Liquid Silicone Rubber Executive Summary
Liquid silicone rubber is a silicone elastomer available in different grades such as industrial, food, and medical. Liquid silicone rubber (LSR) possesses unique properties such as chemical inertness, electrical resistance, high thermal stability, and temperature resistance among others. Due to superior properties, LSR is used in various applications such as medical devices, automotive and electrical goods.
The protuberant factors and trends fostering growth of the global liquid silicone rubber market are growing the demand for LSR in surgical tools and equipment coupled with rising geriatric population. Extensive research and development in innovating material technology is anticipated to cater to a huge growth of the electronic industry, which, in turn, drives the global liquid silicon rubber market. For instance, LSR is used in manufacturing of various modern applications such as kitchenware, LED headlights, fitness tracker, and medical implants. These products are projected to open new avenues for liquid silicone rubber manufacturer.
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Additionally, rapid urbanization, changing standard of living and easy compatibility of products are fueling the demand for electronics and consumer goods, thereby supplementing the demand for liquid silicone rubber market. However, stringent regulation regarding emission of harmful gases may restraint the market growth.
Some of the major players functioning in the global liquid silicone rubber market are Wacker Chemie AG (Germany), Dow Corning Corporation (U.S.), Momentive Performance Materials Inc. (U.S.), Shin-Etsu Chemical Co., Ltd. (Japan), KCC Corporation (South Korea), Elkem Group (China), Simtec Silicone Parts, LLC (U.S.), Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China), Stockwell Elastomerics Inc. (U.S.) and Reiss Manufacturing Inc. (U.S.).
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The global liquid silicone rubber market is segregated into the grade and application. On the basis of the grade, the market is further categorized into industrial, food and medical segments. On the basis of the application, the market is segmented into automotive, electrical & electronics, consumer goods and medical.
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The medical grade is the most widely used grade in the global liquid silicone rubber market. High dielectric strength, bacterial resistance, and temperature resistance makes LSR an ideal choice for manufacturing medical devices, accessories and fittings in the healthcare industry. Moreover, growing stern regulations and compliances of many specification for use in medical products are further projected to drive the overall market growth. In addition, replacement of latex with LSR in impactable devices are providing new opportunities to market players.
Industrial rubber segment occupied second leading segment owing to growing electrical & electronic industry along with rising aerospace and construction industry. LSR has ability to withstand high temperature and good flexibility enables the material for usage in keypads, antennas and electronic displays.
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Among the application, medical industry is leading segment due to growing demand of disposable devices and medical implants. Hugh R&D investments in medical industry is also likely to foster the growth of liquid silicone rubber market. Automotive application segment witnessed reasonable growth owing to growing application of LSR in manufacturing windshield wiper blades, LED headlights, gaskets and other parts which can minimal weight and increase efficiency.
North America is projected to grow significantly followed by Europe region. Rising expenditure on medical devices along with growing healthcare industry is anticipated to augment the Liquid Silicone Rubber Market Growth. Installation of huge R&D facility, technological advancement in medical devices and growing application of LSR in electronic industry are further posing new opportunity in the coming years. Moreover, multinational companies are focusing on collaboration or joint venture with distributors to achieve sustainable growth in the overall market.
The European market witnessed a remarkable growth in the last couple of years. It is projected that due to technological advancement to manufacture LSR in end-use industries, the Liquid Silicone Rubber Market is set to grow at a higher rate during the forecast period. Growing demand for lightweight material in the automobile industry in the region is also fueling the market growth. Moreover, the growing mergers & acquisitions among the leading companies is set to propel the market in the U.K, Italy, Germany, and France over the forecast period.
The Middle East & African region is estimated to witness a significant growth in the market due to the growing adoption of liquid silicone rubber in healthcare and consumer goods industries. Moreover, Latin America is anticipated to witness a higher growth in the Liquid Silicone Rubber Market due to increasing demand for liquid silicone rubber in medical, transportation, electrical & electronics, and others.
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