The global liquid silicone rubber market is expected to reach USD 3.29 billion by 2025, according to a new report by Grand View Research, Inc. Increasing applications in end-use segment, particularly in medical and electronics industry has propelled the demand for the overall market. In addition, rising geriatric population and new material developments continue to fuel the demand of overall market.
Unique properties of liquid silicone rubber such as chemical inertness, heat resistance, flexibility, low viscosity has made it an ideal material to be incorporated into medical implants and devices. Moreover, the market is undergoing through extensive research and development process to innovate the material technology, which creates huge growth opportunities in upcoming years for the market.
Industrial grade was the largest segment in grade category in 2015 and held 53.5% of the overall market revenue. Automotive sector includes major applications of liquid silicone rubber in manufacturing of LED headlights, wiper blades and several other electronic components.
Medical application was the fastest growing segment over the forecast period with an estimated CAGR of around 9% from 2016 to 2025. The material is biocompatible thus has major applications in medical implants & devices, equipment parts such as sterilized parts, valves, skin contact devices, infusion pumps and others.
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Further key findings from the report suggest:
The global liquid silicone rubber market revenue reached USD 1.5 billion in 2015 and is expected to grow at a CAGR of 7.9% from 2016 to 2025
Industrial grade emerged as the largest grade segment in 2015 and is estimated to generate revenue over USD 1.7 billion by 2025
Global liquid silicone rubber revenue in medical application was USD 285.6 million in 2015 and is anticipated to witness staggered growth over the next nine years
The U.S. liquid silicone rubber market in medical application is expected to reach a total revenue of over USD 234.4 million by 2025
The industry in Asia Pacific is projected to witness rapid growth over the next decade owing to various developments across major economies, especially in the automotive and electronics industry. The regional market is expected to grow at a CAGR of 8.6% from 2016 to 2025
Key participants in the market include 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 and others. In the recent years, new product developments and acquisitions have been the major growth strategy acquired by key industry players for enhancing their market positions.
Grand View Research has segmented the global liquid silicone rubber market on the basis of grade, application and region:
Grade Outlook (Revenue, USD Million; 2013 - 2025)
Application Outlook (Revenue, USD Million; 2013 - 2025)
Electricals & electronics
Regional Outlook (Revenue, USD Million; 2013 - 2025)
Central & South America
Middle East & Africa
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