Silicone Rubber Market (By Type: Liquid Silicone Rubber, High-consistency Rubber, Fluorosilicone Rubber; By Application: Automotive, Medical, Electronics, Construction, Footwear, Consumer Goods, Sportswear) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global silicone rubber market size was USD 2.54 billion in 2023, estimated at USD 2.73 billion in 2024 and is expected to reach around USD 5.24 billion by 2033, expanding at a CAGR of 7.52% from 2024 to 2033. The growing application of silicone rubber in the military and aerospace industry is driving the growth of the silicone rubber market.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The Asia Pacific silicone rubber market size was valued at USD 1.09 billion in 2023 and is expected to be worth around USD 2.28 billion by 2033, at a CAGR of 7.65% from 2024 to 2033.
Asia Pacific led the silicone rubber market in 2023. The region is observed to sustain the position during the forecast period. The dominance of this region is mainly driven by the scientific advancements in the healthcare sector in countries such as India, South Korea, Japan, and China. Also, the increasing interest from the public and private sectors for development & research related to silicone rubber has also boosted the market growth. Moreover, the rise in government initiatives aimed at developing the chemical industry has fostered market growth. Furthermore, the presence of well-established electronics and automotive industries in this region has also increased the demand for silicone rubber, thereby driving market growth. Additionally, the presence of silicone rubber companies such as KCC Corporation, Mitsubishi Chemical Holdings Corporation, Shin-Etsu Chemical Co., Jiangsu Mingzhu Silicone Rubber Material Co. Ltd., and some others drive the growth of the silicone rubber market.
North America is observed to grow at a notable rate in the silicone rubber market during the forecast period. The growth of this region is mainly driven by the rising developments in the healthcare and construction sectors. Moreover, the rising application of silicone rubber from the military and aerospace sectors has also boosted market growth. Also, the governments of countries such as the U.S., Canada, and Mexico are continuously engaged in developing the EV infrastructure that boosts market growth. Electric vehicle manufacturers such as Tesla, General Motors, Ford, Rivian, and others are constantly engaged in launching new EVs that increase the demand for silicon rubbers, which in turn drives the market growth. Furthermore, the presence of silicone rubber companies such as Arco Silicone, Dow, Ames Rubber Manufacturing Company, Inc., Konark Silicone Technologies, and some others boost the growth of the silicone rubber market.
The silicone rubber industry has been developing gradually with advances in chemical sciences. Silicone rubber is an advanced elastomer that provides high performance and durability. The main types of silicone rubbers include liquid silicone rubber, high consistency rubber, fluorosilicone rubber. These rubbers consist of several features that includes fine electrical properties, superior resistance to heat and cold along with good chemical stability and flame retardancy.
In medical industries, silicone rubbers are used in the production of drains and catheters, extruded tubing, different types of bellows, gaskets, seals, and sealing devices. In automotive industries, it helps in the manufacturing of gaskets, wire and cable, seals, hoses, spark plugs, boots, dampers, and connectors.
This industry is highly fragmented, with prominent market players and new startups. The main companies of silicone rubbers include CHT Group, KCC CORPORATION, Elkem Silicones, MESGO S.p.A, Momentive, and some others. The demand and supply chain are maintained by a well-organized distribution channel consisting of online and local stores.
Report Coverage | Details |
Market Size in 2023 | USD 2.54 Billion |
Market Size in 2024 | USD 2.73 Billion |
Market Size by 2033 | USD 5.24 Billion |
Market Growth Rate | CAGR of 7.52% from 2024 to 2033 |
Largest Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Segments Covered | Type, Application, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver: Rising demand for electric vehicles across the world
The demand for electric vehicles has increased rapidly due to several factors such as low emission, high efficiency, low maintenance, Tax and financial benefits, and some others. With the rise in sales of electric vehicles, the demand for silicone rubbers from EV manufacturers increases as silicone rubbers are used in manufacturing wiper blades, airbags, exhaust pipe hangers, hoses, covers, CVJ boots, bellows, connector seals, and gaskets. Famous EV companies such as BYD, Tesla, Hyundai Motor Company, SAIC-GM-Wuling Automobile, Tata Motors, and others are launching new vehicles with superior features, thereby driving the silicone rubber market.
Restrain: Strict regulations against silicone rubber, along with volatility in prices
There are stringent government rules that forbid the use of some specific silicone rubbers due to several factors that include excessive release of siloxanes, non-biodegradable, and some others. Thus, strict government regulations for using silicone rubber are restraining the market growth. Also, the raw materials price required to manufacture silicone rubber is very high, which in turn restrains the growth of the silicone rubber market.
