H1 2023: The major players of Silicone Rubber in H1 2023 were Wacker Chemie, Dow Chemical, Dongjue Silicone (Nanjing) Co., Ltd. and Shin-Etsu Chemical Co., Ltd. In March 2023, Shin-Etsu Chemical, a leading silicon rubber producer, revealed a new type of silicone rubber for molding which is ideal as an insulation material for high-voltage cable for further application in automotive. During the first three months of 2023, the Asia-Pacific region's prices for silicone rubber continuously increased due to high demand from the downstream automobile sector. A substantial rise in the industrial output and sales of the automotive industry was the reason for the observed surge. On the other hand, the US witnessed fluctuating market segment for Silicone rubber in H1 2023. Prices for silicone rubber rose in January and again in February and fell in March 2023. The automobile sector began to recover as soon as the supply of semiconductors began to improve, but it was influenced by the economic turmoil caused by the failure of two significant US banks. Because of the severe effects of the recession, the automotive industry consumed less silicone rubber, which eventually resulted in a price decrease in the US in March 2023. However, from April onwards, Silicone Rubber prices in the US market showed a steady increase, supported by the strong market performance of the automotive sector. Increased automotive sales in the nation encouraged robust growth of the Silicone rubber market in the US.
H1 2022: The prominent players of Silicone Rubber in H1 2022 were Dow Chemical, Dongjue Silicone (Nanjing) Co., Ltd , Wacker Chemie, and Shin-Etsu Chemical Co., Ltd. Dow Chemical was dominating the global Silicone Rubber market and produced roughly 20% of the Silicone Rubber in H1 2022. In May 2022, Wacker Chemie announced about expansion of the silicone rubber facilities with a budget of USD 106 million. The growth line also focusses on several other products along with Silicon rubber. A significant capacity expansion for Liquid Silicone Rubber (LSR) was aimed in the second half of 2022 and is likely to be fully available in 2023. Higher Concentration Rubber (HCR) production volume was also expected to increase. Wacker also revealed that it will gradually increase capacity for both HCRs and LSRs positively over the coming years. However, regionally, Asia Pacific consumed the majority of the Silicone Rubber market in H1 2022. China's domestic silicone rubber market expanded steadily during the first three months of H1 2022. Silicone rubber was widely used in various end-user industries like healthcare & medical industry, electrical & electronics, automotive industry, etc. On the other hand, the market for silicone rubber raw materials in March was extremely volatile, with prices initially rising, but then falling rapidly across China. However, from April 2022, silicon rubber prices were stable in the Asia Pacific region due to consistency of demand from downstream industries and raw material prices under control.
H2 2022: During H2 2022, production reached around 340 thousand tonnes, which was slightly higher than H1 2022. However, Silicone rubber prices fell in Asia Pacific markets throughout the second half of 2022 due to oversupply and weak downstream demand by the various end -user industries. During H1 2022, supplies were more than adequate, and inventories were overfilled, improving the availability of materials in the market across the Asian nations. As an impact, the silicon rubber market faced some serious repercussions, and the price of silicone rubber became cheaper. In addition, lower production output has weakened downstream demand from the construction and automotive industries across the Asia Pacific region. The silicon rubber prices went on a downturn side throughout the months of H2 2022. It was due to weak downstream demand and lower upstream costs. The downstream automotive and construction industries performed poorly in terms of production and market performance over the quarter. Furthermore, energy costs decreased during H2 2022, which reduced the manufacturing costs, leading to a decline in the item’s value across Asia. Silicone rubber prices in the European market remained unpredictable in the H2 2022. Silicone rubber prices trended upward in July and September 2022, then started to fell consistently from August 2022. It was due to changing dynamics between supply and demand of Silicon rubber in Europe.
The global Silicone Rubber market stood at nearly 600 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 5.76% during the forecast period until 2032. In comparison to organic rubbers, silicone rubber can withstand high and low temperatures much better, thus driving their applications in numerous industries.
