Liquid Silicone Rubber (LSR) Market Projected to Grow at a Steady Pace
Stratview Research has published a new report titled “Liquid Silicone Rubber (LSR) Market” which is segmented by Molding Technology Type (Liquid Injection Molding System), by Grade Type (Industrial Grade, Medical Grade, and Food Grade), by Application Type (Automotive, Medical, Electrical & Electronics, Consumer Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, Liquid Silicone Rubber (LSR) Market is likely to grow from USD 2.3 billion in 2021 to USD 4.32 billion by 2028 at an impressive CAGR of 9.25% during the forecast period. Rapid development in the medical and electrical & electronics applications and fast progress in the improvement for medical grade LSRs are the prime factors governing the global LSR market. The engagement of medical grade LSRs minimize the hazard of bacterial contaminations and are henceforth, employed in skin medications to support functionality and absorption. They are extensively used in electrical & electronics application for electrical potting and insulation. Further, owing to their prime properties, such as chemical inertness and elevated temperature confrontation, they are also utilized in the engineering of LED lights.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
Based on the grade type, the market is segmented as industrial grade, medical grade, and food grade. The medical grade segment is estimated to grow at the highest rate in the coming five years. The growth is attributed to the rising elderly population, across the board, coupled with the growing cognizance about health apprehensions, which is driving the medical applications segment. As grades are subjected to various approvals and protocols for practice in the medical sector, these are more expensive against other grades. Hence, the medical grade segment is projected to be the largest segment during the forecast period.
Based on the application type, the market is segmented as automotive, medical, electrical & electronics, consumer goods, and others. The medical segment is estimated to be the fastest-growing application segment during the forecast period, in terms of both value and volume. The growth is attributed to the growing claim for throwaway-medical devices and implants.
Which Region is expected to remain the largest market?
In terms of regions, Asia-Pacific is the largest market for liquid silicone rubber. The region is likely to maintain its dominance during the forecast period. China and India are the growth engines of the region. China is estimated to be the largest, while India is estimated to be the fastest-growing market in the coming five years. The market is driven by the presence of global manufacturing giants in the region. North America is also estimated as the largest market for liquid silicone rubber during the forecast period. The USA is the fastest-growing market in the region. The market is sustained by the increasing demand for implants, disposable medical devices, and equipment parts.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Liquid Silicone Rubber (LSR) Market:
· DOW Corning
· Wacker Chemie AG
· Momentive Performance Materials Inc.
· Shin-Etsu Chemical Co., Ltd.
· Bluestar Silicones (Elkem Group)
· KCC Corporation
· Nusil Technology LLC
· Simtec Silicone Parts, LLC
· Stockwell Elastomerics Inc.
· Zhejiang Xinan Chemical Industrial Group Co., Ltd.
· Reiss Manufacturing Inc.
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