Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Liquid Silicone Rubber Market - which is forecasted from 2022 to 2027”.
The growing demand for medical equipment and healthcare devices, as well as its growing demand in the electronic industry, is responsible for stimulating the global expansion of the Liquid Silicone Rubber Market.
As per the report, the Liquid Silicone Rubber Market is expected to grow at a CAGR of 8.63% to reach US$4.153 billion by 2027, from US$2.326 billion in 2020.
The liquid silicone rubber market is driven by the increasing utilization in the healthcare industry. The non-toxicity, flexibility, and physical features of liquid silicone make it a perfect material for the manufacture of medical cables, medical tubings, respiratory masks, catheters, and other medical devices. Liquid silicone is also used to manufacture prostheses and body parts.
Due to interruptions in global supply networks, the COVID-19 pandemic had a negative impact on the liquid silicone industry. The demand for liquid silicone in the automobile sector also decreased during the pandemic. Moreover, stricter government regulations in the medical industry have slowed the demand for the liquid silicone market.
Based on grade type, the liquid silicone rubber market is categorized into food, medical, and industrial. The medical-grade liquid silicone rubber market holds a significant share in the market, mostly due to its uses in the manufacture of pacemakers, catheters, body joints, and other medical equipment. Hence, this segment is expected to see significant demand in the liquid silicone rubber market.
Based on the industry vertical, the liquid silicone rubber market is divided into consumer electronics, automotive, healthcare, and others. From these segments, the healthcare industry holds the largest market share, and owing to the recent developments in the healthcare sector, the market is expected to grow even further. The rapid developments and increasing applications in the automotive industry are also expected to drive up the liquid silicone market.
Based on Geography North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the Liquid Silicone Rubber market. The Asia Pacific region holds the largest market share in this segment, mostly due to the advancements in healthcare and medical devices. The increasing electronic market has also fuelled the market demand. The North American market has also reported rapid advancements in healthcare in recent times and is also expected to drive up the demand for the liquid silicone market.
As part of the report, the major players operating in the Liquid Silicone Rubber market that have been covered are, The Dow Chemical Company, KCC Corporation, Elkem Silicones, Wacker Chemie AG, SIMTEC Silicone Parts, etc.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/liquid-silicone-rubber-market
This analytic report segments the Liquid Silicone Rubber market on the following basis