In addition to having qualities of both inorganic and organic materials, silicone rubber compounds have a number of advantages over conventional organic rubbers. Properties of silicone rubbers like strong chemical stability, and flame retardancy, as well as exceptional heat and cold resistance is what drives its applications in the automotive industry. Exhaust pipe hangers, hoses, wiper blades, airbags, CVJ boots, bellows, connector seals, and gaskets are a few examples of applications of silicone rubber in the automotive industry. Furthermore, the medical industry also uses silicon rubber with applications for silicone medical components and assemblies like airways, balloon catheters, tubing for feeding, electrosurgical handpieces, infusion sleeves, test chambers, introducer tips, flexible sheaths, wire/fluid-path coextrusions, ear plugs, and hearing aids. Due to their excellent insulating nature, this compound find applications in the electronics & electricals industry for manufacturing items including cable coverings, insulating gaskets, and keyboard parts.
The automotive sector is the biggest consumer of silicon rubber. Silicone rubber can increase the service life of automobile assemblies thanks to its remarkable properties and extreme temperature resilience (-60°C to 230°C). Silicone is the material of choice in the automotive industry due to its resistance to moisture, wind, salt, abrasion, UV radiation, and chemicals. Additionally, the medical sector also contributes to the silicon rubber market. The growing market of electronic gadgets is another factor which direct influences the silicon rubber market. Owing to these factors, the Silicone Rubber market is expected to reach 1000 thousand tonnes in 2032.
Regionally, the Asia Pacific region is dominating the Silicone Rubber market followed by Europe. Asia Pacific held a market share of approximately 42% in 2022. Because of the strong demand from growing countries like China and India, the Asia-Pacific region dominated the global market. Industrialization and expanding the construction industry in developing countries like India and favorable government policies towards buildings & developing infrastructure would also boost the demand for Silicone Rubber in the region. Demand for silicon rubber is anticipated to increase over the projected period due to the expansion of the construction industry in several nations, including Germany, the UK, and France. The region's construction industry is anticipated to grow as a result of increased funding from the EU and supportive initiatives adopted by many governments. The silicone market is further contributed by the expanding usage of electric vehicles across European countries, which is likely to boost the Silicon Rubber market in the upcoming years.
Based on the end-user industry, the global Silicone Rubber market is segmented into Automotive, Medical, Construction, Electrical & Electronics, and Others. Among these, the Automotive and Medical industries are dominating the Silicone Rubber market and cumulatively captured more than 50% of the market in 2022. The automotive industry is anticipated to maintain its dominance in the forthcoming years owing to the growing population across the globe.
Major players in the production of Global Silicone Rubber are Dow Chemical, Dongjue Silicone (Nanjing) Co., Ltd., Wacker Chemie, Genvan Silicones, Guangzhou Rui-He New Material Scientific Co. Ltd, Momentive Performance Materials, Dongguan New Orient Technology Co., Ltd., Wynca tinyo silicone co., ltd., Elkem Silicones Guangdong Co., Ltd., Mesgo S.p.A, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Silicone Rubber which covers production, demand and supply of Silicone Rubber market in the globe.
• To analyse and forecast the market size of Silicone Rubber
• To classify and forecast Global Silicone Rubber market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Silicone Rubber market in the globe.
To extract data for Global Silicone Rubber market, primary research surveys were conducted with Silicone Rubber manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Silicone Rubber market over the coming years.
ChemAnalyst calculated Silicone Rubber demand in the globe by analyzing the historical data and demand forecast which was carried out considering the demand for Silicone Rubber by the end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Silicone Rubber manufacturers and other stakeholders
• Organizations, forums and alliances related to Silicone Rubber distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Silicone Rubber s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Silicone Rubber s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size Volume in 2022
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600 thousand tonnes
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Market size Volume by 2032
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1000 thousand tonnes
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Growth Rate
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CAGR of 5.76% from 2023 to 2032
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2032
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2032
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Policy and Regulatory Landscape,
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Segments covered
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By End-Use: (Automotive, Medical, Construction, Electrical & Electronics, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
