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

Silicone Rubber Market Size to Reach USD 5.24 Bn by 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

Key Takeaways

• Asia Pacific dominated the silicone rubber market in 2023.
• By type, the liquid silicone rubber segment led the market in 2023.
• By type, the high-consistency rubber segment will grow rapidly in the market during the forecast period.
• By application, the automotive segment dominated the market during the forecast period.
• By application, the electronics segment is expected to witness the fastest growth during the forecast period.

Asia Pacific Silicone Rubber Market Size and Growth 2024 to 2033

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.

• According to the Ministry of Industry and Information Technology of China, China has held the first position globally in the sales and production of consumer electronics in recent years.
• In January 2023, Korea announced the launch of the ‘Chemical Industry Forum’. This announcement aimed to develop the overall chemical industry in South Korea.

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.

• In January 2024, Tesla launched the all-new Model 3 in North America. This vehicle can travel up to 341 miles on a single charge.
• In January 2024, the government of the U.S. announced an investment of 623 million USD to develop top-class electric vehicle charging infrastructure across the U.S.
• In September 2023, Elkem announced plans to expand a medical-grade silicone factory in South Carolina, U.S. This new facility, which is 18000 sq. ft. in size, will manufacture high-quality silicone products for use in the pharmaceutical and medtech industries.

Market Overview

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.

Growth Factors

• Due to their superior functions, these rubbers are used in a wide array of industries, including automotive, medical, electronics, construction, footwear, consumer goods, sportswear, food, and some others.
• The growing demand for high-consistency rubber from the medical industry has boosted market growth.
• The rising application of silicone rubber in the food packaging industry has also driven the growth of the silicone rubber market.
• The technological advancements in the chemical industry are expected to drive the market growth.
• The rising investments from public and private sector entities for developing the silicone rubber industry boost the market growth.
• The wide application of silicone rubber in the construction and mining industry has also boosted the growth of the silicone rubber market.
• The rising demand for silicone rubber for manufacturing electronics and electrical products has fostered market growth.
• The increasing demand for liquid silicone rubber from the semiconductor industry has propelled the growth of the silicone rubber industry.
• The growing application of silicon rubber in the manufacturing of consumer products fosters market growth.
• The rise in the use of fluorosilicone rubber in the aerospace engineering and automotive sector has also fostered market growth.
• The Government initiatives related to the development of chemical industry infrastructure propel the growth of the silicone rubber market.
• The high demand for silicone rubbers for the production of footwear and sportswear also boosts the market growth.

Silicone Rubber Market Scope

Market Dynamics

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.

• In January 2024, Tata Passenger Electric Mobility Ltd (TPEM) launched Punch EV. This car comes in different variants, having a battery pack of 25 kWH and 35 kWH that claim a range of between 315km and 421km.

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.

Type Insights

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.

Application Insights

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.

• According to the European Automobile Manufacturers' Association (ACEA), in 2023, global car sales were around 72 million units, and it grew around 10% as compared to the sales of the previous year (2022).
• In May 2024, BYD launched its new range of PHEVs in China. This new series is named ‘Qin L DM-I,’ and it is equipped with BYD’s new fifth-generation DM system that promises a high driving range of 2100km  
• In May 2024, Volvo launched an autonomous truck. This truck integrates Aurora’s Driver, an SAE Level 4 system that will allow safe autonomous driving for commercial purposes.

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.

• In February 2024, the government of the U.S. announced an investment of more than 5 billion USD for development and research related to the semiconductor industry.
• In May 2024, Samsung launched the Galaxy F55 5G in India. This new smartphone comes with a Snapdragon 7 Gen 1, 120 Hz Super AMOLED+ display, and an on-display fingerprint sensor.

Silicone Rubber Market Companies

• CHT Group
• KCC CORPORATION
• Elkem Silicones
• MESGO S.p.A
• Momentive
• Wacker Chemie AG
• Shin-Etsu Chemical Co
• Reiss Manufacturing
• SIMTEC Silicone Parts
• Shenzhen Inno Silica Co.

Recent Developments

• In January 2024, Nice Rapid announced the launch of their Liquid Silicone Rubber Molding services. This launch is aimed at developing manufacturing solutions, and it will help streamline the production of durable, high-precision, and flexible silicone rubber parts.
• In January 2023, Dow launched a silicone rubber named ‘SILASTIC SA 994X LSR’. This silicon rubber features rapid development of bond strength, durable adhesion under heat and humidity, a 12-month shelf life, and others. It is used in the automotive industry to manufacture battery vent gaskets, connector seals, radiator gasket seals, and some others for hybrid and electric vehicles.
• In May 2022, Wacker announced that it would invest more than 100 million euros to expand its silicon rubber production facility in various parts of the world. This expansion is aimed at increasing the production of liquid silicone rubber (LSR) and high-consistency rubber (HCR).
• In March 2022, Shin-Etsu Chemical Co., Ltd. launched the KCP Series. KCP is a One-component liquid silicone rubber that consists of superior characteristics such as cold resistance, weather resistance, heat resistance, and outstanding electrical properties that will be used in components of electric vehicles and some electronic products.

Segments Covered in the Report

By Type

• Liquid Silicone Rubber
• High-consistency Rubber
• Fluorosilicone Rubber 

By Application

• Automotive
• Medical
• Electronics
• Construction
• Footwear
• Consumer Goods
• Sportswear

By Geography

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