Report : Asia-Pacific Liquid Silicone Rubber Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Grade (Food, Medical, and Industrial) and End Users (Healthcare, Automotive, Consumer Goods, Electricals and Electronics, and Others)
At 7.7% CAGR, the APAC Liquid Silicone Rubber Market is speculated to be worth US$ 774.11 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC liquid silicone rubber market was valued at US$ 497.18 million in 2022 and is expected to reach US$ 774.11 million by 2028, registering an annual growth rate of 7.7% from 2022 to 2028. Surging application in consumer electronics industry favors the liquid silicone rubber and increasing investment in new product launch from market players are the critical factors attributed to the market expansion.
Increasing penetration of electronic devices in wide range of technical consumer goods in households is surging the demand of liquid silicone rubber in consumer electronics, owing to its application in production of rubber which is widely used in smartphones, headsets, smart wrist bands and other gadgets owing to its high durability, and cost effectiveness, is propelling the demand for liquid silicone rubbers. Further companies are focusing on developing high-performing and convenient to use devices owing to increasing consumer demand. The consumer electronics demand is highly driven by consumers desire for more innovative and advance in technology electronics those helps in fulfilling daily life requirements in hassle-free ways. This factor has played a significant role in stepping up innovation and increasing the demand of liquid silicone rubber in consumer electronics. The availability of devices that manage the automation of daily tasks has fundamentally changed consumer preferences from standard electronics to multifunctional smart devices and this also supported the demand of liquid silicone rubber market. As a result, consumer electronics manufacturers have prospered due to high demand for a variety of wearable smart home devices and other consumer electronics, which has also directly influenced the demand of liquid silicone rubber.
On the contrary, high cost associated with manufacturing and processing hurdles the growth of APAC liquid silicone rubber market.
- Based on grade, the APAC liquid silicone rubber market is segmented into food, medical, and industrial. The industrial segment held 43.9% market share in 2022, amassing US$ 218.05 million. It is projected to garner US$ 338.11 million by 2028 to expand at 7.6% CAGR during 2022–2028.
- Based on end users, the APAC liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held 34.0% market share in 2022, amassing US$ 169.28 million. It is projected to garner US$ 270.00 million by 2028 to expand at 8.1% CAGR during 2022–2028.
- Based on country, the APAC liquid silicone rubber market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 50.9% market share in 2022. It was assessed at US$ 253.03 million in 2022 and is likely to hit US$ 406.00 million by 2028, exhibiting a CAGR of 8.2% during the forecast period.
Key players dominating the APAC liquid silicone rubber market are Avantor, Inc., CHT Germany GmbH, Dow Inc., Elkem Asa, KCC Silicone Corporation, Momentive, Shin Etsu Chemical Co. Ltd., and Wacker Chemie AG among others.
- In 2022, Dow supports automotive sustainability goals with new moldable optical silicone.
- In 2022, Shin-Etsu Chemical develops a new one-component liquid silicone rubber product that is superior in vulcanization characteristics and safety.
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