Liquid silicone rubber market forecast at $9 billion by 2035
Pune, India – Research Nester’s recent market research analysis on “Liquid Silicone Rubber Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global liquid silicone rubber market in terms of market segmentation by grade type, processing techniques, end-user industry and by region. Analysis of Liquid Silicone Rubber Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~9% During 2023-2035 and Attain ~USD 9 Billion by 2035
The global market for liquid silicone rubber is set to grow on account of a surge in the use of liquid silicone rubber in agriculture. The agricultural sector has seen substantial expansion and innovation, including industry disruptors like aquaponics (hydroponics), precision agriculture, and water desalination. For irrigation, accurate fertilizer and pesticide application, water filtering, and circulation treatments under unfavorable weather and field-erosive conditions, modern agricultural practices require cutting-edge innovation (such as bioengineering). As a result, the use of liquid silicone rubber is expanding due to its durability, salt resistance, and sanitation.
Additionally, the medical business has experienced great development as a result of the epidemic that has ravaged nearly all of the world’s nations as well as other factors including the rise in the geriatric population and increasing hygiene awareness. The main challenge is manufacturing high-precision, high-volume items securely. Liquid silicone rubber enters the picture in this situation, as it can be utilized for wearing medical devices and breathing equipment without irritating the skin.
Some of the major growth factors and challenges that are associated with the growth of the global liquid silicone rubber market are:
Growth Drivers: Growth in Demand for Baby Products & Toys; Rising Application of Liquid Silicone Rubber in Kitchen Products
The rise of the healthcare market is somewhat constrained by government initiatives to control healthcare costs and a lack of funding for product development. Rigid and burdensome regulatory laws are the key barriers for the market. The rigid restrictions, especially in the medical field, raise a number of developmental problems.
By end-user industry, the market for liquid silicone rubber is segmented into automotive, healthcare, electrical & electronics, cosmetics, and building & construction. Out of these segments, the automotive segment is anticipated to have significant growth over the forecast period. Considering it can withstand high temperatures, moisture, and chemicals, liquid silicone rubber is becoming increasingly popular for use in automotive applications. As a result, it is ideal for use in the construction of connectors, gaskets, and other automotive parts. Because it is lightweight and can be accurately molded into complex shapes, liquid silicone rubber is being used more frequently in the automotive industry, which helps to lighten vehicles and increase fuel efficiency.
By region, the market in North America for liquid silicone rubber is expected to have noteworthy growth over the forecast period, in light of the expanding need for LSR in the electrical and electronics industry and in the healthcare sector in the region. LSR is more in demand in these industries because it has biocompatibility, electrical insulation, and high-temperature resistance properties that are necessary for the production of many devices and components.
This report also provides the existing competitive scenario of some of the key players of the global liquid silicone rubber market which includes company profiling of Wacker Chemical AG, The Dow Chemical Company, Quantum Silicones, Inc., SHENZHEN LIANHUAN SILICONE RUBBER CO., LTD., KCC Corporation, Simtec Silicone Parts, LLC, Avantor, Inc., RICO Elastomere Projecting GmbH, MESGO S.p.A., Shenzhen Hong Ye Jie Technology Co., Ltd., and others.