New York, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global liquid silicone rubber market size is poised to grow at a CAGR of over 9% from 2023 to 2035. The market is anticipated to garner a revenue of USD 9 billion by the end of 2035, up from a revenue of USD 3 billion in the year 2022. The rising demand for smart electronic wearables is the major factor that is driving the market growth. The number of connected wearable devices worldwide increased considerably between 2019 and 2022. This figure was around 1.1 billion in 2022, up from 929 million the previous year. Moreover, the shipments of smartwatches are expected to exceed 400 million by 2026. Several improvements in wearable medical device technologies for patient monitoring devices and drug administration systems have occurred in recent years. The main material for such devices is liquid silicone rubber (LSR). LSR has multiple benefits, notably a gentle haptic feel that prevents skin discomfort in long-term skin contact applications, as well as improved sealing performance that prevents leachable and mineral extraction from permeating.
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Liquid Silicone Rubber (LSR) Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Medical Grade segment to garner the highest growth
- Market in Europe region to grow at a highest rate
The Rising Adoption of Electric Vehicles is to Boost the Growth of Liquid Silicone Rubber (LSR) Market
The properties that have allowed silicone materials to excel in a wide range of PCB system assembly applications, such as through-hole PCB assembly, and automotive applications, could be priceless in supporting you in dealing with the obstacles associated with developing and manufacturing huge quantities of lithium battery systems and other components for electric vehicles. Thermally conductive silicone compounds have qualities that can assist in reducing temperatures of operation and increase the life and performance of batteries and other PCB system components in electric vehicles. Therefore, rising production of EVs is expected to drive the liquid silicone rubber (lsr) market growth. The worldwide electric vehicle fleet is predicted to have 77 million passenger vehicles by 2025, up from approximately twenty million units in the year's halfway through 2022.
Liquid Silicone Rubber (LSR) Industry: Regional Overview
The global liquid silicone rubber (LSR) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Production of Vehicles is to Boost the Market Growth in Asia Pacific Region
People and product mobility demands in Asian countries have expanded as a result of increasing urbanization, economic success, and a growing population. Although passenger traffic is predicted to increase, car ownership is expected to remain low. Because of this imbalance, there is an enormous chance for mobility service providers to establish themselves in the Asia-Pacific (APAC) market. China's automotive sector is expected to generate around 24 million passenger cars in 2022.
Growing Focus of Chemical Industry on Sustainability to Elevate Market Growth in Europe
The European chemical industry was among the first to promote the European Green Deal and Europe's goal of becoming climate-neutral by 2050. To achieve climate neutrality, digitalization, and circularity in Europe by 2050, as well as the objectives of the chemical strategy for sustainability. Silicone is less harmful to the environment than plastic. It is created from silica, which is derived from sand, and its production does not require mining. Furthermore, rising demand for sustainable building construction is further going to increase the demand for liquid silicone rubber in the region.
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Liquid Silicone Rubber (LSR) Segmentation by Grade Type
- Food Grade
- Industrial Grade
- Medical Grade
On the basis of grade type, the medical grade segment is expected to dominate the market share over the projected time frame. Many medical equipment manufacturers are turning to liquid silicone rubber (LSR) as the best material for their products. LSR has shown to be a suitable alternative for many medical applications due to its outstanding heat resistance, low-temperature flexibility, chemical resistance, and other properties. Designers of products can form LSR into a variety of forms and dimensions to match specific medical applications, particularly those involving surgery. Rising cases of surgery will boost the growth of the segment. Each year, around 40 to 50 million significant surgeries are performed in the United States and 20 million in Europe.
Liquid Silicone Rubber (LSR) Segmentation by Processing Techniques
- Liquid Injection Molding System
- Compression Molding
Liquid Silicone Rubber (LSR) Segmentation by End User Industry
- Automotive
- Healthcare
- Electrical & Electronics
- Cosmetics
- Building & Construction
On the basis of the end-user industry, the building and construction segment is expected to be the largest revenue holder over the projected time frame. The growth of the segment is majorly attributed to the rising demand for sustainable development of infrastructures. The World Green Building Council's Net Zero Carbon Building Commitment is driving this shift in viewpoint. To initiate the decarbonization of built environments, 38 signatories (12 corporations, 22 cities, and 4 states and regions) have signed on. Sustainable architecture intends to save up to 84 gigatonnes of CO2 emissions by 2025.
A few of the well-known market leaders in the global liquid silicone rubber (LSR) market that are profiled by Research Nester are Wacker Chemical AG, The Dow Chemical Company, Elkem ASA, Jiangsu Tianchen New Materials Co. Ltd, Momentive Performance Materials Inc., Reiss Manufacturing Inc., Shin-Etsu Chemical Co. Ltd., Simtec Silicone Parts LLC, and Stockwell Elastomerics Inc.
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Recent Developments in Liquid Silicone Rubber (LSR) Market
- The Dow Chemical Company is soon going to launch the first program of integrating carbon-neutral silicones in building infrastructures. Dow's high-performance building solutions include tried-and-true materials for fundamental and cautious glazing, weatherproofing, insulating glass, window and door manufacturing, and structural material safeguarding, as well as developments in high-insulating material, and the inclusion of photovoltaic cells and solar panels into the design of buildings.
- Wacker Chemical AG, a leading chemical company has announced the development of a production facility of silicones in Panagarh, India. The plant will produce room-temperature-curing and heat-curing solid silicone rubber, liquid silicone rubber, and SILMIX® prepared-to-use silicone compounds, which are vital goods that will help meet India's growing demand.
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