06th
February 2019: The global Liquid
Silicone Rubber (LSR) Market is anticipated to reach USD 3.29 billion
by 2025, with a CAGR of 7.9% over the forecast period. The growing demand from
automotive and medical sectors have emerged as the crucial drivers of the
global market in the near future.
The liquid silicone rubber possesses superior properties for
example ability to withstand very high temperatures, chemical inertness and
electrical resistance. These features have enhanced its broad acceptance across
automotive, electrical & electronics, medical and various other sectors.
Increasing elderly population is driving the demand medical devices and
implants in the medical sector.
The applications of LSR are growing in conventional rubber along
with areas where conventional rubber had not been used. The LSR technology is
experiencing a fast change. Some current applications comprise of LED
headlights, medical implants & devices, kitchenware, fitness tracker, bake
ware and wiper blades as well as manufacturing drug eluding devices.
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Additional benefits of the material consist of producing lesser
waste, high stability in product dimensions, more volume production on account
of its low manufacturing costs and short cycle time. As a result, it has
substituted materials such as latex, glass and plastic in numerous industrial
and medical applications.
Strict regulatory norms regarding materials to be applied in
medical devices and kitchenware is further driving the demand for the global
market. In addition, demographics, improving lifestyle and urbanization are
boosting the demand of consumer and electronics goods, which in turn is
supplementing the market demand.
With an aim to accomplish competitive advantage, the major
participants are collaborating with suppliers to achieve modern material technology.
The few material innovations consist of silicone materials with optical grade,
self-lubricated, antimicrobial and self-adhesive properties.
Grade Insights
Medical grade is rapidly growing as compared to other grades of
liquid silicone rubber. Its widespread application in manufacturing of oxygen
mask instruments, dialysis filters, syringe stoppers, saccules, tracheal tube
and other medical parts on account of its bacterial resistance, transparency,
high dielectric strength, high elongation gas permeability and numerous other
unique properties.
Medical grade is the most expensive grade as it requires
completion of numerous regulations in order to be applied in manufacturing
medical devices. It is also substituting latex at a significant rate which was
used in implantable devices since long back as it caused opposing reactions in
the patient’s body.
In terms of revenue generation, industrial grade is the largest
segment and is applied in industries such as construction, aerospace,
electronics, cosmetics and various other components. It is a suitable material
for parts such as keypads, electronic displays, grommets, antennas and others.
Application Insights
The demand for the material is undergoing rapid growth in medical
industry led by increasing demand for disposable devices and medical implants.
Compatibility regarding long term implantable devices, technological
advancements, bacteria and advent as a drug eluting product is expected to
enhance the material demand in medical sectors. The key application areas
consist of cardiology, ophthalmology, bariatric surgery, orthopedics, general
surgery and others. The market participants operating in plastic injection
molding have also grabbed prospects of the material with a view to cater the
increasing requirements from medical sector.
The broader applications of LSR in membranes, LED headlights,
valves, gaskets, windshield and other parts are expected to enhance the market
demand for the product in automotive applications. The capability of the
material to withstand extreme temperatures, cost effectiveness and durability
is grabbing the attention of automotive firms, specifically in the
manufacturing of gaskets.
The additional benefits of the product consist of energy saving,
automated process, minimum waste generation, short cycle time and economies of
scale, which is expected to further enhance the usage in automotive industry
over the forecast period. In addition, new trends in the automobile sector are
shifting in the way of completely automated vehicles that are equipped with
modern technological features, resulting in creating future paths for the LSR
market in the upcoming years.
Regional Insights
In terms of revenue generation, North America was the largest
market accounting for a share of 37.38% of the global market. The region is the
largest consumer of healthcare devices on account of presence of speedily
ageing population. According to the U.S. Department of Health and Human
Science, in the year 2014 approximately 14.50% of the total U.S. population was
aged beyond 65 years and by the year 2060 it would upsurge by more than twice
the current population.
Asia Pacific is expected to witness rapid growth with a CAGR of
8.6% over the forecast period. APAC is experiencing increased demand for LSR
for applications in medical such as medical tapes, APIs, prefilled syringes,
prosthetics and others. Numerous favorable factors such as rapid economic
growth and government policies coupled with rising demand in the end-use
applications are attracting investments from foreign companies in the region
over the forecast period.
India and China are proving to be vital growth factors for LSR in
the APAC region. Setting up of new facilities, technological innovations and
increasing applications in the construction sector are further posing rewarding
prospects over the forecast period. The companies operating in China are
continuously involved in R&D activities to develop modern technology for
the material. Rapidly growing electronics and electrical sectors in the region
is expected to boost the market demand.
Competitive Insights
The LSR market is highly fragmented in nature. The key players are
constantly engaged in mergers & acquisitions in order to strengthen their
market presence and achieve a competitive edge. In the year 2016, Dana Holding
Corp. announced the acquisition of Magnum Gaskets, U.S. based manufacturer of
gaskets for automobile industries. The acquisition has helped Dana Holding
Corp. to widen its customer base in the U.S., specifically in the automobile
industry.
The major participants in the market consists of KCC Corp.,
Stockwell Elastomerics Inc., Shin-Etsu Chemical Co. Ltd., Dow Corning, Laur
Silicone, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Wacker Chemie AG,
Momentive performance Materials Inc., and Nusil Technology LLC. The market
players are collaborating and entering into partnerships with suppliers of
silicone to obtain the modern material technology.
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Market
Segment:
Grade Outlook
(Revenue, USD Million; 2013 - 2025)
• Food
• Medical
• Industrial
Application
Outlook (Revenue, USD Million; 2013 - 2025)
• Medical
• Automotive
• Consumer Goods
• Electricals &
electronics
• Others
Regional
Outlook (Revenue, USD Million; 2013 - 2025)
• North America
• U.S.
• Others
• Europe
• Germany
• France
• U.K.
• Others
• Asia Pacific
• China
• India
• Japan
• Others
• Central & South
America
• Brazil
• Others
• Middle East &
Africa
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