Conductive Silicone Rubber Market Trends
Growth Drivers
- Increasing Utilization in the Healthcare Sector Owing to Safety and Efficacy – The healthcare sector requires various medical devices and medical equipment that are made of conductive silicone rubber. The increasing number of neurological disorders increases the need for neurological equipment that uses conductive silicone rubber to determine the nerve pulse is estimated to drive the market growth. Also, the increasing applications in implantable devices such as ear implants, cochlear implants, EKG pads, conductive gaskets, and valves. According to the estimations of the 2019 reports, more than 736000 registered cochlear devices are implanted across the world with over 180000 cochlear devices being implanted in the U.S. alone.
- Rising Applications in Construction Industries for the Manufacturing of Coating Agents - According to the estimations, the construction sector in Europe accounts for more than 3% to 6% of their total GDP as of 2021.
- Increasing Growth in Aerospace and Military Applications across the Globe – It was noted that the value of global military aircraft and aerospace in the year 2021 was more than USD 250 billion and over USD 68 billion was generated from aircraft maintenance, repair, and overhaul in 2020.
- Growing Demand for Heavy Machinery with Rapid Industrialization Worldwide – According to the reports, there are more than 900 heavy machinery construction manufacturing companies across the world with sales worth over USD 75 billion as of 2023.
- Increase in Mining Industry with Rising Need for Oil and Gas – The thermal conductive silicone rubber is used to prevent leakages and to provide a safe shockproof environment for the workers in the mines. According to the reports, the supply of more than 70% of crude oil and over 85% of natural gas in the U.S. was produced domestically as of 2022.
Challenges
- Higher Cost of Silicone Rubber
- Pollution Created During the Production of Rubber –
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.
- Rising Preference for Bio-Based Chemicals
