Liquid Silicone Rubber Market Size, Share & Trends Analysis Report, By Grade (Food, Medical, Industrial), By Application (Medical, Automotive, Consumer Goods, Electronics), By Region, And Segment Forecasts, 2018 - 2025

Report Overview

The global liquid silicone rubber market size was estimated at USD 1.67 billion in 2016, projected to grow at a CAGR of 7.9% from 2017 to 2025. Increasing demand from the medical and automotive industries have emerged to be the key drivers for the overall market during the forecast period. Industries such as automotive and medical are witnessing huge demand owing to its cost-effectiveness, durability, and ability to meet all safety requirements.

Liquid silicone rubber has become one of the prime manufacturing materials these days. It finds usage in applications such as food molds; and anti-snoring, LED, and medical devices. It is among the several innovative materials that are utilized in the automotive industry to manufacture gaskets. Liquid silicone rubber is resistant to hot & cold temperatures, which makes it suitable for applications in the automotive industry.

The liquid silicone rubber market in the U.S. was valued at USD 502.2 million in 2015 and is expected to grow at a CAGR of 8.1% from 2016 to 2025. The U.S. is among the largest auto manufacturing hub and has manufacturing facilities owned by leading companies such as Honda, Mercedes-Benz, Kia, Mazda, Toyota, BMW, Volkswagen, Tesla, and others. Various research & development initiatives, open investment policies, skilled workforce, and rising exports have further supplemented the growth of this industry

Liquid silicone rubber (LSR) holds unique properties such as electrical resistance, chemical inertness, ability to withstand extreme temperatures, and others. These properties have enabled their wide adoption across medical, electrical & electronics, automotive, and several other industries. The rising geriatric population is fueling the demand for medical implants and devices in the medical industry.

The liquid silicone rubber market growth is restrained due to the presence of strict regulations in the medical field. There has been a rise in the number of regulations covering the usage of materials in medical devices, implants, and kitchenware. The manufacturers are required to comply with stringent regulations to maintain their market position.

The raw materials required to manufacture liquid silicone rubber include two components which contain platinum catalyst and crosslinkers. The components have high stability and are blended in a ratio of 1:1 to initiate the reaction. Fillers, additives, colorants, and stabilizers are also blended in the mixture to produce liquid silicone rubber.

Grade Insights

Medical grade liquid silicone rubber generated USD 208.5 million in 2015 and is expected to grow at a CAGR of 8.6% from 2016-2025. Devices manufactured from medical grade LSR improve life expectancy as they reduce pain and are useful in making artificial joints and pacemakers. Rings, gaskets, stoppers, closures, catheters, cushioning pads, and liquid feeding bottles are a few of the products manufactured with medical grade LSR.

Food grade liquid silicone rubber is widely used to manufacture kitchenware and bakeware as it is resistant to bacteria, odorless, hydrophobic, and tasteless. Several other products include plastic spatulas, grips for knives, oven mitts, whisks, spoons, & other utensils, sippy cups, O-rings, gaskets and other seals that are exposed to food baking molds, ice cube trays and other home kitchen product bottle dispensers baby products and toys. It is highly versatile and is resistant to extreme temperatures, thus its application is expanding in kitchen tools manufacturing.

Liquid silicone rubber is gaining adoption as a material to manufacture food molds as it is soft and malleable. Even after storage in the oven, it is safe for biological contact and the food can be consumed without fearing from indigestion.

In 2015, the food-grade liquid silicone rubber market holds the largest market share of 33.1% in North America. The U.S. is one of the largest markets of consumer goods and is characterized by extensive product innovation, R&D, manufacturing, and branding of these products. A high standard of living coupled with the presence of health consciousness is driving the demand for food-grade LSR in this region.

Application Insights

The application of LSR in automotive generated USD 519.0 million in 2015 and would grow at CAGR of 8.2% from 2016-2025. The components manufactured from liquid silicon rubber are lightweight, thus increase fuel efficiency. They also reduce CO₂ and NO₂ emissions which are air pollutants. Automotive applications of liquid silicone rubber include gaskets, LED headlights, windshield wiper blades, harness components, membranes, valves, seals, dampers, and other components.

The liquid silicone rubber market is witnessing huge demand from the medical sector owing to its wide usage in medical implants & devices. Medical grade liquid silicone rubber is gaining popularity as it is an ideal material that meets all the safety requirements. It is stable, chemical & heat resistance, and can withstand high levels of temperature.

Ability to withstand high & low temperatures, UV and ozone protective shield have boosted the demand for liquid silicone rubber in consumer goods products such as spatulas, baking trays, ice cube molds, and others.

Regional Insights

In terms of revenue, the liquid silicone rubber market in North America was valued at USD 582.0 million in 2015 and is expected to grow at a CAGR of 7.8% from 2016 to 2025. North America has been a crucial market for liquid silicone rubber owing to its wide usage in several applications including medical, automotive, construction, electronics, and others. Medical application is expected to witness significant growth over the coming years.

The Asia Pacific is the fastest-growing region in automotive applications in the global market owing to higher growth in automotive production. Particularly the growth in this region is led by China and India due to their rapidly growing economy. Furthermore, product innovations, newer applications, and favorable regulations are anticipated to drive the market growth in the upcoming years. The market players in this region are also expected to expand their production capabilities through joint ventures and acquisitions. They are also looking towards supply surety and consistency in quality for the long term.

The Asia Pacific is projected as the fastest-growing market over the forecast period. Emerging economies of India, China, Indonesia, and Thailand are driving demand over the past few years. Expansion of the construction, automotive, and healthcare sectors has resulted in contributing to the growth of the market.

Key Companies & Market Share Insights

Dow Corning, Momentive Performance Materials Inc., KCC Corporation, Simtec Silicone Parts, LLC, Bluestar, Stockwell Elastomerics Inc., Zhejiang Xinan Chemical Industrial Group Co., Ltd., Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Nusil Technology LLC, Laur Silicone are some of the key market players involved in the market.

Technological innovation in terms of new product development by companies including Dow Corning and Momentive Performance Materials Inc., Simtec Silicone is expected to open new market opportunities over the forecast period. To achieve a competitive advantage, the key players are partnering with suppliers to obtain the latest material technology.

Liquid Silicone Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the market trends in each of the sub-markets from 2013 to 2025. For this study, Grand View Research has segmented the global liquid silicone rubber market report based on grade, application, and region:

• Grade Outlook (Revenue, USD Million; 2013 - 2025)

  • Food

  • Medical

  • Industrial

• Application Outlook (Revenue, USD Million; 2013 - 2025)

  • Medical

  • Automotive

  • Consumer Goods

  • Electricals & electronics

  • Others

• Regional Outlook (Revenue, USD Million; 2013 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • France

    • UK

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa