"Growing applications of liquid silicone rubber driving the market growth"
The growing demand for liquid silicone rubber from the healthcare industry is driving the global liquid silicone rubber market. Liquid silicone rubber (LSR) has some great properties than its competitor materials such as high thermal stability, chemical stability, and electrical resistance. These properties made it the first choice in many industries such as automotive and electrical & electronics. In the medical field, the hygienic quality of LSR helps to reduce the spread of bacteria or fungi to the patient's body, and its flexibility and softness ensure comfort to patients. Therefore, medical product designers are increasingly opting for LSR for the manufacturing of medical silicone parts on wider applications such as surgery, cardiology, oncology, orthopedics, and neurosurgery, etc. among others.
Additionally, the growth of the food industry has positively impacted the demand for LSR. As the molded parts of LSR are odorless, tasteless, hydrophobic, and resistant to bacteria, this made it suitable for use in the food industry. Food grade LSR is versatile and resistant to extreme temperature, making it an excellent choice in the manufacturing of kitchen products such as baking molds, ice-cube trays, O-rings, gaskets, or other seals.
Overall, the global liquid silicone rubber market was US$ 2.30 Bn in 2021 and expected to reach US$ 3.8 Bn by 2030, growing at a CAGR of 7.1% from 2023 to 2030.
"Industrial grade LSR accounted for the largest share"
Industrial grade LSR is widely used in automotive, electrical & electronics, and other consumer goods products. Due to the wider user base of LSR, this segment captured the largest market share in 2021. The lightweight and durability of LSR have resulted in its increased use in the automotive industry. Spark plug cable, gasket, and O-ring are some of the automotive products manufactured using LSR.
Apart from this, medical-grade LSR is anticipated to grow at the fastest rate from 2023 to 2030 owing to the increasing geriatric population across the globe which results in the growing demand for LSR for manufacturing catheter tube, reservoir, etc. among other products.
"The Asia Pacific dominating the world market"
The Asia Pacific captured the largest share of the global liquid silicone rubber market in 2021. The regional market is driven by the strong manufacturing growth of China and India. Also, the availability of low-cost labor, product innovation, and favorable government support for manufacturing influencing the market growth. Moreover, the growing Asian automotive, electrical & electronics and healthcare industry has a high demand for LSR, thereby, influencing the market growth. Further, some of the prominent LSR manufacturers are concentrated in the regions includes KCC Corporation, Guangdong Polysil Technology Co. Ltd, Shin-Etsu Chemical Co. It is estimated that the region will show the fastest growth from 2023 to 2030.
"Technological advancement is keeping the market competitive"
The global liquid silicone rubber market is highly competitive. Some of the major players of the market are Dow, KCC Corp., and Wacker Chemie AG. These market players are adopting strategies such as merger & acquisition of other players, partnership with other companies having advanced technology, increasing production capacity, and launching new products to stay competitive in the global market. Following is the list of players included in the published reports.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Liquid Silicone Rubber market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
