Conductive Silicone Rubber Market Size, Share, and Trends 2024 to 2033

Conductive Silicone Rubber Market Size and Growth 2024 to 2033

The global conductive silicone rubber market size was valued at USD 7.25 billion in 2023 and is anticipated to reach around USD 15.70 billion by 2033, growing at a CAGR of 8.03% from 2024 to 2033. The growing use of conductive silicone rubber in medical devices globally is driving the market's growth.

Conductive Silicone Rubber Market Key Takeaways

• Asia Pacific led the market with the largest revenue share of 53% in 2023.
• North America is observed to experience the fastest rate of growth during the forecast period.
• By product, the thermally conductive segment has held the major revenue share of 50% in 2023.
• By product, the electrically conductive segment is expected to expand at the fastest CAGR of 8.24% during the forecast period.
• By application, the automotive & transportation segment led the with the highest revenue share of 32% in 2023.
• By application, the electrical & electronics segment is projected to grow at a solid CAGR of 9.04% during the forecast period.

Conductive Silicone Rubber Market Size in the Asia Pacific 2024 to 2033

The Asia Pacific conductive silicone rubber market size was estimated at USD 1.92 billion in 2023 and is predicted to be worth around USD 4.20 billion by 2033 with a CAGR of 1.14% from 2024 to 2033.

Asia Pacific dominated the conductive silicone rubber market in 2023. The growth of the market is generally driven by the rising demand for silicon rubber from the electronics industry in this region. Most electronic manufacturing countries, such as Japan, China, Taiwan, Korea, and India, lie in the Asia Pacific region, which, in turn, boosts market growth. Also, the presence of mobile phone manufacturers such as Xiaomi, Samsung, and Huawei has increased the demand for conductive silicon rubber, thereby driving market growth. Moreover, the government's rising interest in the growth and development of the chemical industry has boosted the growth of the market.

• According to the government of India budget 2024-25, the Department of Chemicals and Petrochemicals received an amount of Rs 139.05 crores for the development of chemical industry infrastructure. Furthermore, the presence of market players such as Mitsubishi Chemical Holdings Corporation., DIC Corporation, Elkem ASA, KCC Corporation., Shin-Etsu Chemical Co., Ltd., and others has further driven the growth of the conductive silicone rubber market.
• For instance, in April 2022, Shin-Etsu Chemical launched a new silicone rubber product under the KCP portfolio. This product features vulcanization properties, improved handling ability, and safety functions.

North America is the fastest-growing region during the forecast period. The growth of this region is mainly driven by scientific advancements in chemical industries along with the availability of sand throughout countries such as the U.S., Canada, and Mexico. Also, the growing demand for conductive silicon rubber from automotive manufacturers such as Ford, Chevrolet, and Tesla is driving the market's growth. Moreover, the growing aerospace industry with market players such as Lockheed Martin, Boeing, RTX Corp, and some others has increased the demand for silicon rubber for the production of engine ducts, vent ducts, and HVAC seals. Moreover, the presence of silicon rubber manufacturers such as Dow, Elkem ASA., Wacker Chemie AG, Evonik Industries, Momentive, and others further propels the growth of the conductive silicone rubber market in this region.

• For instance, in February 2024, Evonik announced the opening of a new silica production plant in Charleston, South Carolina, USA. This new production facility was opened to develop a proper supply chain around the country to utilize silica-based products.

Conductive Silicone Rubber Market Size in North America 2023 to 2033

The North America conductive silicone rubber market size was calculated at USD 1.67 billion in 2023 and is projected to expand around USD 3.69 billion by 2033, poised to grow at a CAGR of 8.25% from 2024 to 2033.

Conductive Silicone Rubber Market Overview

The conductive silicone rubber market is an important part of the chemical industry. These silicon rubbers have several features, such as high flexibility, elasticity, electrical conductivity, and tensile strength. Due to their high range of adaptability, these silicon rubbers can withstand extreme cold and hot weather conditions.

