Silicone rubber materials market forecast with a CAGR of 9.2 percent through 2030
London, UK – The Silicone Rubber Materials market is expected to grow annually by 9.2% (CAGR 2023 – 2030) according to Reliable Research Reports.
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In recent years, the silicone rubber materials segment has seen several mergers and acquisitions by various companies. Wacker Chemie AG, a German company, acquired Dutch silicone rubber manufacturer SiVance LLC in 2018 to expand its product portfolio. Dow Corning Corporation, a US-based company, was acquired by Dow Chemical Co. in 2016, further strengthening the latter’s position in the silicone rubber materials market. KCC Corporation, a Korean company, bought the silicone business of Momentive Performance Materials Inc. in 2019, making it one of the leading suppliers of silicone in the Asian market. Reiss Manufacturing, a US-based manufacturer of silicone compounds, was acquired by Shin-Etsu Chemical Co. Ltd. in 2018, expanding the Japanese company’s silicone rubber materials business. These acquisitions and mergers have not only strengthened the market position of the acquiring companies but also led to technological advancements and increased competition in the silicone rubber materials segment.
The global silicone rubber materials market is expected to grow significantly in the forecast period due to the increasing demand from various end-use industries such as automotive, construction, healthcare, and electrical & electronics industries. North America and Europe currently dominate the market with a combined market share of over 50%. However, Asia Pacific is expected to witness significant growth in the coming years due to the increasing demand for silicone rubber materials in emerging economies such as China and India. The market share percent valuation for the dominant regions is expected to be North America at 29%, followed by Europe at 26%, Asia Pacific at 23%, and the USA and China both at 11%. Overall, the global silicone rubber materials market is poised for steady growth in the coming years.