Wilmington, Delaware, United States, March 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The silicone rubber market in Europe stood at US$ 1.4 Bn in 2020 and is projected to reach more than US$ 2.6 Bn by 2031.
High rate of consumption of silicone rubber in the paints & coatings industry is expected to accelerate market development. Utilization of silicone rubber in several end-use industries, particularly medical, consumer products, and automotive, is ascribed to characteristics of silicone elastomers, such as excellent compression set at high temperatures and remarkable resistance to water, oil, and solvents. Rise in utilization of silicone rubber elastomers in several industrial and consumer applications is anticipated to propel market growth.
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Surge in demand for sustainable building materials is likely to bolster the silicone rubber industry in the region. Utilization of silicone sealants in construction, especially in residential construction, offers significant business opportunities to chemical producers. Companies in the construction & building industry are adopting silicone rubber materials in glazing, insulating glass, and weather sealing applications, as they can use these construction materials to improve or promote their green-building ratings.
Rise in utilization of silicone rubber in automotive gaskets and seals has increased revenue of companies in the silicone rubber market. Demand for silicone rubber in applications that require elastomers of high strength is expected to create new business opportunities for the companies. Liquid silicone rubber has gained popularity in manufacturing of electronic, consumer, medical, and automotive products. Advancements in liquid silicone rubber technology are expected to broaden market outlook.
Key Findings of Study
- Strong Demand in Automotive Industry: Utilization of silicone rubber has increased in the manufacture of automotive components. The silicone rubber market is anticipated to be driven by rise in usage of elastomers in the aerospace and transportation sectors. Surge in demand for automotive components for electric vehicles is expected to offer lucrative opportunities for companies in the silicone rubber industry.
- Extensive Utilization in Building & Construction Applications: The building & construction and consumer products end-use industries jointly accounted for major market share in Europe in 2020. Preference for silicone rubber can be ascribed to high thermal stability, ability to withstand extreme temperature & weather conditions, and superior resistance to UV rays. It is hence used in glazing seals, expansion joints, and several acoustic and vibration applications in the building & construction industry. The wide spectrum of usage makes silicone rubber a versatile material for use in the industry.
- Stringent Implementation of GMP Regulations: Recent market trends underscore that processors of raw silicone materials are adopting Good Manufacturing Practices (GMP) regulations, which is expected to enhance the quality of the final products. Manufacturers in the silicone rubber market in Europe are likely to adhere to health, safety, and environmental regulations put forth by the European Union and trade organizations, such as CES – Silicones Europe. This aspect has increased availability of quality additives and precursor compounds to silicone rubber manufacturers in the past few years.
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Key Drivers
- Strong demand for high-performance rubber in automotive assemblies is a key factor propelling the silicone rubber market in Europe. Surge in utilization of silicone rubber elastomers in manufacturing of a range of interior and exterior vehicle components is expected to drive market development. Rapid expansion of the transportation sector is therefore poised to bolster silicone rubber industry growth.
- Rise in investment in infrastructure and construction activities is expected to fuel the utilization of silicone rubber. The material is extensively utilized in coatings, sealants, and adhesives in the building & construction industry. Silicone rubber is preferred in the industry over other elastomers due to superior durability, longer shelf life, and suitability for high-temperature applications.
Regional Growth Dynamics
Germany is a lucrative market for silicone rubber. The country is anticipated to hold leading market share during the forecast period from 2021 to 2031. Manufacturers are striving to tap into the abundant product demand in the country to increase revenue in the next few years.
Competition Landscape
Key players in the silicone rubber market in Europe are KCC Corporation, Momentive Performance Materials, Dow, Inc., Wacker Chemie AG, SIMTEC Silicone Parts, Adopol, Simtec Silicone Parts, MESSO spa, Shin-Etsu Silicone India, Reiss Manufacturing, Stockwell Elastomerics, and Innovative Silicones.
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Europe Silicone Rubber Market Segmentation
Type
- Liquid Silicone Rubber
- High Temperature Vulcanized
- Room Temperature Vulcanized
- Fluorosilicone Rubber
Application
- Gasket & Seals
- Adhesives & Sealants
- Coatings
- Encapsulants
- Catheters & Tubing
- Others
End-use Industries
- Aerospace
- Electronics
- Construction
- Medical
- Automotive
- Consumer Products
Key Countries
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
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