Report : North America 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 6.6% CAGR, the North America Liquid Silicone Rubber Market is projected to be worth US$ 542.75 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America liquid silicone rubber market was valued at US$ 370.00 million in 2022 and is expected to reach US$ 542.75 million by 2028, registering an annual growth rate of 6.6% from 2022 to 2028. Rising demand for silicone rubber in automotive industry and fueling application of liquid silicone rubber in medical implants and devices are the critical factors attributed to the market expansio
The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. However, the COVID-19 pandemic significantly affected the sector's growth from 2020 to 2021 due to several factors, such as nationwide lockdowns and a decline in investments. However, the industry is expected to gradually gain its growth rate same as before the emergence of the COVID-19 pandemic by FY 2022–2023. The ease of travel restrictions rises in transportation activities, and mass vaccination program in 2021 have aided the automotive industry, thus fueling automobile sales. Further, as per the report of OICA, the automotive industry has shown positive growth of over ~5% in 2021 compared to 2020. With increasing regulatory pressure on improving the fuel efficiency of vehicles and reducing greenhouse gas emissions, there has been a remarkable development in lightweight components for automotive industry. The components manufactured from liquid silicone rubber are lightweight and helps in increasing fuel efficiency. Liquid silicone rubber reduces carbon dioxide and nitrogen emission which are air pollutants. The final standards will significantly reduce GHG emissions and other criteria pollutants, which will lead to substantial public health and welfare benefits while providing consumers with savings from lower fuel costs. Thus, the growing automotive industry and stringent government policies on reducing greenhouse gas emissions are driving the market for liquid silicone rubber across region.
On the contrary, high cost associated with manufacturing and processing hurdles the growth of North America liquid silicone rubber market.
Based on grade, the North America liquid silicone rubber market is segmented into food, medical, and industrial. The industrial segment held 43.1% market share in 2022, amassing US$ 159.40 million. It is projected to garner US$ 238.21 million by 2028 to expand at 6.9% CAGR during 2022–2028.
Based on end users, the North America liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held 34.7% market share in 2022, amassing US$ 128.56 million. It is projected to garner US$ 190.53 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on country, the North America liquid silicone rubber market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.2% market share in 2022. It was assessed at US$ 315.20 million in 2022 and is likely to hit US$ 465.11 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.
Key players dominating the North America liquid silicone rubber market are Avantor, Inc., Beacon Medtech Solutions, CHT Germany GmbH, Dow Inc., Elkem Asa, KCC Silicone Corporation, Momentive, Shin Etsu Chemical Co. Ltd., Stockwell Elastometrics Inc., 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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