Global Liquid Silicone Rubber Market to Reach US$ 5.1 Billion by 2032, Fueled by Rising Product Utilization in Manufacturing Medical Implants

April 14, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Liquid Silicone Rubber Market Report by Grade (Food Grade, Industrial Grade, Medical Grade), Curing System (Injection Molding, Peroxide Cure System, Platinum-Based Cure System, Condensation Cure System), End Use Industry (Automotive, Healthcare, Electrical and Electronics, Cosmetic and Personal Care, Consumer Goods, and Others), and Region 2024-2032,” the global liquid silicone rubber market size reached US$ 2.6 Billion in 2023. Liquid silicone rubber (LSR) is a type of dense, durable, and highly resistant elastomer. It is manufactured by injecting liquid silicone rubber into a mold cavity and allowing it to cure. This process allows for high precision and repeatability, due to which it is used for high-volume production. LSR is known for its high tear strength, good elongation, and high resistance to heat and cold. Besides this, it offers superior weatherability, chemical stability, heat and abrasion resistance, and electrical insulation properties than organic rubber. LSR is also biocompatible, making it ideal for use in medical applications. In addition to this, it can be molded into complex shapes and thin walls. Consequently, it finds extensive applications in the automotive, healthcare, consumer goods, and electronics industries.

Global Liquid Silicone Rubber Market Trends:

One of the key factors driving the market growth is the widespread product adoption for manufacturing various medical equipment, such as organ implants and prostheses, that require high levels of safety and sterility. LSR is a versatile material that can be sterilized using various techniques, including steam autoclaving, ethylene oxide (ETO), gamma, and e-beam methods. Moreover, the rising prevalence of chronic diseases and incidences of organ failure cases, particularly among the increasing geriatric population, is presenting remunerative growth opportunities for the market. This is further supported by the surging need to minimize the risk of contamination and enhance the safety of medical devices. In addition to this, the widespread product utilization across the automotive industry for manufacturing small and complex elastomeric parts, enabling high-speed production and optimum productivity, is aiding in market expansion. In line with this, the inflating sales of vehicles, the emerging trend of industrial automation, and the expanding demand for precision manufacturing are contributing to the market growth. Furthermore, the increasing product adoption across various industries, such as aerospace, construction, electronics, and food and beverage (F&B), as adhesives, sealants, potting, coatings, lubricants, and encapsulating compounds are creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 5.1 Billion by 2032, expanding at a CAGR of 7.5% during 2024-2032.

Market Summary:

On the basis of the grade, the market has been divided into food, industrial, and medical grade.
Based on the curing system, the market is segregated into injection molding, peroxide cure system, platinum-based cure system, and condensation cure system.
On the basis of the end use industry, the market has been categorized into automotive, healthcare, electrical and electronics, cosmetic and personal care, consumer goods, and others.
Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Avantor Inc., Elkem ASA (China National Chemical Corporation), Jiangsu Tianchen New Materials Co. Ltd, Momentive Performance Materials Inc., Reiss Manufacturing Inc., Shin-Etsu Chemical Co. Ltd., Simtec Silicone Parts LLC (The Rico Group), Stockwell Elastomerics Inc., The Dow Chemical Company and Wacker Chemie AG.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Grade, Curing System, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Avantor Inc., Elkem ASA (China National Chemical Corporation), Jiangsu Tianchen New Materials Co. Ltd, Momentive Performance Materials Inc., Reiss Manufacturing Inc., Shin-Etsu Chemical Co. Ltd., Simtec Silicone Parts LLC (The Rico Group), Stockwell Elastomerics Inc., The Dow Chemical Company and Wacker Chemie AG
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Global Liquid Silicone Rubber Market to Reach US$ 5.1 Billion by 2032, Fueled by Rising Product Utilization in Manufacturing Medical Implants

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