Liquid Silicone Rubber Market research report: information by grade (food, medical, industrial), application (automotive, electrical & electronics, consumer goods, medical and others) – Forecast till 2023
Dow Corning Corporation (USA), Elkem Group (China), KCC Corporation (South Korea), Momentive Performance Materials Inc. (USA), Reiss Manufacturing Inc. (USA), Shin-Etsu Chemical Co., Ltd. (Japan), Simtec Silicone Parts, LLC (USA), Stockwell Elastomerics Inc. (USA), Wacker Chemie AG (Germany), and Zhejiang Xinan Chemical Industrial Group Co., Ltd. (China).
Liquid silicone rubber (LSR) is a pure platinum-cured silicone elastomer. Market Research Future (MRFR) has published and released a research report about the global liquid silicone rubber market that predicts growth for this market during the forecast period between 2016 and 2023.
The primary factors and trends enhancing the growth of the global liquid silicone rubber market include growing the demand for LSR in equipment and surgical tools required for the treatment of the rising geriatric population. Electronic industry is rising due to extensive research and development in innovating material technology.
The rise of the electronic industry will also aid the growth of global LSR market. Growing markets of some products whose manufacturing requires LSR can also aid the growth of LSR market. Other factors benefitting the LSR market growth include changing the standard of living, demand for electronics and consumer goods, easy compatibility of products, and rapid urbanization.
Many multinational companies are forging collaboration or launching joint ventures with distributors in order to achieve sustainable growth in the overall market. However, the market growth can experience glitches due to stringent regulation regarding the emission of harmful gases.
Liquid Silicone Rubber market has been segmented on the basis of application, grade, and lastly, region. The application-based segmentation of this market segments the market into automotive, consumer goods, electrical & electronics, medical and others. Based on grade, the market has been segmented into food, industrial, and medical.
The regional segmentation of the global liquid silicone rubber market comprises of continent-based regional markets known as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa (MEA). According to the report, the Asia Pacific is the leading regional market. In the region, the market is growing due to growing demand for the LSR in electrical & electronics and medical applications.
Other factors responsible for the growth of the market include the easy availability of raw material, favorable government policies, and a strong distribution network. China and India are the strongest country-based markets in this region because many established players of this region are based in these countries. Being a leading market in the electronic industry and exports such products with impeccable technology innovations, China is witnessing rapid market growth. Other important country based markets in this region are Australia, Japan, and New Zealand followed by the rest of the Asia Pacific region.
The report predicts significant growth for North America during the forecast period. The major factors enhancing the market growth in this region include growing application of LSR in the electronic industry, installation of huge research and development (R & D) facility, rising expenditure on medical devices, and technological advancement in medical devices. Many key players in the North American, as well as global market, are based in the United States of America (USA), the strongest economy in this region. Another important country-specific market in this region is Canada.
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The report projects Europe to witness higher growth rate during the forecast period due to technological advancement to manufacture LSR in end-use industries. In this region, the growth of the market has been attributed to the growing demand for lightweight material in the automobile industry and growing mergers & acquisitions among the leading companies. These country-based markets that benefit most from these factors are France, Germany, Italy, Poland, Russia, and the United Kingdom (UK), followed by the rest of Europe.
Latin America has anticipated witnessing higher growth in the market during the forecast period due to increasing demand for liquid silicone rubber in many segments mentioned in the report. The significant country-specific markets in this region are Argentina, Brazil, and Mexico, followed by the rest of Latin America. After North America, Europe is the third largest market for LSR. The MEA region has been estimated to witness remarkable growth in the market due to factors that include growing adoption of liquid silicone rubber in consumer goods and healthcare industries. The key country-specific markets in this region are Bahrain, Turkey, Israel, Qatar, Kuwait, Oman, North Africa, Saudi Arabia, and United Arab Emirates (UAE), followed by the rest of MEA region.
Latest Industry News
German chemical company, Wacker Chemie, will soon expand its ACEO 3D printing services for silicone rubber by opening a US-based printing lab later this year. The facility is the company’s first regional 3D printing lab outside of Germany. It will be located at Wacker’s R&D center for silicones in Ann Arbor, Michigan. 20 SEP 2018
A group of South Korean companies has signed an agreement to acquire MPM Holdings Inc., the parent company of Momentive, the global silicones supplier, for about the US $3.1 bn. The 9 businesses run by Momentive include ceramics, coatings, electronics, elastomers (heat cured rubber and custom compounds and liquid silicone rubber), sealants, silanes (including those for tire and rubber), specialty fluids, quartz, and urethane additives. 15 SEP 2018.