Also, these silicon rubbers have lower density and higher ductility, allowing more flexibility and longevity than other metallic conductors. Due to their high thermal capacity and adaptability, these silicon rubbers are used in several industry verticals, such as automotive, aerospace, telecom, defense, electronics and electrical, semiconductor, construction, oil and gas, and marine industries.

This industry is highly fragmented and dominated by various market players. These companies are constantly engaged in research and development activities related to producing conductive silicon rubber. They are also adopting strategies such as product launches, collaborations, partnerships, and others to maintain their reach globally. The supply chain is developing rapidly with the rising adoption of online shopping. Silicon rubbers can be bought from local shops, supermarkets, and e-commerce sites such as Alibaba, Amazon, and eBay. They are manufactured and sold in various countries across the world.

• For instance, in March 2023, Dow launched a silicone sealant product named DOWSIL. This product will be used to manufacture photovoltaic (PV) module assembly materials in solar panels. This sealant is expected to deliver high durability and performance for rail bonding, frame sealing junction box bonding and potting, and building integrated photovoltaics (BIPV) to maintain carbon neutrality.
• Also, in January 2024, Wacker Chemie AG announced that it would expand its silicone production facility in Karlovy Vary, Czech Republic, Europe. This new factory will manufacture silicone rubbers used in automotive, healthcare, construction, electronics, and other industries.

Conductive Silicone Rubber Market Growth Factors

• The rising demand for silicon rubber from the aerospace industry drives the market growth.
• The growing use of silicon rubber for the production of photovoltaic cells has also driven the growth of the conductive silicone rubber market.
• The upsurge in demand for thermal adhesives and conductive pads fosters the growth of the market.
• Rising government interest in the development of the chemical industry is also expected to boost market growth.
• The growing application of silicon rubber in the construction industry has accelerated the market growth.
• Silicon rubber comes with several superior properties, such as thermal stability, durability, and conductivity, that increase its demand, thereby driving the growth of the conductive silicone rubber market.
• The rising application of silicon rubber in the telecom and military sectors is further expected to boost market growth.

Conductive Silicone Rubber Market Scope

Conductive Silicone Rubber Market Dynamics

Driver: Growing use of silicone rubber in the production of solar panels and in the aviation industry

Due to the advancements in science and technology, people worldwide have started using solar panels to generate electricity. These solar panels come with several added advantages such as a reduction in electric bills, safer than other conventional sources, fewer maintenance requirements, eco-friendliness, and some others. Also, several manufacturers of solar panels, such as Canadian Solar, Jackery, SunPower, First Solar, Trina Solar, and Jinko Solar, have started to launch new products to gain a competitive edge in the industry.

Thus, production of solar cells requires conductive silicon rubber to transfer heat from the photovoltaic cells to the heat sink. Thus, the growing demand for conductive silicon rubber in solar panel production is expected to boost market growth. Moreover, the application of conductive silicon rubber has increased rapidly in the aviation industry. These rubbers are used to produce electrical insulators and sealing gaskets in aircraft engines and avionics to withstand high temperatures. This, in turn, drives the growth of the conductive silicone rubber market.

• For instance, in May 2024, Jackery launched a new solar panel. This panel, SolarSaga 40W, bundles four monocrystalline solar cells to generate 23% more efficiency than other cells.

Restraint: Availability of alternatives and high manufacturing cost

There are several alternatives to silicon rubber, such as Polyaromatic semi-crystalline thermoplastic polymer (PEEK), Polyetherketones (PEK), Polytetrafluoroethylene, and some others that provide similar properties to silicon rubber at a much lower cost. Thus, the transition of people towards cost-effective alternatives, in turn, restrains the market growth. Also, the cost of raw materials for the production of silicon rubber is growing rapidly, which can act as another major factor restraining the growth of the conductive silicone rubber market during the forecast period.

