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According to Researcher & Consulting, the global Silicone Rubber market is expected to witness a significant growth rate during the forecast period. Factors such as the growing demand for Silicone Rubber in the Automotive industry attributed to its high wear and tear strength, high flexibility, and high durability have made silicone rubber a preferred choice in the industry to manufacture automotive components gaskets, connectors, engine covers, valve covers, etc. Furthermore, the non-conductive, excellent dielectric strength and great resistance towards water, acids, solvents, oxidation, oils, and fuels have increased its demand for silicone rubber in the Electronics sector. The demand for silicone rubber in the medical industry and healthcare industry has been on the surge due to its excellent biocompatibility. However, the fluctuations in the prices of raw materials for silicone rubber manufacturing are expected to hamper silicone rubber market growth in the forecasted years.
Silicone Rubber is used to manufacture gaskets, connectors, cable terminators, sealants, reflectors, insulators, O-rings, medical cable, medical implants, membranes, consumer goods injection molding, valves, etc. It serves various end-users like Automotive, Electrical, Construction, and Medical Industries.
The Automotive Industry is a prime consumer of Silicone Rubber globally and is expected to drive the future global market. The Silicone Rubber's high wear and tear strength, high flexibility, and high durability make it a preferred choice for automotive manufacturers globally. The increasing population and rapid urbanization have increased the sales of automotive vehicles globally, driving the tire industry. Owing to the rapid urbanization in emerging countries like China and India, the sales of commercial vehicles such as trucks, tractors, and trailers are on the surge. Furthermore, the automotive industry is experiencing a boom in the electric vehicle market. The environmental awareness amongst citizens coupled with the government offering subsidies on its purchase further propels the automotive industry. Urbanization has also led to a surge in the construction industry, with demand for construction material expected to rise over the forecasted year. The medical industry and the construction industry are expected to be the fastest-growing industry in the forecasted years. With the increasing and aging population of the world, the medical industry is expected to play a crucial role in increasing demand for silicone rubber globally. Thus, the increasing automotive, construction, and medical demand are all set to propel the global Silicone market.
The global Silicone Rubber market was found to be fragmented. Major market players in the industry were Silicone Engineering Ltd ., The Dow Chemical Company , Wacker Chemie AG , Shin-Etsu Chemical Co. Ltd ., Momentive Performance Materials Inc ., and Elkem ASA , among others.
The Asia Pacific has been the dominating region both in the production and consumption of Silicone Rubber and is expected to continue at the same pace. Owing to the increasing population in the APAC region, the demand for automotive vehicles is increasing the silicone rubber demand. With the rapid industrialization in the region, the demand for heavy-duty vehicles for commercial purposes is also increasing. Since China's growth rate had been impressive in the last decades, the following decade is also expected to witness the same rise, making China a leader in Silicone rubber demand. Further, China has the most prominent automotive industry and is expected to consolidate its position as a prime Silicone Rubber market. In the last two decades, China has undertaken a massive infrastructural project to revamp the country's infrastructure, which has attributed to China's recent success. Following this, China experienced a rise in urbanization, thus raising demand for low-cost housing and commercial housing for its citizen. The construction industry is on the rise due to the surge in urbanization in the region, increasing the demand for Silicone Rubber in the forecasted years. The electrical industry also has massive potential in the region, with countries like Japan, China, India, and Malaysia, leading the industry. The demand for silicone rubber in electronics is expected to surge with the manufacturing market slowly shifting towards the east, which China leads. Factors like the growth of the automotive, construction, medical, electronics, and healthcare sectors are expected to drive the Silicone Rubber market in the APAC region.
In January 2021, Momentive Performance Materials Inc. announced the acquisition of KCC Corporation's silicone business in Korea, the UK, and sales in China to further strengthen its footing in the industry.
Global Silicone Rubber Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Silicone Rubber market by segmenting based on the Type (Liquid Silicone Rubber (LSR), High Consistency Rubber (HCR), Room Temperature Vulcanization (RTV), Others), End-User Industry (Automotive, Construction & Buildings, Medical, Electronics, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, key market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
Silicone Rubber is used to manufacture gaskets, connectors, cable terminators, sealants, reflectors, insulators, O-rings, medical cable, medical implants, membranes, consumer goods injection molding, valves, etc. It serves various end-users like Automotive, Electrical, Construction, and Medical Industries.
The Automotive Industry is a prime consumer of Silicone Rubber globally and is expected to drive the future global market. The Silicone Rubber's high wear and tear strength, high flexibility, and high durability make it a preferred choice for automotive manufacturers globally. The increasing population and rapid urbanization have increased the sales of automotive vehicles globally, driving the tire industry. Owing to the rapid urbanization in emerging countries like China and India, the sales of commercial vehicles such as trucks, tractors, and trailers are on the surge. Furthermore, the automotive industry is experiencing a boom in the electric vehicle market. The environmental awareness amongst citizens coupled with the government offering subsidies on its purchase further propels the automotive industry. Urbanization has also led to a surge in the construction industry, with demand for construction material expected to rise over the forecasted year. The medical industry and the construction industry are expected to be the fastest-growing industry in the forecasted years. With the increasing and aging population of the world, the medical industry is expected to play a crucial role in increasing demand for silicone rubber globally. Thus, the increasing automotive, construction, and medical demand are all set to propel the global Silicone market.
The global Silicone Rubber market was found to be fragmented. Major market players in the industry were Silicone Engineering Ltd ., The Dow Chemical Company , Wacker Chemie AG , Shin-Etsu Chemical Co. Ltd ., Momentive Performance Materials Inc ., and Elkem ASA , among others.
The Asia Pacific has been the dominating region both in the production and consumption of Silicone Rubber and is expected to continue at the same pace. Owing to the increasing population in the APAC region, the demand for automotive vehicles is increasing the silicone rubber demand. With the rapid industrialization in the region, the demand for heavy-duty vehicles for commercial purposes is also increasing. Since China's growth rate had been impressive in the last decades, the following decade is also expected to witness the same rise, making China a leader in Silicone rubber demand. Further, China has the most prominent automotive industry and is expected to consolidate its position as a prime Silicone Rubber market. In the last two decades, China has undertaken a massive infrastructural project to revamp the country's infrastructure, which has attributed to China's recent success. Following this, China experienced a rise in urbanization, thus raising demand for low-cost housing and commercial housing for its citizen. The construction industry is on the rise due to the surge in urbanization in the region, increasing the demand for Silicone Rubber in the forecasted years. The electrical industry also has massive potential in the region, with countries like Japan, China, India, and Malaysia, leading the industry. The demand for silicone rubber in electronics is expected to surge with the manufacturing market slowly shifting towards the east, which China leads. Factors like the growth of the automotive, construction, medical, electronics, and healthcare sectors are expected to drive the Silicone Rubber market in the APAC region.
In January 2021, Momentive Performance Materials Inc. announced the acquisition of KCC Corporation's silicone business in Korea, the UK, and sales in China to further strengthen its footing in the industry.
Global Silicone Rubber Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Silicone Rubber market by segmenting based on the Type (Liquid Silicone Rubber (LSR), High Consistency Rubber (HCR), Room Temperature Vulcanization (RTV), Others), End-User Industry (Automotive, Construction & Buildings, Medical, Electronics, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market share, key market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.
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