The liquid silicone rubber market in Europe is expected to grow from US$ 23,127.33 million in 2022 to US$ 33,579.15 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2022 to 2028.
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.
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.
Market Overview
The liquid silicone rubber market in Europe comprises Germany, France, Italy, the UK, Russia, and the Rest of Europe. The liquid silicone rubber is frequently used in the automotive industry in Europe. Liquid silicone rubber is an essential component of many parts of vehicles. To reduce the emissions of harmful gases battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) production is gradually penetrating the Europe market. According to the European Environment Agency (EEA) published a report on 18th November 2021, electric car and vans registrations were closed at 1,325,000 units in 2021, and 5,50,000 units in 2021. As the electric car adoption has been increasing dramatically, it leads to result in the booming of the automotive industry in the region. The adoption of liquid silicone in the manufacturing of single-wire seals, grommets, proximity sensors, membranes, engines, powertrain components, sealing solutions, interior cushioning and Lighting has been increasing further driving the demand for liquid silicone rubber across the region.Europe Liquid Silicone Rubber Market Segmentation
The Europe liquid silicone rubber market is segmented into grade, end users, and country.- Based on grade, the market is segmented into food, medical, and industrial. The medical segment registered the largest market share in 2022.
- 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 registered the largest market share in 2022.
- Based on country, the market is segmented into Germany, France, UK, Italy, Russia, and Rest of Europe. Rest of Europe dominated the market share in 2022. Avantor, Inc., CHT Germany GmbH, Dow Inc., Elkem Asa, KCC Silicone Corporation, Momentive, Shin Etsu Chemical Co. Ltd., and Wacker Chemie AG are the leading companies operating in the liquid silicone rubber market in the region.
Table of Contents
1. Introduction
3. Research Methodology
4. Europe Liquid Silicone Rubber Market Landscape
5. Europe Liquid Silicone Rubber Market - Key Market Dynamics
6. Liquid Silicone Rubber - Europe Market Analysis
7. Europe Liquid Silicone Rubber Market Analysis - By Grade
8. Europe Liquid Silicone Rubber Market Analysis - By End User
9. Europe Liquid Silicone Rubber Market - Country Analysis
10. Industry Landscape
11. Company Profiles
12. Appendix
List of Tables
List of Figures
Companies Mentioned
- Avantor, Inc.
- Cht Germany Gmbh
- Dow Inc.
- Elkem Asa
- Kcc Silicone Corporation
- Momentive
- Shin Etsu Chemical Co. Ltd.
- Wacker Chemie Ag
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 132 |
| Published | November 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( $ | $ 23127.33 Million |
| Forecasted Market Value ( $ | $ 33579.15 Million |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 8 |