Opportunity: Rising development in self-healing silicone elastomers

Due to the advancement in chemical sciences, the concept of self-healing silicon has gained utmost attention in current times. The scientists are engaged in research and development activities to produce self-healing silicon rubber using the heat-activated revocable bonding technique. The self-healing silicone rubbers come with several benefits, such as high tensile strength, thermal reversibility, and flexibility of siloxane atoms that increase the longevity and durability of components that are used in automotive, electronics, aerospace, and others. Some companies that produce self-healing materials include Autonomic Materials, Inc., BASF SE., Bayer AG., Covestro AG., and Evonik Industries AG. Thus, rising developments associated with self-healing silicone rubber are expected to create ample growth opportunities for the market players in the future.

Product Insights

The thermally conductive segment held the largest share of the conductive silicone rubber market in 2023. This segment's growth is mainly driven by the rising use of thermally conductive materials in the production of components used in laptops, cars, and electrical appliances. Also, the growing application of thermally conductive silicon rubber in the manufacturing of sensors, electric circuit boards, and others has driven the growth of the market.

The electrically conductive segment is the fastest-growing segment during the forecast period. The growing demand for conductive silicone rubber in producing components for automotive and electronics has driven the market growth. Also, the rising demand for conductive silicon rubber from the telecom and defense industry for the protection of Electromagnetic Interference (EMI) and Electrostatic Dissipation (ESD) is driving the growth of the market.

Application Insights

The automotive & transportation segment dominated the conductive silicone rubber market in 2023. The rising application of conductive silicone rubber for manufacturing automotive interiors and engine components such as sealants, gaskets, wiring harnesses, connectors, and spark plugs has boosted the market growth. Also, the growing use of silicone sheets for lowering the body weight of cars and the increased application of silicon rubber in the production of car waxes and car wash detergents is also driving the growth of the market during the forecast period.

The electrical & electronics segment is the fastest-growing segment over the forecast period. The rising application of conductive silicone rubber in the electronics industry for the production of sealants, adhesives, and coatings of wires & cables has boosted the market growth. Also, conductive silicone rubber is used in the manufacturing of mobile and remote keypads, along with the high demand for silicon rubber for producing internal and external components of electrical appliances, which has fostered market growth.

Conductive Silicone Rubber Market Recent Developments

• In May 2024, Elkem AS announced the expansion of its R&D center in Shanghai, China. This new center has been set up to develop silicones for use in the medical, automotive, biopharma, and personal care industries.
• In May 2024, Henkel AG & Co. KGAA launched a silicone sealant for automobiles. This new sealant, Loctite SI 5035, will be used to manufacture automotive components.
• In May 2024, Wacker Chemie AG launched a bio-methanol-based silicone rubber. This rubber is named ELASTOSIL eco LR 5040, and it provides high durability and high tear resistance capacity for use in the production of medical, baby care, and food products.
• In March 2024, KCC Corporation announced it would acquire the Momentive Performance Materials group. This acquisition aimed to develop high-grade silicones for different industries worldwide.
• In August 2023, DuPont acquired Spectrum Plastics Group. This acquisition will strengthen DuPont's position in the production of medical devices and packaging, biopharma, and pharma processing, including DuPont's Liveo silicone solutions.
• In December 2022, Dow launched Silastic SA 994X liquid silicon rubber. This rubber will be used for various automotive industry applications to produce radiator gasket seals, battery vent gaskets, and connector seals used in EVs and hybrid vehicles.
• In April 2022, Shin-Etsu Chemical Co., Ltd launched a silicone rubber sheet. This sheet was named the TC-BGI Series and has a thermal interface that helps in the production of EV components.

Conductive Silicone Rubber Market Companies

• Dow
• Saint-Gobain
• Western Polyrub India Pvt. Ltd.
• Western Rubbers
• Momentive
• Wacker Chemie AG
• Henkel AG & Co. KGAA
• DuPont
• KCC CORPORATION
• Specialty Silicone Products, Inc.
• Shin-Etsu Chemical Co., Ltd.
• Elkem AS
• REISS MANUFACTURING, INC.
• Jan Huei K.H. Industry Co., Ltd.
• MESGO SpA

Segments Covered in the Report

By Product

• Thermally Conductive
• Electrically Conductive
• Others

By Application

• Automotive & Transportation
• Electrical & Electronics
• Industrial Machines
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa