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)
Publication Month: Aug 2022 |
Report Code: TIPRE00029528
| No. of Pages:
No. of Pages
| Category: Chemicals and Materials
| Status: Published
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.
Market Size Value in
US$ 1,249.3 Million in 2022
Market Size Value by
US$ 1,877.1 Million by 2028
CAGR of 7.0% from 2022 to 2028
No. of Pages
No. of Tables
No. of Charts & Figures
Historical data available
Grade, and End User
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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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
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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.
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.
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
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, DÃ¤twyler 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
Beacon Medtech Solutions
CHT Germany GmbH
KCC Silicone Corporation
Shin-Etsu Chemical Co., Ltd.
Stockwell Elastomerics, Inc.
Wacker Chemie AG
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global liquid silicone rubber market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global liquid silicone rubber market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the liquid silicone rubber market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution