Liquid Silicone Rubber Market to Grow Owing to Enhanced Adoption for Diverse End-use Applications in Various Sectors: Million Insights

FELTON, California, September 19, 2017 /PRNewswire/ --

The liquid silicone rubber (LSR) market size was valued at USD 1.55 billion in the year 2015 and is anticipated to observe substantial growth over the next eight years. 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.

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.

Browse 145 page research report with TOC on "Global Liquid Silicone Rubber Market" at: https://www.millioninsights.com/industry-reports/liquid-silicone-rubber-lsr-market

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.

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.

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 Segmentation: 

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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SOURCE Million Insights