The liquid silicone rubber market is anticipated to hold a valuation of USD 6.9 billion in 2023 and is projected to reach over USD 10.1 billion by 2033, growing at a CAGR of 3.9% from 2023 to 2033.
LSRs are capable of performing across a broad temperature range, from -50°C to 165°C, making them highly valuable in the aviation industry. Their excellent chemical resistance also makes them suitable for medical procedures, including ENT and heart surgery.
In the automotive sector, LSRs are in high demand due to their superior compression set, gloss-enhancing properties, and their role as dampening mediums for vehicle instruments. The rise in electric vehicle demand presents significant market potential, as LSRs are used in power transmission equipment due to their heat stability.
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The growing electronics sector offers lucrative opportunities for the LSR market. Silicone is crucial in the electronics industry for encapsulating bulky circuits into miniaturized systems, protecting electronic circuits from shock, heat, and contaminants. LSRs are also used in critical electronic components such as transistors, capacitors, and tubes.
The injection molding market also utilizes LSRs due to their long shelf life and electrical resistance.
According to Future Market Insights (FMI) researchers, the market growth of LSRs is expected to be driven by their ability to function under extreme conditions, electrical resistance, the growth of the electronics sector, and several other factors 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 a 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 the elastomeric roof coating market in the United States and Canada.
Key Companies Profiled
- Bluestar Silicones International
- SiVance
- LLC
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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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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