European silicone rubber market forecast with a CAGR of 5.5 percent through 2031
Dublin, Ireland – The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the Europe silicone rubber market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for expansion of the Europe silicone rubber market in order to identify growth opportunities for market stakeholders. The report also provides insightful information about how the Europe silicone rubber market would expand during the forecast period of 2021 to 2031.
In terms of revenue, the Europe silicone rubber market is estimated to expand at a CAGR of 5.52% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the Europe silicone rubber market.
The Europe silicone rubber market is broadly affected by several factors, including usage of silicone rubber in the building & construction industry. Rise in demand for silicone rubber in construction, semiconductor, and solar industries is propelling the Europe silicone rubber market.
Based on region, the silicone rubber market in Europe has been segmented into Germany, U.K., France, Italy, and Russia & CIS. Germany dominated the silicone rubber market in Europe in 2020. The region is expected to maintain its dominance during the forecast period. The demand for silicone rubber in the transportation and automobile sectors is driving the silicone rubber market in the region. Manufacturers have been compelled to use efficient and low-emission materials in end-use industries due to European Union’s new rules and regulations.
Furthermore, advanced research and development on liquid silicone rubber is estimated to significant boost the market in Germany, the U.K., and Italy. The European Center for Silicones (CES) concluded that silicone rubber is used by thousands of companies, due of its versatility and ability to improve performance, supporting jobs, stimulating innovation, and creating wealth through a diverse range of final products. Automobiles, window glazing, medical equipment, surfactants, and computers are all examples of applications. Major end-use industries in Europe are expected to augment the silicone rubber market in the regions during the forecast period.
The Europe silicone rubber market is fragmented, owing to the presence of a large number of players. Key players operating in the Europe silicone rubber market are KCC Corporation, Momentive Performance Materials, Zhejiang Xinan Chemical Industrial Group, Dow Inc., Wacker Chemie AG, Simtec Silicone Parts, Adopol, Elkem Silicones, MESGO S.p.A., Shin-Etsu Chemical Co, Reiss Manufacturing, Inc., Shenzhen Inno Silica Co., Ltd., Stockwell Elastomerics, Inc., Zhongshan Tinhou Plastic Industrial Co., Ltd, and Innovative Silicones.