Global Liquid Silicone Rubber Market 2020-2027: Rigid Government Regulations Regulating the Use of Medical Devices and Implants Restraining Growth

Dublin, Feb. 26, 2021 (GLOBE NEWSWIRE) -- The "Liquid Silicone Rubber Market By Grade, By Curing system, By Application Areas, By End-Use Industry, Forecasts To 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Liquid Silicone Rubber Market size is forecast to reach USD 4.06 Billion by 2027

Increased demand for medical implants, expansion of the automotive industry, and the growing geriatric population have augmented the growth of the liquid silicone rubber market.

Some notable traits of liquid silicone rubber are durability, high dielectric strength, resistance to high temperature, and tensile strength, making it apt for various industrial applications ranging from the healthcare sector to the electronics industry. A combination of these characteristics, like lightweight and durability, has resulted in the increased use of liquid silicone rubber in the automotive industry.

Moreover, the food and beverage sector is also expanding. Such expansion in the food and beverage industry is positively impacting the growth of the market. Traits of liquid silicone rubber, such as hydrophobic, bacteria resistance, and odorless, have resulted in its increased application in the food and beverage sector, which has, in turn, encouraged the growth of the liquid silicone rubber market.

As LSRs are soft and flexible, they are gaining popularity as food molds. Advancements in the healthcare sector, demand for artificial joints, increased life expectancy, and demand for implants are driving factors for the growth of the market. Liquid silicone rubber characteristics like bacteria & chemical resistance and biocompatibility make it suitable for application in the healthcare sector.

Regionally, Asia Pacific is forecast to witness the highest growth rate over the forecast period. Factors like the availability of labor, the presence of a large number of R&D centers, and established distribution channels of multinational companies have contributed to the market growth of this region.

Further key findings from the report suggest

• The liquid silicone rubber market held a market share of USD 2.27 Billion in 2019, which is forecast to grow at a rate of 7.1% over the forecast period.

• Emphasis on R&D and technological advancements by key players like Dow Corning, as well as the introduction of new products, would enhance opportunities of the liquid silicone rubber market over the forecast period, which would positively impact market growth.

• In terms of grade, the industrial segment is estimated to lead with the highest revenue share of 43% in the year 2019, with a considerable growth rate of 7.5% during the forecast period. Factors like the increased application of liquid silicone rubber in the automotive sector for manufacturing various parts of the automobile, along with its use in different other industrials purposes, have contributed to the revenue generated by this segment.

• Based on the curing system, the injection molding segment is dominating the market that generated the highest revenue share of 48% in 2019, with a growth rate of 7.4% during the forecast period. Factors such as the increased demand for liquid silicone rubber 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 are contributing 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 2019 and is forecast to hold 21% of the market by 2027. The market share occupied by the sealing, coatings, and gaskets segment results from the expansion of the automotive industry and features of liquid silicone rubber, such as durability and corrosion resistance that makes it apt for application in this segment.

• With regard to end-use, the automotive industry segment is projected to generate the highest revenue of USD 1.49 Billion by 2027, with a CAGR of 7.3% during the forecast period. Features like the light weight of liquid silicone rubber, temperature resistance, water repellence, and high tear strength have increased the application of liquid silicone rubber in this segment, contributing to the revenue yielded by it.

• Asia Pacific generated a revenue of approximately USD 0.39 Billion in 2019, with the highest growth rate of 8.8% over the forecast period. Factors like development in the manufacturing sector, easy availability of labor, and developments in healthcare and automotive industries have contributed to the revenue generated by this region.

Key participants include

• Wacker Chemie

• The Dow Chemical Company

• Shin-Etsu Chemical

• Nusil Technology LLC

• Zhejiang Xinan Chemical Industrial Group Co.

• KCC Corporation

• Simtec Silicone Parts

• Momentive Performance Materials Inc.

• Simtec Silicone Parts

• Stockwell Elastomerics Inc.

• Laur Silicone

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