Liquid Silicone Rubber Market to Reach Valuation of USD 4.0 Billion by 2028 - Increasing Demand from Medical and Automotive Industries to Bloom Market
In terms of revenue, the Global Liquid Silicone Rubber Market is expected to reach USD 4.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.0% from 2022 to 2028. The Global Liquid Silicone Rubber Market growth is attributed to the factors such as increasing demand from several industries such as medical and automotive industries, and a rise in the demand for medical grade LSRs. Moreover, rising demand for consumer goods electricals & electronics is likely to increase demand for liquid silicone rubber, further projected to drive the liquid silicone rubber market growth over the forecast period.
- Under the grading segment, the medical-grade liquid silicone rubber sub-segment is anticipated to dominate the segment for the liquid silicone rubber market and grow at a substantial CAGR. The market growth is attributed to the increasing geriatric population across the globe, as well as increasing awareness about health concerns.
- Medical sub-segment held a market significant share in 2021 of the application segment for the liquid silicone rubber market. The market growth is attributed to factors such as demand for LSR based products in the healthcare industry.
- North America is the largest regional segment. The U.S. is the largest consumer of liquid silicone rubber in the region. The presence of major players in the region is anticipated to propel market growth in the region over the forecast period.
Some of the key players in the liquid silicone rubber market include - 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.
Liquid Silicone Rubber elastomer with several superior attributes such as dense, durable, and high resistance; which is made using an injection molding method that provides easy processing, part consistency, and better productivity. Liquid Silicone Rubber has several applications in the electrical & electronics, automotive, medical sector. Additionally, it has application in consumer goods, as well as cosmetic applications and building & construction activities. Moreover, liquid silicone rubber has found application in aerospace & aeronautics as well as in industrial components. Thus, owing to the wide range of applications, the demand for liquid silicone rubber is increasing. Consequently, driving the Liquid Silicone Rubber Market growth over the forecast period.
North America is expected to emerge as a potential market for Liquid Silicone Rubber Market. The U.S. is the largest consumer of Liquid Silicone Rubber in the region. The market growth in the region is attributed to the presence of major players such as Dow Corning, Simtec Silicone Parts, LLC, Stockwell Elastomerics Inc., Momentive Performance Materials Inc., NuSil Technology LLC in the region. Additionally, rising demand for disposable medical devices, implants, and equipment is further propelling market growth in the region over the forecast period.
The Liquid Silicone Rubber is segmented as follows:
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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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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