Global Liquid Silicone Rubber (LSR) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Liquid Silicone Rubber (LSR) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Liquid silicone rubber (LSR) is a silicone-based rubber made from a liquid compound that consists mainly of silicone polymer and possesses various superior characteristics such as non-toxic, temperature resistant, pourable consistency, physical and electrical stability, low shrinkage when cured at room temperature, unlimited thick section cure, heat accelerable cure, and requires no special molding equipment. Uncured silicone rubber is a highly adhesive gel, and when used in injection molding, it produces pliable and durable parts in high volume. The market is segmented by type and end user industry. By type, the market is segmented into comprising food grade LSR, industrial grade LSR, and medical grade LSR. By end-user industry, the market is segmented into medical products, home appliance and food contact, automotive, electronics and electrical, building industry, defense, and other end user industries.

Market Overview:

The latest research study on the global Liquid Silicone Rubber (LSR) market finds that the global Liquid Silicone Rubber (LSR) market reached a value of USD 1173.03 million in 2022. It’s expected that the market will achieve USD 1835.76 million by 2028, exhibiting a CAGR of 7.75% during the forecast period.

Liquid Silicone Rubber (LSR) Market Opportunities and Drivers

Medical devices are one of the major end-users of the liquid silicone rubber market. Owing to its purity, chemical, physical resistance, flexibility, and sterilization properties, the demand for liquid silicone rubber is on the rise in the medical devices industry. Currently, liquid silicone rubber has its application in medical cables, medical textile coatings, respiratory masks, medical tubing, catheters, and other medical devices markets.

The Chinese government has increased its focus on biomedical and high-end medical device manufacturing under the “Made in China 2025” plan. This plan intends to raise the domestic content of core components and materials to 40% by 2020 and 70% by 2025. This is expected to boost the demand for liquid silicone rubber. The Asia-Pacific region is expected to be the fastest-growing market for medical devices. This is fueled by the increasing public expenditure on health in countries like India and Bangladesh and ASEAN countries. Furthermore, the rise in insurance coverage in the area gives impetus to the tertiary healthcare facilities in the region. This is expected to increase medical device production. According to the SelectUSA, a program by The International Trade Administration (ITA), US Department of Commerce, the medical devices market in the United States is the largest medical devices market in the world, and it is valued at USD 156 billion. It is estimated to reach USD 208 billion by 2023. Owing to all the aforementioned factors, the market for liquid silicone rubber is likely to grow during the forecast period.

Region Overview:

United States had the highest growth rate of all regions.

Company Overview:

Dow is one of the major players operating in the Liquid Silicone Rubber (LSR) market, holding a share of 7.75% in 2022.

Dow Inc. is an American commodity chemical company. The primary subsidiary of the company is The Dow Chemical Company. Dow manufactures plastics, chemicals, and agricultural products. With a presence in about 160 countries, it employs about 54,000 people worldwide. Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber. It is also a major producer of ethylene oxide, various acrylates, surfactants, and cellulose resins. It produces agricultural chemicals including the pesticide Lorsban and consumer products including Styrofoam.

Wacker Chemie AG (Wacker Chemicals) is a German multinational chemical company which was founded in 1914 by Alexander Wacker. The company is controlled by the Wacker family holding more than 50 percent of the shares. The corporation is operating more than 25 production sites in Europe, Asia, and the Americas. The product range includes silicone rubbers, polymer products like ethylene vinyl acetate redispersible polymer powder, chemical materials, polysilicon and wafers for the semiconductor industry. The company sells its products in more than 100 countries. Wacker Chemie AG - divided into 5 divisions - derives most of its products from two main raw materials: silicon and ethylene. Siltronic supplies the semi-conductor market with wafers. Wacker Polysilicon produces hyper-pure electronic-grade polysilicon for use in electronic and solar wafers. Wacker Silicones serves end markets like construction, automobile, paints, textiles, and paper. Wacker Polymers starting with ethylene serves mainly the construction industry with redispersible powders and several other industries with dispersions. Wacker Biosolutions focuses on using bio-technological processes to serve its customers.

Segmentation Overview:

Among different product types, Industrial Grade LSR segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Home Appliance and Food Contact segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Liquid Silicone Rubber (LSR) market covered in Chapter 3:

ShinEtsu
Betely
Tianci Materials
Momentive
Dongguan New Orient Technology
KCC Corporation
Wynca Group
CHEMZEST
Dow
GUANGDONG NANJU SILICONE MATERIAL TECHNOLOGY CO., LTD
Wacker Chemicals
Jiangsu Tianchen
Chemical Brothers
Shenzhen SQUARE Silicone
Elkem
GENVAN

In Chapter 4 and Chapter 14.2, on the basis of types, the Liquid Silicone Rubber (LSR) market from 2018 to 2029 is primarily split into:

Industrial Grade LSR
Food Grade LSR
Medical Grade LSR

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Liquid Silicone Rubber (LSR) market from 2018 to 2029 covers:

Medical Products
Home Appliance and Food Contact
Automotive
Electronics and Electrical
Building Industry
Defense

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)