Report : Europe 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 7.0% CAGR, the Europe Liquid Silicone Rubber Market is projected to be worth US$ 432.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe liquid silicone rubber market was valued at US$ 287.61 million in 2022 and is expected to reach US$ 432.30 million by 2028, registering an annual growth rate of 7.0% from 2022 to 2028. Fueling application of liquid silicone rubber in medical implants and devices and rising demand for silicone rubber in automotive industry and are the critical factors attributed to the market expansion.
Increase in rise in chronic illnesses and improvements in active implanted medical devices, is anticipating the demand of liquid silicone rubber. Furthermore, rise in aesthetic surgeries is also drive the demand of medical implants. Medical devices and implants are inserted into the body through surgical procedures and can then be removed depending on the needs of the patient. Medical devices and implants are usually made of body tissues, ceramics, metals, and plastics and help to improve the patient's quality of life. Currently, increasing incidence of chronic diseases and increasing awareness of health products are positively affecting the demand for implantable medical devices across the globe. Liquid silicone rubber improves quality of medical devices, and their lifetime performance. Medical grade silicone molding is used to manufacture dental and surgical implants. The materials vary in terms of characteristics such as elasticity, strength, hardness and compatibility, and other properties. All these properties are increasing demand. One of the major factors driving the demand for implantable medical devices in India is inflation in disposable incomes along with improved healthcare infrastructure. Apart from this, the growing geriatric population which is more prone to health disorders is contributing to the growth of the market. Moreover, the growing awareness of cosmetic surgery is positively affecting the demand for these devices in the country. Additionally, the Indian government has approved several new implantable medical devices, which in turn are expected to propel the market forward in the coming years.
On the contrary, high cost associated with manufacturing and processing hurdles the growth of Europe liquid silicone rubber market.
- Based on grade, the Europe liquid silicone rubber market is segmented into food, medical, and industrial. The medical segment held 45.4% market share in 2022, amassing US$ 130.63 million. It is projected to garner US$ 194.53 million by 2028 to expand at 6.9% CAGR during 2022–2028.
- Based on end users, the Europe liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held 36.4% market share in 2022, amassing US$ 104.78 million. It is projected to garner US$ 158.92 million by 2028 to expand at 7.2% CAGR during 2022–2028.
- Based on country, the Europe liquid silicone rubber market is segmented into Germany, France, UK, Italy, Russia, and Rest of Europe. Our regional analysis states that Rest of Europe captured 32.1% market share in 2022. It was assessed at US$ 92.37 million in 2022 and is likely to hit US$ 133.00 million by 2028, exhibiting a CAGR of 6.3% during the forecast period.
Key players dominating the Europe 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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