the automotive industry driving the demand for industrial-grade liquid silicone rubber market.
The healthcare segment held the second largest share of the market in 2022. Liquid silicone rubber is widely used in the healthcare sector to manufacture medical devices and equipment. Medica-grade liquid silicone rubber is flexible, sterilized, and biocompatible. The developed process of curing removes potentially harmful plasticizers making it an ideal material for medical applications such as manufacturing rubber washers, hose washers, gaskets, bushings, tubing and cord. Medical-grade liquid silicone rubber is mostly found in tubing, defoamers, and adhesives. It is available in several grades such as FDA grade, Class VI Grade, and Platinum Cure Grade, and this allows for greater flexibility when choosing an appropriate product.
Asia Pacific is estimated to register the fastest CAGR in the global liquid silicone rubber market over the forecast period. Due to heavy investments from various manufacturers and the rise in government initiatives to support the production of different types of liquid silicone rubber, the production capacity of the region is expected to increase in the coming years. As the mobility industry has been increasingly inclining towards electrification and autonomy of vehicles in the region, the need for specialty components has been increasing. Hence, the global leaders are taking initiatives and focusing on expansion strategies. For instance, on 24th November 2021, Dätwyler Holding Inc.- a European leader in specialty elastomers has expanded their production of liquid silicone rubber components in Wuxi, China. Moreover, the growing product development and industrialization and wide application in end-use industries such as building & constriction, manufacturing, automotive, and healthcare especially in developing countries in the region are the major factors attributed to the growth of the liquid silicone rubber market.
The List of Companies - Liquid Silicone Rubber Market
- Avantor, Inc.
- Beacon Medtech Solutions
- CHT Germany GmbH
- Dow
- Elkem ASA
- KCC Silicone Corporation
- Momentive
- Shin-Etsu Chemical Co., Ltd.
- Stockwell Elastomerics, Inc.
- Wacker Chemie AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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