Rising Application in Automotive Industry to Steer Europe Silicone Rubber Market Past US$ 2.6 Bn in 2031
Liquid Silicone Rubber to Account for Lion's Share in Europe Silicone Rubber Market through 2031
Europe silicone rubber market research report published by Fact.MR offers an in-depth outlook of major factors pushing sales and demand in the industry. The report further delivers elaborate insights into the recent industry developments, drivers, and challenges across major segments, including type, application, and end-use for the forecast period (2022-2031).
NEW YORK , May 24, 2022 /PRNewswire/ -- Europe silicone rubber market size is expected to reach a valuation of US$ 1.6 Bn by the end of 2022. Growth in the market is attributed to the rising application of liquid silicone rubber in healthcare, construction, and automotive industries.
With growing adoption of electric car across the globe, need for safe autonomous automobiles is increasing. On the back of this, demand for silicone rubber is expected to surge. Backed by these factors, Europe silicone rubber market is projected to surpass US$ 2.6 Bn by 2031.
Application of silicone rubber in automotive industry as tire additives, foam padding, and engine gaskets will drive the demand in the market. Hence, key companies in the silicone rubber market are developing advanced silicone rubber for improved efficiency.
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As liquid silicone rubber has chemical stability, resistance, and low viscosity, use of this rubber is increasing across construction and automotive industries. Application of liquid silicone rubber in automobile, marine vessel, and railway are bolstering the growth in the market.
As per Fact.MR, Germany and France is expected to lead the Europe silicone rubber market over the forecast period of 2022 and 2031. Expansion of automotive and construction industries in Germany and France are propelling the growth in Europe silicone rubber market.
Key Takeaways:
- By type, liquid silicone rubber to gain traction owing to its chemical stability, temperature, and resistance
- In terms of end-use, automotive industry will dominate the Europe silicone rubber market over the forecast period.
- Construction industry end-use segment is likely to account for second-largest market share through 2022 & beyond
- With rapid expansion of construction and automotive sectors, Germany is expected to spearhead the growth in Europe silicone rubber market.
- Europe silicone rubber market reached a valuation of US$ 1.52 Bn by the end of 2021.
Growth Drivers:
- Growing demand for liquid silicone rubber based products in construction and healthcare industries will drive the growth in the market.
- Application of silicone rubber in the electronics and electrical industry is surging. This is expected to boost the market.
Restraints:
- Stringent regulatory policies associated with the use of rubber in Europe might limit the growth in the market.
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Competitive Landscape:
Silicone rubber companies in Europe are concentrating on product development to expand their presence in the market. Some of the key players in Germany are collaborating with end users and prioritizing research and development to develop unique and high-quality products to increase their revenue.
For instance,
- In April 2022, leading player Dow Inc. announced the expansion of its silicone production capacity. The company is investing in research and development for product capacity expansion.
Key Companies Profiled by Fact.MR
- Momentive Performance Materials
- Dow Inc.
- Wacker Chemie AG
- Simtec Silicone Parts
- Elkem Silicones
- Reiss Manufacturing, Inc.
- Stockwell Elastomerics, Inc.
- Innovative Silicones
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More Valuable Insights on Europe Silicone Rubber Market
In the latest study, Fact.MR offers a 360-degree view of the Europe silicone rubber market for the forecast period of 2022 to 2031. This report also provides key factors such as recent developments and growth drivers influencing the sales in Europe silicone rubber market through detailed segmentation as follows:
By Type:
- Liquid Silicone Rubber
- High Temperature Vulcanized Rubber
- Room Temperature Vulcanized Rubber
- Fluorosilicone Rubber
By Application:
- Gaskets & Seals
- Adhesives & Sealants
- Coatings
- Encapsulants
- Catheters & Tubing
- Others
By End-Use Industry
- Electronics
- Aerospace
- Construction
- Medical
- Automotive
- Consumer Products
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Europe Silicone Rubber Market Report
- What will be the demand outlook of Europe silicone rubber market in 2022?
- What will be the growth rate of the Europe silicone rubber market during 2022-2031?
- Which are key drivers bolstering the growth in Europe silicone rubber market?
- Which are the factors hindering the growth in the Europe silicone rubber market?
- Which region is expected to exhibit the fastest growth in the Europe silicone rubber market during 2022-2031?
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