Stratview Research has published a new report on the Liquid Silicone Rubber (LSR) Market, segmented by Molding Technology Type (Liquid Injection Molding System), by Grade Type (Industrial Grade, Medical Grade, and Food Grade), by Application Type (Automotive, Medical, Electrical & Electronics, Consumer Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.
Market Highlights
Liquid Silicone Rubber (LSR) Market is likely to witness an impressive CAGR of 10.2% during the forecast period. Rapid development in the medical and electrical & electronics applications and fast progress in the improvement for medical grade LSRs are the prime factors governing the global LSR market. The engagement of medical grade LSRs minimize the hazard of bacterial contaminations and are henceforth, employed in skin medications to support functionality and absorption. They are extensively used in electrical & electronics application for electrical potting and insulation. Further, owing to their prime properties, such as chemical inertness and elevated temperature confrontation, they are also utilized in the engineering of LED lights.
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Covid Impact
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
Segmentation –
This report studies the Liquid Silicone Rubber (LSR) Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
Based on the grade type, the market is segmented as industrial grade, medical grade, and food grade. The medical grade segment is estimated to grow at the highest rate in the coming five years. The growth is attributed to the rising elderly population, across the board, coupled with the growing cognizance about health apprehensions, which is driving the medical applications segment. As grades are subjected to various approvals and protocols for practice in the medical sector, these are more expensive against other grades. Hence, the medical grade segment is projected to be the largest segment during the forecast period.
Based on the application type, the market is segmented as automotive, medical, electrical & electronics, consumer goods, and others. The medical segment is estimated to be the fastest-growing application segment during the forecast period, in terms of both value and volume. The growth is attributed to the growing claim for throwaway-medical devices and implants.
In terms of regions, Asia-Pacific is the largest market for liquid silicone rubber. The region is likely to maintain its dominance during the forecast period. China and India are the growth engines of the region. China is estimated to be the largest, while India is estimated to be the fastest-growing market in the coming five years. The market is driven by the presence of global manufacturing giants in the region. North America is also estimated as the largest market for liquid silicone rubber during the forecast period. The USA is the fastest-growing market in the region. The market is sustained by the increasing demand for implants, disposable medical devices, and equipment parts.
Following are the key players in the Liquid Silicone Rubber (LSR) Market:
· DOW Corning
· Wacker Chemie AG
· Momentive Performance Materials Inc.
· Shin-Etsu Chemical Co., Ltd.
· Bluestar Silicones (Elkem Group)
· KCC Corporation
· Nusil Technology LLC
· Simtec Silicone Parts, LLC
· Stockwell Elastomerics Inc.
· Zhejiang Xinan Chemical Industrial Group Co., Ltd.
· Reiss Manufacturing Inc.
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