Liquid Silicone Rubber Market Key Players and Forecast by 2028

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

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.

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.

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.

Liquid Silicone Rubber Market Regional Insights

The regional trends and factors influencing the Liquid Silicone Rubber Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Liquid Silicone Rubber Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Liquid Silicone Rubber Market Report Scope

Liquid Silicone Rubber Market Players Density: Understanding Its Impact on Business Dynamics

The Liquid Silicone Rubber Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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.