According to a report by Grand View Research, Inc.; the global liquid silicon rubber market is anticipated to reach a valuation of around USD 3.29 billion by 2025. Rising applications in various end-use sectors, mainly in electronics and medical industry are projected to impel market growth. Technological advancements and introduction to new material innovations can further propel the market during the forecast period (2014 to 2025).
Exceptional properties of liquid silicone rubber (LSR) such as heat resistance, chemical inertness, low viscosity, and flexibility enhance its application area. Its durability, cost effectiveness, and capability to fulfill safety needs has increased its usage in the manufacturing of medical implants, automotive components, electrical and electronics, food molds, and several other industries. LSR can be used in several medical equipment components like valves, sterilized parts, infusion pumps, skin contact devices, and others. This may propel the market growth in near future.
Increasing elderly population is also expected to boost demand for medical implants and devices. In automotive sector, the material can be used to manufacture wiper blades, LED headlights, and many other electronic components. LSR is extensively used in manufacturing process of food molds including ice cube molds, baking trays, and others due to its malleability and softness. All these factors are projected to positively influence the growth of the global market for liquid silicone rubber over the forecast period. However, the market may face challenges due to stringent regulations in medical field. Guidelines for the utilization of LSR in medical devices, implants, and kitchenware may hinder market expansion in near future.
Full Research Report On Liquid Silicone Rubber Market Analysis: https://www.grandviewresearch.com/industry-analysis/liquid-silicone-rubber-lsr-market
The worldwide liquid silicone rubber market can be segmented on the basis of grade, application, and region. Based on grade, the market can be divided into food, medical, and industrial. As per applications, the market can be classified into medical, consumer goods, electricals and electronics, automotive, and others. The medical application segment is estimated to grow at a CAGR of around 9% from 2016 to 2025.
Geographically, the market for LSR can be categorized into North America, Asia Pacific, Europe, Middle East and Africa, and Central and South America. North America is considered as one of the largest markets for liquid silicone rubber due to high usage of materials in several applications like construction, automotive, medical, and electronics in the region. In 2015, the market was estimated to be worth around USD 582.0 million. It is likely to grow at a CAGR of 7.8% over the forecast period.
The U.S. market for liquid silicone rubber in medical application is anticipated to gain over USD 234.4 million in terms of revenue by 2025. The U.S. is one of the largest manufacturing hubs for LSR and has manufacturing plants of many well-recognized companies including Mercedes-Benz, Honda, Tesla BMW, Mazda, Kia, and Toyota among others. Continuous R&D activities, presence of skilled workforce, open investment policies, and growing exports are anticipated to support regional market growth.
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Asia pacific is likely to show rapid growth during the forecast period with a CAGR of around 8.6% from 2016 to 2025. China, India, Thailand, and Indonesia have registered significantly high product demand in the past. This growth can be attributed to expansion of the automotive, healthcare, and construction sectors. The rapid development of the automotive sector, especially in China and India can have positive impact on the liquid silicone ruber market over the forecast period.
Favorable regulatory policies and product innovations are expected to further boost the regional market in the forthcoming years. The major market players are also expected to increase their market capabilities through mergers and acquisitions (M&A) and joint ventures. Companies are also focusing on making consistent and quality supply of the product for long term. This may create growth opportunities over the forecast period.
Some of the prominent players operating in the liquid silicone rubber market include Stockwell Elastomerics, Inc.; Shin-Etsu Chemical Co., Ltd.; Momentive Performance Materials, Inc.; Wacker Chemie AG; and Nusil Technology LLC.
The market looks extremely competitive and major companies are making alliances with suppliers to facilitate latest material technology. The market players are also conducting extensive research and development activities to modernize their manufacturing processes. Manufacturers are also required to comply with strict regulations for maintaining their position in the market.
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