Liquid Silicone Rubber Market

Market Synopsis:

Global Liquid Silicone Rubber Market is valued at USD 2.19 Billion in 2022 and is estimated to reach a value of USD 4.60 Billion by 2030 at a Compound Annual Growth Rate (CAGR) of 9.70% during the forecast period. The Global Liquid Silicone Rubber Market is being driven by significant developments in the demand for medical grade Liquid Silicone Rubbers, as well as high growth in electrical and electronics and medical applications. Medical grade Liquid Silicone Rubber is utilized in skin treatments to enhance absorption and functionality, as it minimizes the danger of bacterial infections. These are commonly employed in electrical insulation and electrical potting in electrical and electronics applications. Liquid Silicone Rubbers are also employed in the production of LED lights because they are chemically inert and are resistant to severe temperatures.

COVID-19 Impact Analysis:

COVID-19 has spread to almost every country and industry on the planet, though it has a negative impact on the market in 2021. The market for Liquid Silicone Rubber has been significantly impacted by a disturbance in the worldwide supply chains, as well as the lower demand from several end-user sectors.

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Market Segmentation:

The Global Liquid Silicone Rubber Market is segmented on the basis of Type(Food Grade LSR,Industrial Grade LSR,Medical Grade LSR),End-User(Healthcare and Medical Devices,Automotive,Electrical and Electronics,Consumer Goods,Beauty and Personal Care,Other End-user Industries),Region(North America,Latin America,Asia Pacific,Europe,Middle East & Africa). Based on Type, the market is segmented as Food Grade, Medical and Industrial Grade. Based on End-User, the market is segmented as Healthcare & Medical Devices, Automotive, Electrical and Electronics, Consumer Goods, and Others. By Geography, the market is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

In the Liquid Silicone Rubber Market, medical is the fastest expanding application. The surge in the Global Liquid Silicone Rubber Market is being fueled by the growing need for Liquid Silicone Rubber based products in the healthcare industry. The Liquid Silicone Rubber medical application is projected to be driven by a rise in demand for disposable medical devices and implants. From 2016 to 2028, the medical grade Liquid Silicone Rubber Market is predicted to develop at the fastest rate. The medical applications of Liquid Silicone Rubber are being driven by an ageing population globally, as well as increased knowledge about health risks. This grade is more expensive than the others since it requires many permissions and restrictions for use in the medical profession. As a result, the medical grade Liquid Silicone Rubber market is predicted to grow.

Prime Manufacturing Material in Various End Use Applications is Expected to drive Liquid Silicone Rubber Market Growth

These days, Liquid Silicone Rubber is one of the most popular industrial materials. It is used in food molds, anti-snoring, LED, and medical equipment, among other things. It's one among a number of cutting-edge materials used in the automobile sector to create gaskets. Liquid Silicone Rubber is resistant to both hot and cold temperatures, making it ideal for automotive applications. Electrical resistance, chemical inertness, and the capacity to withstand severe temperatures are just a few of the characteristics of Liquid Silicone Rubber. These characteristics have led to widespread acceptance in the medical, electrical and electronics, automotive, and other industries. The medical industry's demand for medical implants and gadgets is being fueled by the growing geriatric population.

Strict Regulations in the Medical Field

Due to the presence of rigorous rules in the medical industry, the expansion of the Liquid Silicone Rubber Market is stifled. The number of laws governing the use of materials in medical devices, implants, and cookware has increased. Manufacturers must adhere to strict restrictions in order to maintain their market position. Two components containing platinum catalyst and crosslinkers are required in the production of Liquid Silicone Rubber. The components are highly stable and are mixed in a 1:1 ratio to start the reaction. To make liquid silicone rubber, fillers, additives, colorants, and stabilizers are added to the mix.

Asia Pacific Liquid Silicone Rubber Market to Grow at the Fastest CAGR

Asia-Pacific is the Liquid Silicone Rubber market's fastest-growing region. In this area, India and China are the major countries, with China having the largest market and India having the fastest expanding market. In this region, multinational corporations are developing distribution networks and R&D facilities. The Asia-Pacific region's Liquid Silicone Rubber market is expected to increase due to rising demand in healthcare applications, low production costs, and a fast pace of economic expansion.

Liquid Silicone Rubber Market scope is as follows:

Competitive Landscape:

Some of the major vendors in the Liquid Silicone Rubber market are 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 Market is tabulated as follows: