Press release
Liquid Silicone Rubber Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
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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.
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
Medical devices
Home appliances
Consumer goods
Cosmetics
Others
The global market can be segmented on the basis of end use industry into the following:
Automotive and aerospace
Healthcare
Electrical and electronics
Personal care
Building and construction
Others
The global market can be categorized on the basis of region into the following:
North America
Latin America
Europe
Asia Pacific
Africa
Middle East
Regional Outlook
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.
Competitive Analysis
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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