Liquid silicone rubber Market Size, Development Status, Top Manufacturers, and Forecasts
The liquid silicone rubber market is anticipated to grow due to its increasing application in various end-use industries from cosmetics and home appliances to aerospace, construction and medical devices, coupled with its vast range of operating temperatures from -65 to 150°C.
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The key functional properties such as bacteria resistance, chemical resistance, biocompatibility, high elongation, high tensile strength, superior dielectric strength, and others are attributed to boost the liquid silicone rubber market in the forecast period.
The liquid silicone rubber market is anticipated to propel due to its application in the manufacturing of automotive parts such as custom O-rings, lighted panel buttons, valves, soft touch components, spark plug boots, LED headlights, wiper blades bellows, protective caps, gaskets, and others.
The liquid silicone rubber owing to its high tear strength, resistivity towards heat and cold, defoaming properties, weatherability, adhesiveness, and its dielectric properties is driving the liquid silicone rubber market with its addition in automotive manufacturing. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the global production of automotive accounts to 97.3 million units in 2017, with a growth of 2.36% globally.
Thus, the ability to liquid silicone rubber to minimize waste, automated process, and saving energy in automotive is expected to boost the global liquid silicone rubber market in the forecast period (2018-2025).
Liquid Silicone Rubber & Its Application in Medical Devices
The growth of liquid silicone rubber is majorly attributed to its application medical technology and devices, owing to its superior physical properties such as high operating temperatures, stability, heat resistivity, and its feature of not to turn brittle in cold conditions serves as a major benefit for its application in medical devices.
The LSR are mainly used for the manufacturing various medical devices and surgical tools such as tracheal tube, oxygen mask, stoppers, rings, closures, liquid feeding bottles, catheters, saccules, dialysis filters, cushioning pads syringe stoppers, and others. According to the World Health Organization (WHO), in 2016, the medical devices market is accounted for US$ 237 billion which is anticipated to grow at a CAGR of 7.8% in the coming years.
Thus, the application of liquid silicone rubber in medical devices is in turn anticipated to boost the liquid silicone rubber market in the forecast period. Selection of medical grade liquid silicone rubber over other materials such as latex which causes allergies to 12 to 17% of healthcare workers, according to Food and Drugs Association (FDA), is attributed to propel the liquid silicone rubber market.
The use of LSR in medical devices provides a better economies of scale above other materials as they are have super hygienic quality, non-allergenic to skin, and flexibility which makes sure of the comfort in usage of the equipment and devices.
Furthermore, all the grades of liquid silicone rubber (LSR) are available commercially in the market which are biocompatible and precisely approved and developed medical application and implants adhering to the regulations by Food and Drugs Administration. Owing to these factors the liquid silicone rubber market is anticipated to propel in the forecast period.
The liquid silicone rubber market is anticipated to be dominated by North America and Asia Pacific being the fastest growing region for the market. The market in North America is expected to dominate owing to its healthcare industry coupled with its increasing demand for disposable medical implants, equipment, and devices are propelling the regional market growth for liquid silicone rubber.
According to the World Health Organization (WHO), in 2016, 17% of the population in the United States are aged above 65 which is coupled with the increase in medical attention, which in turn is expected to positively influence the liquid silicone market in North America during in the forecast period.
In Asia Pacific, due to low production cost major companies such as Dow Chemicals, Momentive Performance Materials Inc., and others expanding their research & development centers along with manufacturing plants, is in turn expected to boost the liquid silicone rubber market in the forecast period.
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The liquid silicone rubber market is anticipated to grow as various major companies lining up towards innovations in liquid silicone rubber by their various products. For instance, Wacker Chemie AG, a global chemical company, developed ELASTOSIL, which are applicable to all the end-use industries such as automotive, electronics, textiles, baby articles, domestic appliances, toys, and others.
Major players for liquid silicone rubber market include Shin-Etsu Chemical Co., The Dow Chemical Company, Momentive Performance Materials Inc., KCC Corporation, Wacker Chemie AG, and Zhejiang Xinan Chemical Industrial Group among others
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