Liquid Silicone Rubber Market is projected to reach US$ 1.88 Billion by 2028 from US$ 1.25 Billion in 2022. It is estimated to grow at a CAGR of 7.0% from 2022 to 2028. In-depth market segmentation, deep dive regional and country level analysis of 18+ countries across 5 key regions, key company profiles and industry landscape to provide latest market initiatives and competitive landscape, impact of COVID-19 pandemic on ecosystem.
New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Liquid Silicone Rubber Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Grade (Food, Medical, and Industrial) and End User (Healthcare, Automotive, Consumer Goods, Electricals and Electronics, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments. Liquid silicone rubber is a highly flexible thermosetting plastic that comes in a broad range of composition and hardness.
Liquid silicone rubber materials are available in different varieties, which allows product designers and engineers to select the material with the characteristics most appropriate for the application. The key attributes of liquid silicone rubber include hardness, tensile strength, compression set, and fluid resistance. The notable benefits of medical-grade liquid silicone rubber over elastomeric materials include the ability to maintain its resiliency, flexibility and capability to transfer mechanical force at extreme temperatures, low compression set, and excellent stability over a broad range of temperatures.
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Liquid Silicone Rubber Market - Strategic Insights
No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Liquid Silicone Rubber Market: Competitive Landscape
Companies operating in the liquid silicone rubber market include Avantor, Inc.; Beacon Medtech Solutions; Dow Inc.; MOMENTIVE; Wacker Chemie AG; CHT Germany GmbH; Elkem Asa; KCC Silicone Corporation; Shin Etsu Chemical Co. Ltd.; and Stockwell Elastometrics Inc. The market players are focusing on investing significant resources in research and development activities for providing high-quality products to meet the customer demands. They are also focused on the expansion of their production capacities and geographic presence.
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In May 2022, Dow introduced SILASTICTM MS-5002 moldable silicone. The company supports automotive sustainability goals with the launch of new moldable optical silicone.
In May 2022, Wacker Chemie AG increased the global production capacity to meet the rising demand for silicone rubber. The significant capacity expansions for liquid silicone rubber (LSR) will be available in the second half of 2022, and will come into full effect in 2023.
In 2021, Asia Pacific held the largest share of the global liquid silicone rubber market. The liquid silicone rubber market growth in the region is mainly driven by the increasing use of this material in the automotive, healthcare, and consumer goods industries, among others. The healthcare sector is growing significantly with the rising need for medical devices and equipment, while the automotive sector is flourishing with the increasing demand for automotive vehicles in the region. China, India, and Japan are major producers of electronics products. Superior longevity, UV resistance, temperature resistance, mechanical properties, and flexibility are among the major properties of liquid silicone rubber that add to its popularity among manufacturers. As a result, it is used in the manufacturing of fiber optic cables, power cables, hybrid cables, etc. Hence, the wide range of applications of liquid silicone rubber in the electrical and electronics industry is driving the demand for liquid silicone rubbers in Asia Pacific. Further, the increasing sales of cosmetics and personal care products would offer lucrative opportunities for the liquid silicone rubber market players as the material is used as one of the constituents in these products.
A rise in aesthetic surgeries and the increasing incidence of chronic diseases are the key forces propelling the demand for implants and implantable medical devices, respectively, across the world. Liquid silicone rubber helps improve the quality of medical devices, thereby ensuring optimum performance throughout their life. Medical-grade silicone molding is used to manufacture dental and surgical implants. The material liquid silicone rubber varies in terms of characteristics such as elasticity, strength, hardness and compatibility, and other properties. The factors such as, surge in disposable incomes, improvements in healthcare infrastructure, and growth in geriatric populations, which is more prone to various diseases, are contributing to the high demand for implantable devices and implants in India.
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Based on grade, the liquid silicone rubber market is segmented into food, medical, and industrial. The medical segment held the largest share of the market in 2021. With the continuous expansion of the medical and healthcare industries, the demand for medical-grade liquid silicone rubber is likely to continue to rise throughout the projection period.
Based on end user, the liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held the largest share of the market in 2021. Medical-grade liquid silicone rubber is flexible, sterilized, and biocompatible, which makes it suitable for applications in the healthcare sector.
Based on end user, the liquid silicone rubber market is segmented into healthcare, automotive, consumer goods, electricals and electronics, and others. The healthcare segment held the largest share of the market in 2021. In the healthcare sector, liquid silicone rubber is widely used to manufacture medical devices and equipment due to its flexibility, sterility, and biocompatibility. Moreover, it is odorless and tasteless, which makes it suitable for use in the manufacturing of devices used to administer medication, oxygen, and food. It is mostly used to produce tubing, defoamers, and adhesives. Medical-grade liquid silicone rubber is available in several grades such as FDA grade, Class VI Grade, and Platinum Cure Grade.
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The liquid silicone rubber market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2021. The automotive, healthcare, and consumer goods sectors are the major contributors to the high demand for market growth in Asia Pacific. Heavy investments from various manufacturers and a rise in government initiatives to support the production of different types of liquid silicone rubbers are leading to the expansion of production capacities of the region. In addition, the increasing demand for home appliances such as spatulas, bake wear, O-rings, gaskets, and grommets continues to bolster the market growth in the region.
The industrial segment held the largest market share. Industrial-grade liquid silicon rubber is highly versatile and widely applicable to industries such as electronics, aerospace, construction, automotive, and consumer products. In the electronics industry sealants and lubricants are widely used and purified liquid silicone rubber is extensively used by the manufacturers. The rising extensive research and development in the electronics industry are fueling the demand for industrial-grade liquid silicone rubber market. Liquid silicone rubber is used to manufacture spacesuit fabrics, seals, tooling materials, and gaskets in the aerospace and aircraft industry.
The automotive segment held the largest market share. In the automotive industry, industrial-grade liquid silicone rubber offers excellent solutions in the form of moulded components. It is used in the manufacturing of headlights, sealants, LED diffusers, spark-plug boots, and ignition components. Due to the product's outstanding thermal stability, superior compression set, resistance to oxidation, and clarity, it is frequently employed in automotive applications. The emerging electrification of vehicles, automation, and autonomous technology requirement in the automotive industry driving the demand for industrial-grade liquid silicone rubber market.
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Impact of COVID-19 Pandemic on Liquid Silicone Rubber Market
The COVID-19 pandemic severely impacted various economies across the world. The governments of various economies announced country-wide lockdowns to restrict the spread of SARS-CoV-2, which directly hampered the growth of the industrial sectors. In Asia Pacific region, various liquid silicone rubber producers continued their operations with low production levels. There was decreased demand from industries such as automotive, electrical & electronics, and consumer goods which has hampered their revenue performances in the region in 2020. Further, China is a leading automotive market in terms of production and consumption. However, a decrease in consumer demand in this country due to job security and income concerns resulted in limited demand for automobiles. This has negatively impacted the demand for liquid silicone rubber from the automotive industry.
The demand for liquid silicone rubber witnessed a significant recovery as various countries restarted their business activities. Many companies in the automotive sector revived their operations in 2021. This resulted in a resurgence in demand for liquid silicone rubber in 2021.Growing demand for liquid silicone rubber from different application fields will offer more opportunities for the liquid silicone rubber market growth in the coming time.
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