Conductive Silicone Rubber Market Analysis by Type (Thermal Conductive, Electricity Conductive, and Others); by End-Use (Automotive, Electrical & Electronics, Defense, Aerospace, Industrial Machines, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 3548 | Published Date: Apr 03, 2023
The global conductive silicone rubber market size is estimated to reach ~USD 30 Billion by the end of 2035 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of conductive silicone rubber was ~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%.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~8% |
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Base Year Market Size (2022) |
~ USD 12 Billion |
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Forecast Year Market Size (2035) |
~ USD 30 Billion |
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Regional Scope |
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Growth Drivers
Challenges
The high production of soot generated during the vulcanization of rubber is estimated to hamper the market growth in the coming years owing to the presence of fine black particles that consists of carbon. The soot contains chemicals, metals, soils, acids, and dust which are generated during the incomplete combustion of oil, wood, and coal. These materials damage the soil, crops, and the quality of air and water in the ecosystem.
The global conductive silicone rubber market is segmented and analyzed for demand and supply by product type into thermal conductive, electricity conductive, and others. Out of the three types, the thermal conductive segment is estimated to gain the largest market share of about ~40% in the year 2035. The growth of the segment can be attributed to the increasing applications in automotive vehicles, personal computers, and other home appliances. The rising electronic appliances such as printed and circuit boards, and sensors use thermal conductive silicone rubber to enhance the flow and processing with thermal stability is estimated to propel the market segment growth during the forecast period. The number of home appliances sold across the U.S. in the year 2020 was estimated to be over 570 million. The conductive silicone-based adhesive is also being manufactured for usage in electronic devices to improve the thermal and mechanical connections of components in electronic devices. The increasing number of electric vehicles and demand for lightweight automobiles across the world is also estimated to drive market segment growth.
The global conductive silicone rubber market is also segmented and analyzed for demand and supply by end-user into automotive, electrical & electronics, defense, aerospace, industrial machines, and others. Amongst these segments, the automotive segment is expected to garner a significant share of around ~29% in the year 2035. The market segment growth is attributed to the increasing demand for personal vehicles around the world owing to rising disposable income. The growing number of automobiles that use conductive silicon rubber for interiors as it is resistant to fire and weather is estimated to propel the market segment growth during the forecast period. The rising demand for parts of automobile vehicles with increasing manufacturing of automobiles across the world.
The automotive parts exported across the world from the U.S. in the year 2021 were estimated to reach over USD 68 billion. The protective nature of silicone rubber against moisture, water spray, and dirt is estimated to increase the applications in spark plugs.
Our in-depth analysis of the global conductive silicone rubber market includes the following segments:
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By Product Type |
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By End User |
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The market share of conductive silicone rubber in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing electronic manufacturing in the region. Moreover, the increasing application of silicone rubbers in electronic appliances is anticipated to boost market growth. The rising applications in the end-user sectors including power stations, photovoltaic, and LED are estimated to drive market growth across the region. The increasing economic standards of the people, growing use of electronic devices, and adoption of technological innovations among people are driving market growth in the region. The increasing population with the utilization of consumer electronics in every household with growing living standards in the region is estimated to propel the market growth. As per the estimations in the year 2023 the value of consumer electronics in Japan was estimated to be more than USD 35 billion. The increasing number of power plant generators with the rising demand for electricity in the region is estimated to drive market growth.
The North American conductive silicone rubber market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the high production of automobiles in the region. More than 3 million cars were sold in the U.S. in 2020. In addition to this, the growing adoption of electric cars in the region is estimated to boost the market growth. The market growth is also attributed to the rising developments in the shale industry owing to the advancements made in hydraulic fracturing. The increasing healthcare sector in the region is also driving the need for silicon rubber in the manufacturing of medical devices, instruments, and equipment is estimated to boost the market growth in the region. The growing oil and gas sector in the region is also fueling the growth of the market across the world. The escalating use of electronics and electrical devices by people with the adoption of digitalization is expected to propel market growth in the coming years.
Further, the market in European, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed to the increasing healthcare expenditure in the region owing to advancements in biocompatible medical devices including medical sensors. Expansion of the industrial sector across the region with a growing number of oil and gas industries is estimated to drive market growth during the forecast period. The rising demand for silicone in the healthcare sector for applications in implants and increasing applications in the renewable energy field of the European region is estimated to propel the market growth in the coming years. The increasing construction equipment sector in the region is also expected to fuel the market growth in the region owing to the high use of silicone rubber in building and construction. Also, the increased use of silicone rubber in the semiconductor and solar manufacturing industries of the region is propelling the growth of the market. The growing number of automotive industries as well as the increasing use of electrical devices owing to the growing disposable income of people is driving the market growth.
Shin-Etsu Chemical Co., Ltd. developed a silicone rubber for molding “KE-5641-U” for the insulation covering of high-voltage cables. The new silicone rubber helps to improve the flexibility of high-voltage cable applications in the automobile sector by replacing thick cable moldings.
The Dow Chemical Company declared the release of the SILASTIC SA 994X liquid rubber series which is a primerless self-adhesive. This was developed for applications in the automotive sector for connector seals, radiator gasket seals, and battery vent gaskets used in the electric and hybrid vehicles.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing applications in the mining industry and growing demand in the healthcare sector are the major factors driving the market growth.
Ans: The market size of conductive silicone rubber is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2035.
Ans: High cost of conductive silicone and pollution created during the production of rubber are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Specialty Silicone Products, Inc., Shin-Etsu Chemical Co., Ltd., Evonik Industries AG, 3M, BASF SE, Momentive Performance Materials Inc., Solvay S.A., and The Dow Chemical Company, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end-user, and by region.
Ans: The thermal conductive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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