Liquid Silicone Rubber Market - Forecasts from 2024 to 2029

The liquid silicone rubber market is evaluated at US$2.854 billion for the year 2022 growing at a CAGR of 9.65% reaching the market size of US$5.439 billion by the year 2029.

Liquid silicone rubber (LSR) is a high-purity, two-component platinum-cured silicone that is ideal for the manufacture of technical items that require strength, resistance, and high quality. LSRs are vicious yet pumpable polymers that are primarily produced by liquid injection molding (LIM).

LSR is also regarded as the material of choice for sectors like automotive and medical devices, where tiny and complicated elastomeric components must be manufactured at high speed and with maximum productivity. Liquid Injection Molding of LSRs has become one of the most efficient processes for fabricators in such circumstances.

In the short term, the key drivers driving the market growth include rising demand from the medical devices and food packaging industries. On the other hand, a slowdown in automobile manufacturing is expected to hamper market development in the coming years.

MARKET DRIVERS:

An increase in demand from the medical devices sector.

Medical devices are a major end-use sector for the liquid silicone rubber market. Liquid silicone rubber is in high demand in the medical device sector due to its purity, chemical and physical resistance, flexibility, and sterilizing characteristics. It is now used in medical cables, medical textile coatings, respiratory masks, medical tubing, catheters, and other applications for medical equipment. Under the “Made in China 2025” strategy, the Chinese government has expanded its emphasis on biomedical and high-end medical device production. The demand for liquid silicone rubber is projected to rise as a result of this. The medical equipment industry in the United States is the largest in the world, estimated at USD 156 billion, according to SelectUSA, a program of the International Trade Administration (ITA), US Department of Commerce. It was worth USD 208 billion by 2023. The liquid silicone rubber market is expected to increase over the projected period due to all of the aforementioned factors.

Utilization in various industrial applications.

LSR has many advantages depending on the application or industrial use. For starters, it is extremely biocompatible, which implies that it may be utilized in components that come into contact with humans, such as organ parts or prostheses. Second, it is extremely long-lasting, ensuring long-term stability and chemical resistance. Third, it can withstand a broad range of temperatures, from -60°C to +250°C, while maintaining its high-performance mechanical characteristics at all times. Fourth, because of its electrical characteristics, it is suitable for insulation and precise conductivity protection. Finally, it is transparent and can be tinted to match any color needed, including human skin tones.

MARKET RESTRAINTS:

Stringent government rules and regulations.

The market is constrained by stringent government rules and regulations, as well as price competition among numerous manufacturers of pine-derived chemicals. Furthermore, there is a limited supply of pine available worldwide, resulting in a lack of raw material availability. This issue is likely to stifle market expansion. The stringent restrictions associated with the manufacturing and distribution of LSR might put the interests of the industry to the test. For instance, in the medical sector, the requirements for medical-grade parts look at a variety of biocompatibility and object kinds. The ISO and FDA standards include four different categories of devices: active, implantable, non-implantable, and non-active. Devices are classified based on their length of contact with either the patient or the medical practitioner, so these standards apply to anything from implanted devices to gloves.

The Asia Pacific liquid silicone rubber market is anticipated to grow significantly.

The Asia-Pacific region is expected to dominate the regional liquid silicone rubber market. The demand for liquid silicone rubber in the area is rapidly increasing due to the presence of the world's major consumers, such as China and India. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China is the global leader in automaking. However, the country's automobile manufacturing has been steadily declining over the past three years. According to the Indian Brand Equity Foundation (IBEF), by 2030, it is anticipated that India's medical equipment market will be worth US$50 billion. This is anticipated to significantly impact the liquid rubber market in the nation.

Key Developments:

• In December 2022, The Dow announced the introduction of its SILASTICTM SA 994X Liquid Silicone Rubber (LSR) series. The company is committed to advancing smarter, safer, and more environmentally friendly products for the transportation and mobility sectors.
• In March 2022, Shin-Etsu Chemical Co., Ltd. created a new line of goods called the KCP Series, which is a novel kind of liquid silicone rubber that can be vulcanized in one component. 

Segmentation:

By Grade Type

• Food
• Medical
• Industrial

By Industry Vertical

• Consumer Electronics
• Automotive
• Healthcare
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• France
• Germany
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• Thailand
• Taiwan
• Indonesia
• Others