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.
Parts made from liquid silicone rubber exhibit steam, corrosion, and humidity resistance; flame retardancy; low creep and compression set; weatherability; and vibration absorption. Moreover, they don’t support the growth of mold, mildew, and bacteria. Liquid silicone rubber is a highly versatile material, and its newer applications are being discovered and tested every day. Different varieties of liquid silicone rubber are available to cater to different requirements in the manufacturing of healthcare products, automotive components, electronics and consumer products, gaskets, and other hardware components.
A few of the companies operating in the market are 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. 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.
In 2020, the factors such as the shutdown of manufacturing facilities, and the discontinuation of manufacturing processes and research & development activities hampered the market growth in North America. The declined sales of automotive vehicles in North America and other regions affected the production of automobiles, further hampering the liquid silicone rubber market growth.
However, the market for liquid silicone rubber market entered the phase of revival in 2021 due to the government's significant measures, such as vaccination drives. The growing production of consumer goods, and electrical & electronics in different countries is expected to generate a demand for liquid silicone rubber in the coming years.
The liquid silicone rubber market, by grade, is segmented into food, medical, and industrial. Based on end user, the market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. By geography, the liquid silicone rubber market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is analyzed on the basis of China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The market in South & Central America is sub segmented into Brazil, Argentina, and the Rest of South & Central America.
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