Silicone Rubber Market To Exhibit Over 7.5% CAGR during 2020-2030

Silicone Rubber Market is anticipated to show growth at a CAGR of 7.5 % from 2022 to 2030.

The silicone rubber market will undoubtedly be equally impacted by the global forces affecting the larger rubber market. Almost all of the industries that are experiencing tremendous growth, like the automotive, construction, and electronics sectors, employ silicone rubber products extensively. During the projection period, this is anticipated to increase demand for it. Due to its better versatility and capacity to be recycled, silicone rubber has seen a strong CAGR over the past few years, supporting the sustainability principle. The overall demand for the product throughout the anticipated period is being largely driven by the booming construction activity around the world.

The silicone rubber market is also expected to be driven by rising demand for rubber that is highly water-, chemical-, oil-, and fuel-resistant in automotive and electrical applications throughout the study period. However, market expansion in the upcoming years may be hampered by the erratic pricing of silicone rubbers’ raw ingredients and the hasty research being done by top companies to manufacture novel, eco-friendly products.

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Regional Analysis

The five regions examined for the worldwide silicone rubber market are Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market’s largest region in 2017 and the one with the quickest growth is Asia-Pacific. During the projection period, it is predicted that increased demand for the product in this region would result from the region’s rapid expansion of its physical infrastructure projects and encouragement of its footwear manufacturing sector. The market for silicone rubber in this region is also anticipated to grow quickly due to the country’s construction and automotive industries.

Asia-Pacific is closely followed by North America, which in 2017 had the second-largest market share. Increased construction work and rising product demand in the automotive industry.

Another sizable geographical market where demand for goods from the automotive industry has seen significant expansion is Europe. Despite having small market shares in 2017, the Middle East and Africa and Latin America are expected to expand at a significant CAGR because of their favourable investment climate and access to raw materials.

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Market Segmentation

Based on kind and application, the silicone rubber market has been divided internationally.

The market for silicone rubber has been divided into several types based on kind, including liquid silicone rubber, high consistency rubber, fluorosilicone rubber, and others.

The market is divided into automotive, medical, construction, electronics, footwear, consumer goods, sportswear, and other categories based on application.

Key Players

• 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
• SIMTEC Silicone Parts (US)
• Shenzhen Inno Silica Co.

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