WASHINGTON, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The Global Liquid Silicone Rubber Market size is expected to reach over USD 4.0 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period. The market stood at USD 2.5 Billion in the year 2021.
Market Synopsis
Rising demand from the automotive and medical sectors have emerged to be a major driver for the market overall in the coming years. Sectors such as medical and automotive are seeing high demand due to its durability, ability to match all safety requirements, and cost-effectiveness, states Vantage Market Research, in a report, titled “Liquid Silicone Rubber Market by Type (Food Grade LSR, Industrial Grade LSR, Medical Grade LSR), by End-User (Healthcare and Medical Devices, Automotive, Electrical and Electronics, Consumer Goods), by Region (North America, Latin America, Asia Pacific, Europe) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028”).
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Liquid Silicone Rubber Market:
- Dow Corning
- Momentive Performance Materials Inc.
- KCC Corporation
- Simtec Silicone Parts, LLC
- Bluestar
- Stockwell Elastomerics Inc.
- Zhejiang Xinan Chemical Industrial Group Co., Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Wacker Chemie AG
- Nusil Technology LLC
- Laur Silicone
Market Dynamics:
Driver: Rising Demand from Medical and Healthcare Devices
Medical equipment is one of the key applications of the market for liquid silicone rubber. Due to its chemical, purity, flexibility, physical resistance, and sterilization characteristics, the liquid silicone rubber demand is rising in the medical devices sector. Recently, liquid silicone rubber has its uses in medical textile coatings, medical cables, catheters, medical tubing, respiratory masks, other markets. Chinese government has expanded its focus on high-end medical device and biomedical manufacturing under “Made in China 2025” plan, which intends to grow domestic content of core materials and components to 70% by 2025. This is likely to grow the demand for the market for liquid silicone rubber.
Driver: Unique Characteristics Such as Chemical Inertness, Electrical Resistance, and Others
Liquid silicone rubber holds unique characteristics such as chemical inertness, electrical resistance, ability to bear intense temperatures, others. These features have allowed their broad adoption across electrical & electronics, medical, automotive, and various other sectors. The growing aged population is driving the medical devices and implants demand in the medical sector.
Liquid Silicone Rubber growth is hampered due to the existence of strict regulations in the medical area. There has been a growth in the regulations which are covering the materials usage in implants, medical devices, and kitchenware. The players are needed to comply with strict regulations to keep their market position.
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Regional Trends
North America accounted for the largest share of the regional market for liquid silicone rubber, due to the existence of the biggest consuming nations such as India and China, the liquid silicone rubber demand in the region is rising at a substantial rate.
Key Findings
- Medical grade to hold a significant share: Devices built from medical grade Liquid Silicone Rubber enhance life expectancy since they minimize pain and are beneficial in making pacemakers and artificial joints. Rings, stoppers, closures, gaskets, liquid feeding bottles, cushioning pads, and catheters, are a few of the items manufactured with Liquid Silicone Rubber which is medical grade.
- Automotive to hold a significant share: The components built from liquid silicon rubber are not heavy, thus growing fuel efficiency. LSR also minimize NO2 and CO2 emissions that are air pollutants. Applications in Automotive of liquid silicone rubber such as LED headlights, gaskets, harness components, windshield wiper blades, valves, membranes, dampers, seals, and other components.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Liquid Silicone Rubber Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Liquid Silicone Rubber Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 170 Pages and in-depth TOC on "Liquid Silicone Rubber Market by Type (Food Grade LSR, Industrial Grade LSR, Medical Grade LSR), by End-User (Healthcare and Medical Devices, Automotive, Electrical and Electronics, Consumer Goods), by Region (North America, Latin America, Asia Pacific, Europe) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/liquid-silicone-rubber-market-541416
Key questions answered in the report include:
- This report gives all the information about the industry analysis, revenue, and overview, of this market.
- What will be the the rate of increase in market size and growth rate by the end of the forecast period?
- What are the major global Liquid Silicone Rubber market trends influencing the development of the market?
- What are the vital results of SWOT analysis of the major players operating in the Liquid Silicone Rubber market?
- What are the potential growth opportunities and threats faced by Major competitors in the market?
- What are the market opportunities and threats faced by vendors in the Global Liquid Silicone Rubber market?
This market titled “Liquid Silicone Rubber Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 2.5 Billion |
| Projected Market Size in 2028 | USD 4.0 Billion |
| CAGR Growth Rate | CAGR of 10.0% from 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Type: - Food Grade LSR, Industrial Grade LSR, Medical Grade LSR End-User: - Healthcare and Medical Devices, Automotive, Electrical and Electronics, Consumer Goods, Beauty and Personal Care |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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