Silicone Rubber Market | Size, Share, Key Players Profile, Demand, Growth Factors and Industry Demand by 2023 | Impact of COVID-19

Silicone Rubber Market- Competitive Analysis:

The leading players in the global silicone rubber market are CHT Group (Germany), KCC CORPORATION (South Korea), Elkem Silicones (Norway), MESGO S.p.A. (Italy), Momentive (US), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co. (Japan), Reiss Manufacturing, Inc. (US), SIMTEC Silicone Parts (US), Shenzhen Inno Silica Co., Ltd. (China).

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Market Segmentation:

The global silicone rubber market has been segregated on the basis of type, application, and region.

By type, the global silicone rubber market has been segregated into liquid silicone rubber, high consistency rubber, and fluorosilicone rubber, and others.

Based on application, the market is categorized into automotive, medical, construction, electronics, footwear, consumer goods, sportswear, and others.

The global silicone rubber market has been studied across the five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Silicone rubber is an elastomer containing silicone polymer, carbon, hydrogen, oxygen, and fillers for property modification. It is an inert, stable, highly rubber, which exhibit various substantial physical properties such as high withstand ability for a wider range of temperature (75°F to 500°F), high wear and tear strength, great elongation, high flexibility and a durometer range of 5 to 80 Shore A.

Based on type, the global silicone rubber market has been segmented into liquid silicone rubber, high consistency rubber, and fluorosilicone rubber, and others. Among these types, liquid silicone rubber accounted for the largest market share in 2017. The primary factors responsible for this high market share are the substantial physical properties of this type of silicone rubber. It includes high biocompatibility, excellent ability to be sterilized by various methods, high elongation, greater clarity, softness, and elongation, and longevity. The high consistency rubber is another substantial type of silicone rubber which is anticipated to witness healthy growth during the forecast period owing to surging demand for the product in healthcare and automotive sectors.

By application, the global silicone rubber market has been categorized into automotive, medical, construction, electronics, footwear, consumer goods, sportswear, and others. The automotive sector held the major market share in 2017 owing growing demand for the product in various automotive applications such as o-rings gaskets, seals, hoses, sealants, and other rubber parts. Additionally the technological advancements in the healthcare sector and the widespread application of the silicone rubber in the drug delivery and catheter can be the key factors fueling the demand of silicone rubber in the healthcare applications.

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Regional Analysis:

The global silicone rubber market has been segmented across five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific is anticipated to grow at the highest CAGR owing to the rising product demand in the automotive, healthcare, footwear, and electronics industries. In addition, the silicone rubbers are widely used in rapidly growing construction activities in this region. This is expected to fuel the market growth in the region during the review period.

North America is expected to witness significant growth during the forest period. This is mainly due to the advancements in the electronics and semiconductor industry along with the growing reconstruction activities in this region to meet the sustainability demands.