The global market for Liquid Silicone Rubber (LSR) has experienced significant growth over the past decade, becoming a critical material in various industries. LSR is a high-performance elastomer with exceptional properties, making it ideal for a wide range of applications. Its versatility, durability, and biocompatibility have driven demand across industries such as healthcare, automotive, electronics, consumer goods, and more.
The Liquid Silicone Rubber Market is expected to hold a valuation of US$ 6.9 billion in 2023. The market is expected to witness a 3.9% from 2023 to 2033. By 2033, the value is expected to cross US$ 10.1 billion.
The liquid silicone rubbers are equipped with the ability to perform under a wide range of temperatures, ranging from -50 0C to 165 0C. Owing to this, these are majorly used in the aviation industry. Furthermore, these also display excellent resistance to chemicals. Thus, they find application in procedures in the medical sector, including ENT, heart surgery, etc.
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Liquid silicone rubber is witnessing massive demand in the automobile and automotive sectors as well. The ability to provide a superior compression set and to act as a gloss enhancer is expected to surge their application. The silicone rubbers also work as a dampening medium for the instruments in vehicles. The significant surge in demand for electric vehicles represents massive scope for the market. These are being used in power transmission equipment owing to their heat stability.
Surging electronics sector presents lucrative opportunities for the market. Silicone is believed to be the heart of the electronics industry as it assists in encapsulating a bulky circuit into a miniaturized system. The liquid silicone rubbers protect the electronic circuits from shock, heat, and various forms of contaminants. These are also employed in critical electronic components like transistors, capacitors, and tubes in electronic devices.
The injection moulding market also makes use of liquid silicone rubbers. This can be attributed to the fact that these silicone rubbers offer high shelf life and provide electrical resistance as well.
Thus, the FMI researchers are of the opinion that the ability to work under extreme conditions, coupled with electrical resistance offered, growth of the electronics sector and a number of other factors, are expected to surge the liquid silicone rubber market growth during the forecast period.
Key Takeaways:
- The market is projected to be valued at US$ 6.9 billion in 2023.
- By 2033, the valuation is expected to cross US$ 10.1 billion.
- The CAGR during the forecast period is predicted to be 3.9%.
- Based on the regional analysis, North America is anticipated to be the dominant market.
- The United States market is projected to grow at 3.6%.
- The United Kingdom market is estimated to surge at 3.4%.
- China market is forecasted to advance at 3.6%.
- Japan liquid silicone rubber market is expected to surge at 4.5%.
- India market is projected to record 4.3%.
- On the basis of grade type, the industrial grade segment is expected to hold the prominent market share and is expected to register a CAGR of 4%.
- On the basis of technology, the liquid injection molding system segment is anticipated to hold a significant market share and is projected to record a CAGR of 3.5%.
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Competitive Landscape:
The key players operating in the liquid silicone rubber market are expected to form strategic partnerships with players from other niches, especially those from the electronics and automobile sector. There is also a lot of emphasis being laid on the process of mergers and acquisitions. The players who are entering into new markets are focusing on inorganic growth, as the local players would be well-versed with demographic tastes. Furthermore, huge amounts are being invested in technological upgradation with a view to reducing waste accumulation.
In November 2022, Dow selected AB Specialty Silicones as the authorized distributor for elastomeric roof coating market in the United States and Canada.
Dominant players in the market
- Dow
- Momentive Performance Materials, Inc.
- Evonik Industries AG
- Bluestar Silicones International
- SiVance
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Liquid Silicone Rubber Market Segmentation
By Grade Type:
- Food Grade
- Industrial Grade
- Medical Grade
- Others
By Technology:
- Liquid Injection Molding System
- Other Molding Processes
By End-use Industry:
- Consumer Goods
- Electrical and Electronics
- Construction
- Automotive
- Healthcare
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- Japan
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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