Liquid Silicone Rubber Market Global Industry Insights Forecasts up to 2024, Research Report - Coherent Market Insights
Rising aging population to drive growth of liquid silicone rubber market
The growing healthcare industry and increasing aging population are expected to be major factors driving demand for liquid silicone rubber in the near future. Demand for liquid silicone rubber is also expected to augment due to burgeoning growth of the electronics sector. Furthermore, automotive sector is also projected to contribute to increase in demand for liquid silicone rubber over the forecast period. Stringent regulations pertaining to specifications of using liquid silicone rubber in medical devices is expected to be one of the major restraining factors for growth of liquid silicone rubber market. Demand for transparent liquid silicone rubber in optical applications is expected to increase, thus creating lucrative opportunity for manufacturers in terms of revenue.
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Healthcare sector to contribute major share in the liquid silicone rubber market
The global market can be segmented on the basis of application into the following:
Automotive components and parts
The global market can be segmented on the basis of end use industry into the following:
Automotive and aerospace
Electrical and electronics
Building and construction
The global market can be categorized on the basis of region into the following:
North America was the largest market for liquid silicone rubber in 2015. This is mainly attributed to growing population and rampant growth of the healthcare industry in the region. Asia Pacific is expected to be the fastest growing region in the global liquid silicone rubber market over the forecast period. Growth of the market in the region is mainly attributed to increasing demand from economies such as India, China, and Indonesia. Markets in Latin America and Europe are also expected to gain traction in the near future due to growth of associated industries in these regions.
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Some of the major players identified in the value chain of global liquid silicone rubber market are Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, DOW Corning, KCC Corporation, Momentive Performance Materials Inc., Bluestar Silicones (Elkem Group), Simtec Silicone Parts, LLC, Zhejiang Xinan Chemical Industrial Group Co., Ltd., and Reiss Manufacturing Inc., among others.
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