Silicone Rubber Market Information by Type (Liquid Silicone Rubber, High Consistency Rubber and Fluorosilicone Rubber), Application (Automotive, Medical, Electronics, Construction, Footwear, Consumer Goods and Sportswear) and Region – Forecast till 2023
Key players leading the global silicone rubber market include KCC CORPORATION (South Korea), CHT Group (Germany), Elkem Silicones (Norway), Momentive (US), MESGO S.p.A. (Italy), Wacker Chemie AG (Germany), Reiss Manufacturing, Inc. (US), Shin-Etsu Chemical Co. (Japan), SIMTEC Silicone Parts (US), and Shenzhen Inno Silica Co., Ltd. (China) among others.
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Silicone Rubber Market Competitive Analysis
Highly competitive, the silicone rubber market appears to be fragmented due to the presence of many large and small-scale players. To sustain their positions in the market, these players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch.
Silicone rubber, an elastomeric material is inert, stable, highly resistant to the extreme work environments. Moreover, some of the other substantial properties exhibited by the silicone rubber such as the high withstand ability for a broader range of temperature (75°F to 500°F) as compared to nearly all other elastomers, high wear and tear strength, great elongation, and high flexibility makes it an ideal component for a range of applications in automotive and construction industry.
Additionally, the highly non-conductive, silicone rubbers maintain greater dielectric strength and resistance to water, oxidation, various acids, solvents, oils, and fuels which make them ideal for the use in electronics materials. The silicone rubber products are widely used in almost all the rapidly growing industries such as automotive, construction and electronics. The augmented use in some of the burgeoning industries consecutively escalates the market on the global platform.
Considering the potential of the market to grow further in the years to come, Market Research Future (MRFR) in its recently published analysis asserts that the Silicone Rubber Market is expected to witness exponential growth by 2023, growing at a considerable CAGR during the review period (2018-2023). The global factors influencing the overall rubber market are bound to affect the market of silicone rubber equally.
Silicone Rubber Market Segments:
The MRFR analysis is segmented into three key dynamics for enhanced understanding.
By Type : Liquid Silicone Rubber, High Consistency Rubber, and Fluorosilicone Rubber among others.
By Application : Automotive, Medical, Electronics, Construction, Footwear, Consumer Goods and Sportswear among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Silicone Rubber Market Regions:
The Asia Pacific region, heading with the burgeoning automotive industry, is expected to continue to lead the global silicone rubber market. Moreover, rapidly growing markets in the APAC region, such as medical devices, consumer goods, electronics, construction, and footwear are providing impetus to the growth of the regional markets. Increasing infrastructure development activities mainly in India & China are contributing a great deal to the regional market, accelerating the use of silicone-based bearing pads.
The ample availability of cost-competitive logistic such as workforce, land, and the raw materials required for the production of paraxylene is a key force attracting several foreign investors. Resultantly, many key players from the developed regions such as North America and Europe are increasingly shifting their prominent manufacturing bases to China and India. This, as a result, is likely to foster the market growth in the APAC over the forecasted period.
The silicon rubber market in the North American region accounts for the second largest market, globally, following the APAC market closely. Increasing reconstruction activities and growing demand for the product in the automotive industry are driving the growth of the regional market. The region is expected to witness a noteworthy growth due to the high consumption potential of the product in various industries, increasing production capacities, and high economic growth rate.
The US, backed by the increasing industrialization accounts for a significant contributor to the growth of the regional market and is expected to account for phenomenal accruals, witnessing a considerable demand during the forecast period, 2018 to 2023.
While surging in value & volume, the Canadian silicon rubber market is estimated to register a moderate CAGR on account of increasing production of sportswear.
Latin America, backed by the increasing consumer spending on passenger cars and intervention of new technologies in silicone rubber, will perceive substantial growth in the demand for silicone rubber in the end-use industries. Furthermore, the penetration of lightweight transportation trucks and vehicles in countries such as Argentina, Colombia, and Brazil are predicted to boost the existing growing silicone-based tire market in this region.
The European region accounts for a profitable market for silicon rubber which is estimated to grow to register a significant CAGR during the forecast period. The market is majorly increasing due to the growing markets for automobiles, construction, medical devices, and consumer goods among others, in Germany, the UK, and France. Furthermore, the high uptake of the product by the automobile manufacturers and the increased expenditure in innovation backed by the improving economy are some of the factors predicted to drive the market in the forecast period