The global silicone rubber market is projected to grow at a notable CAGR between 2017-2023, as per the recent Market Research Future (MRFR) report. Silicone rubber, simply put, is an elastomeric material that comprises silicone polymer together with fillers, oxygen, hydrogen, and carbon. It is resistant to extreme temperatures and environments, is stable, and non-reactive and, at the same time, maintains its useful properties. Owing to its ease of shaping and manufacturing and these alluring features, silicone rubber has wide applications including in hardware and home repair with products like silicone sealants, medical implants and devices, electronics, apparels such as footwear, sportswear, and undergarments, food storage products and baking products, automotive applications, and voltage line insulators.
Numerous factors are adding to the silicone rubber market growth. These factors, according to the recent Market Research Future report, include increasing use of silicone rubber in the healthcare sector especially in medical devices, growing demand from the plastic industry, increasing research and development activities by leading manufacturers to develop innovative products and growing demand for antimicrobial silicone rubber that is ideal for use in pharmaceutical and food & beverage sectors. The wide use of liquid silicone rubber to produce household goods such as lampshades, bread molds, ice cube & jelly molds, mats, protective gloves, and others are also likely to support the silicone rubber market growth. Besides, alluring features such as chemical and heat resistance and burgeoning demand for silicone rubber from electronics and automotive industries are also adding market growth.
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On the contrary, fluctuation in the prices and supply of raw materials may limit the global silicone rubber market growth during the forecast period.
Leading players profiled in the global silicone rubber market report include Shenzhen Inno Silica Co., Ltd. (China), SIMTEC Silicone Parts (US), Reiss Manufacturing, Inc. (US), Shin-Etsu Chemical Co. (Japan), Wacker Chemie AG (Germany), Momentive (US), MESGO S.p.A. (Italy), Elkem Silicones (Norway), KCC CORPORATION (South Korea), and CHT Group (Germany). Key players have incorporated strategies such as acquisitions, mergers, new product launches and developments, collaborations, and joint ventures to stay ahead in the competition and also cater to the growing needs of customers.
The MRFR report provides an all-inclusive segmental analysis of the global silicone rubber market based on application and type.
By type, the global silicone rubber market is segmented into fluorosilicone rubber, high consistency rubber, liquid silicone rubber, and others.
By application, the global silicone rubber market is segmented into sportswear, consumer goods, footwear, electronics, construction, medical, automotive, and others. Of these, the automotive segment will have a major share in the market during the forecast period.
By region, the global silicone rubber market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will dominate the market during the forecast period for the rapid growth of the automotive and construction industry. Besides, the region has undertaken a rapid expansion of its physical infrastructure projects as well as incentivizing the footwear making industry that again is adding to the silicone rubber market growth in the region.
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The global silicone rubber market in North America is predicted to hold the second-largest share over the forecast period for the surging demand in the automotive industry and surging reconstruction activities.
The global silicone rubber market in Europe is predicted to have substantial growth during the forecast period for the rising demand for silicone rubber from the automobile industry.
The global silicone rubber market in Latin America and the MEA will have small shares during the forecast period yet are predicted to grow at a healthy CAGR for the availability of raw materials and high investment potential.
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