Report : Middle East & Africa 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 5.6% CAGR, the MEA Liquid Silicone Rubber Market is speculated to be worth US$ 39.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA liquid silicone rubber market was valued at US$ 28.85 million in 2022 and is expected to reach US$ 39.95 million by 2028, registering an annual growth rate of 5.6% from 2022 to 2028. Increasing investment in new product launch from market players and surging application in consumer electronics industry favors the liquid silicone rubber are the critical factors attributed to the market expansion.
Growing development of cost-effective products is propelling focus of players to develop new products. Expansion of production capacity and both local levels is one of the key industry trends. Industry players are increasingly shifting their preference towards using liquid silicone rubber in their automotive components and electronic products. For instance, Jabil Green Point, a leading electronics injection molding company, announced using liquid silicone rubber to produce noise-cancelling headphones. A slew of such instances is expected to create lucrative growth in the market. Liquid Silicone Rubber has unique physical and chemical properties such as high electrical resistivity, chemical inertness, and resistance to temperature extremes, etc. These properties have enabled their wide acceptance in the medical, electrical, and electronic, automotive and many other sectors. Further, increasing geriatric population is driving the demand for implants and medical devices in the medical industry and increasing emphasis on new product development.
On the contrary, high cost associated with manufacturing and processing hurdles the growth of MEA liquid silicone rubber market.
- Based on grade, the MEA liquid silicone rubber market is segmented into food, medical, and industrial. The industrial segment held 47.2% market share in 2022, amassing US$ 13.61 million. It is projected to garner US$ 18.66 million by 2028 to expand at 5.4% CAGR during 2022–2028.
- Based on end users, the MEA liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held 35.5% market share in 2022, amassing US$ 10.24 million. It is projected to garner US$ 14.57 million by 2028 to expand at 6.1% CAGR during 2022–2028.
- Based on country, the MEA liquid silicone rubber market is segmented into South Africa, Saudi Arabia, UAE, and Rest of MEA. Our regional analysis states that UAE captured 36.4% market share in 2022. It was assessed at US$ 10.49 million in 2022 and is likely to hit US$ 14.63 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.
Key players dominating the MEA 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, Molding Operations Phase 2 Complete, Expansion Done.
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