The liquid silicone rubber market is anticipated to rise at a compound annual growth rate of 8.63%, estimated to reach a market size worth US$4.153 billion in 2027. The market size was valued at US$2.326 billion in 2020. The primary factor influencing the growth of the Liquid Silicone Rubber is the Increasing consumer electronics requirements. The LSR properties that make it beneficial for almost every industry segment, such as healthcare and manufacturing units, are expected to drive market growth during the forecasted period.
Liquid silicone rubber is a high-quality attribute, two-part platinum cured elastomer that can be injected into a mold cavity to produce technical components that require strength, resistance, and high quality. Liquid silicone rubbers can be used in a variety of industries. This is a high viscosity but pumpable substance. Furthermore, it has durability, compatibility, high biocompatibility, a wide temperature range, and good electrical properties, perfect for insulation and accurate conductivity safeguards. Similarly, LSR can be colored with any pigment because it is transparent. There are seals, electric connectors, medical applications, and sealing membranes, among the many applications. The developments of the automotive and medical industries drive the demand for liquid silicone rubber in these industries. As the automotive industry evolves in aspects of aftermarket sales and support, it directly impacts other sub-sections. Another consideration is that the medical sector is rapidly expanding due to the possible use of liquid silicone rubber for its functionality. Bioavailability in medical implants is a crucial driver of the market growth of Liquid Silicone Rubber globally.
The growing demand for sustainable, heat and chemical resistant, and anti-allergically material is boosting the market growth of the Liquid Silicone Rubber
Liquid silicone rubber's hardness, tensile strength, fluid resistance capacity, and compression set make it an ideal material choice for most medical-grade applications. In rigorous testing, liquid silicone rubber has displayed excellent suitability with living skin and biological fluids. LSR is resilient to bacterial contamination and will not blemish or cause corrosion to other materials compared to other elastomers. Food-grade Liquid Silicone Rubber has several advantages in the food and beverage industries, including durability, flexibility, heat and cold resistance, and bacterial and chemical resistance. In the food industry, it is used to make baking molds, ice cube trays, grips for knives, spoons, whisks, other utensils, gaskets and seals for various utensils, etc. Market growth will be driven by segments' widespread use of Liquid Silicone Rubber in the coming years. The Silicone World trade in 2020 was US$6.6 Billion, which is around .039% of total World trade as per OEC. This rising production of silicone from plastic makes it more efficient for use and is expected to increase the market size in the coming years.
The liquid silicone rubber is highly malleable. This property is preferable for manufacturing caps, plungers, and gaskets. Because this substance can withstand sterilization, goods made from it can be reused. It is also used in the making of valves and seals. LSR is ideal for hand grips on various medical equipment due to its durability. At the same time, because of its low compression properties, it is suitable for vibration shock absorbers, tubing, and tubing couplers. In the medical industry, where lives and health are at stake, it is critical to use appropriate materials for medical devices and equipment, particularly for those not allergic to patients. It is essential to use a product that can withstand pressure, chemical exposure, and heat while remaining non-irritant. LSR is one such material that can pass all of these grade tests and be used in various areas in the medical sector, propelling the global Liquid Silicone Rubber Market.
Liquid Silicone Rubber Injection Moulding Technology is the innovation in the Molding Technology to cut the time taken and enhance efficiency
LIMS is a burgeoning liquid silicone rubber injection molding technology due to the advantages of plastic composite molding and automatic forming in a short period. This technology saves labor, increases efficiency, and improves product quality in a short period. The widespread adoption of technology is expected to fuel the growth of the liquid silicone rubber market.
The 2 Shot LSR technology creates superior seal products out of curable silicone. Technology is helpful for sealed connector applications because it allows for more design options.
Female hygiene is typically governed by medical-grade LSR, which is highly absorbent and does not irritate the user. LSR is primarily used in the manufacture of menstrual cups, silicon diva cups, liquid silicone moo cups, reusable cups, and lily cups. These offer high flexibility and sealing quality with a reusable factor, resulting in cost-effectiveness. The rising awareness among women consumers for hygiene is expected to play a significant role in the growing demand for cost-effective measures, therefore creating a boost for the liquid silicone rubber market growth as well.
Liquid Silicone Rubber is widely used in various medical, automotive, construction, electronics, and other industries. North America has been a critical market for liquid silicone rubber. Medical applications are expected to grow significantly in the predicted timeline. Due to higher growth in automotive production, Asia Pacific is the fastest-growing region in the global market for automotive industries. Because of their fastest developing economies, China and India are expected to drive growth in this region. In addition, new investments, newer implementations, and favorable regulatory requirements are supposed to propel market growth over the forecast period.
COVID-19 had a significant impact on the market in 2020. The chaos in the supply chain, combined with lower demand from various end-user industry sectors, has harmed the need for liquid silicone rubber (LSR). The automotive industry may serve as a deterrent to the market's growth. As per the OICA records, the global automotive sector saw a 13% drop in sales in 2020, totaling approximately 78774320 units, a significant decrease from the 91227182 units sold in 2019. As a result, the liquid silicone rubber market has experienced a severe jolt. However, the situation is expected to improve in 2021, restoring the market's development for the forecast period.