Conductive Silicone Rubber Market Size

Conductive Silicone Rubber Market size is anticipated to cross USD 30 billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of conductive silicone rubber was over USD 12 billion. The growth of the market can be attributed to the rising use in the automotive, transportation, and manufacturing sectors. The increasing use of electronics and electronic devices and compounds across the world owing to increasing need is estimated to drive the market growth. According to the estimations in 2023, worldwide more than 5 billion people are using the internet which is equivalent to about 65% of the world’s population. Electronic devices include televisions, smartphones, laptops, and air conditioners which are seen commonly in many households.

Silicone rubbers are used in many industries as they are thermally well-conductive. The increasing transportation sector for the production of wiring harnesses, sealants, connectors, gaskets, and spark plugs is expected to drive the industry growth. Also, the rising preference for lightweight automobiles such as electric vehicles across the world is estimated to boost the market growth as per the market analysis. The increasing cost and less efficiency of fuel vehicles are driving the demand for lightweight vehicles which increases the use of silicon rubbers in the automobile manufacturing sector. According to the reports, electric light commercial vehicle sales around the world as of 2021 were more than 65%.