Opportunity: Integration of 3D printing in the silicon rubber industry
The silicone rubber market is advancing gradually due to its rising application from several industries. The concept of 3D printing is an ongoing trend that is being adopted by polyurethane elastomers and silicone companies as it allows the creation of prototypes of patient-specific wearable medical devices and other products. Thus, the integration of additive manufacturing or 3D printing is expected to create ample growth opportunities for the market players in the future.
The liquid silicone rubber segment led the market in 2023. The growth of this segment is driven by the growing demand for liquid silicone rubber for the production of medical devices. Moreover, the rising demand for liquid silicone rubber (LSR) for the production of baby care products such as pacifiers, nipples of bottle dispensers, and others has driven the growth of the silicone rubber market. Also, the growing application of liquid silicon rubber (LSR) in the electronics industry for manufacturing electronics products has also boosted the market growth. Furthermore, growing scientific developments in the field of liquid injection molding systems are also expected to boost the growth of the market.
The high-consistency rubber segment will grow rapidly in the silicone rubber market during the forecast period. The growth of this segment can be attributed to the growing application of high-consistency rubber from the food and consumer goods industry. Also, an increase in demand for high-consistency rubber due to features such as biocompatibility and unique physical properties drives the market growth. Moreover, the growing use of high-consistency rubber from medical and petrochemical industries, along with rising awareness of high-consistency rubber, is driving the growth of the market. Furthermore, the rising application of high-consistency rubber in the automotive industry for the production of various components has boosted the growth of the market.
The automotive segment dominated the silicone rubber market during the forecast period. This segment is generally driven by the rise in the sales of cars across the world. Electric vehicle manufacturers such as Tesla, BYD, General Motors, and some others have started launching new vehicles that increase the demand for liquid silicone rubber (LSR) for the production of components in electric vehicles, thereby driving market growth. Moreover, the rising trend of autonomous vehicles has increased the demand for silicone elastomers for manufacturing electronic components used in autonomous vehicles, boosting the market growth. Furthermore, the presence of several silicone rubber companies such as Elkem, Primasil, Silicone Engineering, and some others that supply silicone rubber to automotive manufacturers further boosts the market growth.
The electronics segment is expected to witness the fastest growth in the silicone rubber market during the forecast period. The growth of this segment is generally driven by the rise in government initiatives towards the development of the semiconductor industry. Moreover, mobile manufacturers such as Samsung, Apple, Xiaomi, and others are continuously launching smartphones that increase the demand for silicone sealants for the production of waterproof fingerprint sensors, which in turn drives the market growth. Also, the growing application of silicone rubber in telecommunication, illumination, lens molding, reflectors, diffusers, floodlighting, and others has driven the growth of the market.
Segments Covered in the Report
By Type
By Application
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Silicone Rubber Market
5.1. COVID-19 Landscape: Silicone Rubber Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Silicone Rubber Market, By Type
8.1. Silicone Rubber Market Revenue and Volume, by Type, 2024-2033
8.1.1. Liquid Silicone Rubber
8.1.1.1. Market Revenue and Volume Forecast (2021-2033)
8.1.2. High-consistency Rubber
8.1.2.1. Market Revenue and Volume Forecast (2021-2033)
8.1.3. Fluorosilicone Rubber
8.1.3.1. Market Revenue and Volume Forecast (2021-2033)
Chapter 9. Global Silicone Rubber Market, By Application
9.1. Silicone Rubber Market Revenue and Volume, by Application, 2024-2033
9.1.1. Automotive
9.1.1.1. Market Revenue and Volume Forecast (2021-2033)
9.1.2. Medical
9.1.2.1. Market Revenue and Volume Forecast (2021-2033)
9.1.3. Electronics
9.1.3.1. Market Revenue and Volume Forecast (2021-2033)
9.1.4. Construction
9.1.4.1. Market Revenue and Volume Forecast (2021-2033)
9.1.5. Footwear
9.1.5.1. Market Revenue and Volume Forecast (2021-2033)
9.1.6. Consumer Goods
9.1.6.1. Market Revenue and Volume Forecast (2021-2033)
9.1.7. Sportswear
9.1.7.1. Market Revenue and Volume Forecast (2021-2033)
Chapter 10. Global Silicone Rubber Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.1.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.2.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.3.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.4.6.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.3.2. Market Revenue and Volume Forecast, by Application (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Type (2021-2033)
10.5.4.2. Market Revenue and Volume Forecast, by Application (2021-2033)
Chapter 11. Company Profiles
11.1. CHT Group
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. KCC CORPORATION
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Elkem Silicones
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. MESGO S.p.A
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Momentive
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Wacker Chemie AG
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Shin-Etsu Chemical Co
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Reiss Manufacturing
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SIMTEC Silicone Parts
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Shenzhen Inno Silica Co.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client