NEW YORK, September 24, 2019 (Newswire.com) - Liquid silicone rubber [LSR] have certain unique traits associated with it. Some of the mentionable features associated with LSR are durability, resistance to high temperature, high dielectric strength, and tensile strength. The presence of these traits in LSR results in its increased application in various industries ranging from the healthcare sector to the electronics industry. Among the different sectors, it is applicable, in the automotive industry, where it finds significant application. A combination of these traits of LSR like lightweight and durability has resulted in its increased use in the automotive industry.
In addition to that, the food and beverage sector is also expanding drastically. Such expansion in the food and beverage industry is positively impacting the growth of the market. Traits of LSR like bacteria resistant, hydrophobic, odorless are have resulted in its increased application in the food and beverage sector, which has, in turn, encouraged the growth of the LSR market. As LSRs are soft and flexible, it is gaining popularity as food molds. Apart from that, advancements in the healthcare sector, increased life expectancy, rise in demand for artificial joints and implants are acting as a significant driving factor for the growth of the market. Features of LSR like bacteria & chemical resistance, biocompatibility, makes it apt for application in the healthcare sector.
In context to region, Asia Pacific is forecasted to witness the highest growth rate during the forecast period. Factors like easy availability of labor, a large number of R&D centers, and the presence of established distribution channels of multinational companies have contributed to the market dominance of this region.
The Global Liquid silicone rubber market is forecast to reach USD 3.83 Billion by 2026, according to a new report by Reports and Data.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Liquid silicone rubber market according to Grade, Curing system, Application areas, End-Use Industry, and Region:
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Curing system type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Injection molding
- Peroxide cure system
- Platinum-based cure system
- Condensation cure system
Application areas Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Medical implants
- Medical devices
- Sealing, coatings, and gaskets
- Windshield wipers sensors
- Electrical Insulation
- LED Light Components and panel buttons
- Water Contact Products
- Home Appliance Components
- Infant Care Products
End-Use Industry Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Healthcare sector
- Automotive industry
- Electronics industry
- Consumer Goods
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America:
- Asia Pacific:
- Rest of Asia Pacific
- Middle east and Africa
- Latin America:
- Rest of Europe
Further key findings from the report suggest
- The Liquid silicone rubber market held a market share of USD 2.13 Billion in the year 2018 that is forecasted to grow at a rate of 7.3% during the forecast period.
- Continuous emphasis on R&D and technological advancements by key players of the market like Dow Corning along with the introduction of new products would enhance industry opportunities of LSR market during the forecast period, which would positively impact its market growth.
- In context to Grade, the Industrial segment can be seen to lead that generated the highest revenue of USD 0.91 Billion in the year 2018 with a considerable growth rate of 7.6% during the forecast period. Factors like the increased application of LSR in the automotive sector for manufacturing of various parts of the automobile, along with its use in different other industrials purposes, have contributed to the revenue generated by this segment.
- In regards to Curing system, Injection molding segment is dominating the market that generated the highest revenue of USD 1.02 Billion in 2018 with the growth rate of 7.6% during the forecast period. The fact that there has been an increased demand of LSR in the industrial segment and this type of curing system is useful in producing durable parts, in large volume as per the need of various industries, have contributed to the revenue generated by this segment.
- In context to Application areas, the Sealing, coatings, and gaskets segment is dominating the market occupying 20% of the market in 2018 that is forecasted to hold 21% of the market by 2026. The market share occupied by the Sealing, coatings, and gaskets segment is the result of expansion in the automotive industry, and feature of LSR like durability, and corrosion resistance that makes it apt for application in this segment.
- In regards to End-Use Industry, the Automotive industry segment is forecasted to generate the highest revenue of USD 1.49 Billion by 2026 with a CAGR of 7.6% during the forecast period. Features like the light weight of LSR, temperature resistance, water repellency, and high tear strength has resulted in increased application of LSR in this segment, contributing to the revenue yielded by it.
- In regards to the region, Asia Pacific is forecasted to generate USD 0.36 Billion in 2018 with the highest growth rate of 8.8% during the forecast period. Factors like development in the manufacturing sector, the easy availability of labor, developments in the healthcare and automotive industry have contributed to the revenue generated by this region.
- Key participants include The Dow Chemical Company, Wacker Chemie, Shin-Etsu Chemical, Nusil Technology LLC, KCC Corporation, Zhejiang Xinan Chemical Industrial Group Co., Simtec Silicone Parts, Momentive Performance Materials Inc., Simtec Silicone Parts, Stockwell Elastomerics Inc., Laur Silicone.
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Source: Reports and Data