Liquid Silicone Rubber Market to experience an impressive growth of 10.2% during 2020-2025
January 27, 2020
Liquid Silicone Rubber (LSR) Market is likely to witness an impressive CAGR of 10.2% 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.
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Liquid Silicone Rubber Market Segment Insights:
By Grade Type:
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.
By Application Type:
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.
By Region:
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.
Key Players:
Some of the major players in the liquid silicone rubber market are 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., and Reiss Manufacturing Inc.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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