The global liquid silicone rubber (LSR) market is projected to reach US$3.82 billion by 2026, growing at a compound annual growth rate (CAGR) of 8.3% from 2016 to 2026, according to the latest MarketsandMarkets research.
A growing aging population is leading to the high growth in demand for LSR products in the healthcare industry, and the increasing demand for LSR from the electrical & electronics (E&E) industry is driving the LSR market. This is resulting in an increase in the number of new product launches and expansions by companies.
Medical-grade LSRs are used to manufacture various medical devices, accessories, and fittings, as these are temperature-resistant, and are easy to sterilize. The medical grade LSR is the fastest growing segment among the LSR market.
Since the use of medical grade LSRs requires the compliance of many specifications and regulations for use in medical products, they are costlier than the other grades of LSRs. Thus this grade is expected to be the largest in terms of value, during the forecast period.
Companies such as, Dow Corning (US), and Wacker Chemie AG (Germany) are the leading companies in the manufacture of medical grade LSRs, said MarketsandMarkets.
North America is the largest market for LSR. The market in North America is growing due to the increasing demand for LSRs in various applications including, automotive, medical, E&E, consumer goods, and others.
The medical application has the largest share in the North American LSR market. This application is driven by the demand for LSR based medical devices, medical components, and implants, especially in the US.
The major players in the LSR market such as, Dow Corning (US), Momentive Performance Materials Inc. (US), NuSil Technology LLC (US), Simtec Silicone Parts, LLC (US), and Stockwell Elastomerics Inc. (US) are US-based companies and supply their products across the globe.
Some of the major players in the global LSR market are: Wacker Chemie AG (Germany), Bluestar Silicones (France), KCC Corporation (South Korea), Shin-Etsu Chemical Co. Ltd (Japan), and Zhejiang Xinan Chemical Industrial Group Co. Ltd (China).
According to the report, the key players in this market are focusing on organic growth strategies to gain a greater market share in emerging economies such as, India and Brazil.