Liquid silicone rubber market forecast with a CAGR of 8.3 percent through 2030
Telangana , India – Liquid Silicone Rubber Market is expected to grow at a CAGR of 8.3% during the forecast period 2023-2030 according to USD Analytics. Liquid Silicone Rubber (LSR) is a versatile material used in various applications due to its excellent properties such as high thermal stability, low toxicity, and resistance to chemicals and UV radiation. The LSR market is expected to grow significantly in the coming years due to the increasing demand from various end-use industries such as healthcare, automotive, electrical and electronics, and others.
The healthcare industry is one of the largest users of LSR, which is used to manufacture medical devices such as catheters, pacemaker components, and respiratory masks. The increasing demand for minimally invasive surgical procedures and the growing aging population are the major factors driving the growth of the healthcare industry, thereby boosting the demand for LSR.
The healthcare industry is one of the largest users of LSR, which is used in the manufacturing of medical devices such as catheters, pacemaker components, and respiratory masks. The increasing demand for minimally invasive surgical procedures and the growing aging population are the major factors driving the growth of the healthcare industry, thereby boosting the demand for LSR.
The automotive industry is also a significant end-user of LSR, which is used in the manufacturing of parts such as gaskets, seals, and electrical connectors. The increasing demand for electric vehicles and the stringent government regulations on emissions are the major factors driving the growth of the automotive industry, thereby boosting the demand for LSR.
The LSR market is highly dependent on the prices of raw materials such as silicone, which can be volatile and impact the profit margins of manufacturers. Fluctuating prices of raw materials can also affect the pricing strategy of manufacturers, thereby affecting the growth of the market.
The LSR market is subject to various regulations, including environmental regulations, safety regulations, and quality standards. Compliance with these regulations can be challenging for manufacturers, which can impact the growth of the market.
The Asia-Pacific region is expected to dominate the LSR market in the coming years due to the presence of various end-use industries such as healthcare, automotive, and electrical and electronics in countries such as China, Japan, and India. The increasing investment in the healthcare sector and the growing demand for electric vehicles in the region are the major factors driving the growth of the LSR market in the Asia-Pacific region.
The major companies in Liquid Silicone Rubber Market are Dow Corning, Wacker Chemie AG, Bluestar Silicones (Elkem Group), Momentive Performance Materials Inc., Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., NuSil Technology LLC, Simtec Silicone Parts, LLC, Stockwell Elastomerics Inc., and KCC Corporation, Laur Silicone.