Liquid Silicone Rubber Market To Reach $4.97 Billion By 2030

Liquid Silicone Rubber Market Growth & Trends

The global liquid silicone rubber market size is expected to reach USD 4.97 billion by 2030, registering a CAGR of 8.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing applications in end-use segment, particularly in medical and electronics industry has propelled the demand for the overall market. In addition, rising geriatric population and new material developments continue to fuel the demand of overall market.

Unique properties of liquid silicone rubber such as chemical inertness, heat resistance, flexibility, low viscosity has made it an ideal material to be incorporated into medical implants and devices. Moreover, the market is undergoing through extensive research and development process to innovate the material technology, which creates huge growth opportunities in upcoming years for the market.

Industrial grade was the largest segment in grade category in 2015 and held 53.5% of the overall market revenue. Automotive sector includes major applications of liquid silicone rubber in manufacturing of LED headlights, wiper blades and several other electronic components.

Medical application was the fastest growing segment over the forecast period with an estimated CAGR of around 9% from 2016 to 2025. The material is biocompatible thus has major applications in medical implants & devices, equipment parts such as sterilized parts, valves, skin contact devices, infusion pumps and others.

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Liquid Silicone Rubber Market Report Highlights

• The global liquid silicone rubber market revenue reached USD 2.81 billion in 2023 and is expected to grow at a CAGR of 8.5% from 2024 to 2030

• The industrial segment dominated the market in 2023 with a share of 53.2% attributed to the increased demand for products made from liquid silicone rubber, which has properties such as temperature, chemical, and electrical resistance.

• The medical segment is expected to grow at a CAGR of 9.2% during the forecast period

• The automotive segment dominated the market in 2023, with a share of 34.1%. Components manufactured from liquid silicone rubber are lightweight, thus increasing fuel efficiency.

• North America liquid silicone rubber market dominated the global market in terms of revenue share of 37.4% in 2023.  

Liquid Silicone Rubber Market Segmentation

Grand View Research has segmented the global liquid silicone rubber market based on grade, application, and region:

Liquid Silicone Rubber Grade Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Medical

• Food

• Industrial

Liquid Silicone Rubber Application Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• Medical

• Automotive

• Consumer Goods

• Electronics & Electrical

• Others

Liquid Silicone Rubber Regional Outlook (Revenue, USD Million, Volume in Kilotons, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • Saudi Arabia

  • South Africa

List Of Key Players Liquid Silicone Rubber Market

• Avantor Inc.

• Dow

• Elkem ASA

• Momentive Performance Materials

• SIMTEC Silicone Parts, LLC

• Shin-etsu Chemical Co. Ltd

• Stockwell Elastomerics

• Trelleborg AB

• Wacker Chemie AG

• Wynca Tinyo Silicone Co. Ltd