Liquid Silicone Rubber (LSR) Market Will Reach Height of USD 3.29 billion By 2024

The global Liquid Silicone Rubber (LSR) Market is anticipated to reach USD 3.29 billion by 2025, with a CAGR of 7.9% over the forecast period. The growing demand from automotive and medical sectors have emerged as the crucial drivers of the global market in the near future.

The liquid silicone rubber possesses superior properties for example ability to withstand very high temperatures, chemical inertness and electrical resistance. These features have enhanced its broad acceptance across automotive, electrical & electronics, medical and various other sectors. Increasing elderly population is driving the demand medical devices and implants in the medical sector.

The applications of LSR are growing in conventional rubber along with areas where conventional rubber had not been used. The LSR technology is experiencing a fast change. Some current applications comprise of LED headlights, medical implants & devices, kitchenware, fitness tracker, bake ware and wiper blades as well as manufacturing drug eluding devices.

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Additional benefits of the material consist of producing lesser waste, high stability in product dimensions, more volume production on account of its low manufacturing costs and short cycle time. As a result, it has substituted materials such as latex, glass and plastic in numerous industrial and medical applications.

Strict regulatory norms regarding materials to be applied in medical devices and kitchenware is further driving the demand for the global market. In addition, demographics, improving lifestyle and urbanization are boosting the demand of consumer and electronics goods, which in turn is supplementing the market demand.

With an aim to accomplish competitive advantage, the major participants are collaborating with suppliers to achieve modern material technology. The few material innovations consist of silicone materials with optical grade, self-lubricated, antimicrobial and self-adhesive properties.

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Medical grade is rapidly growing as compared to other grades of liquid silicone rubber. Its widespread application in manufacturing of oxygen mask instruments, dialysis filters, syringe stoppers, saccules, tracheal tube and other medical parts on account of its bacterial resistance, transparency, high dielectric strength, high elongation gas permeability and numerous other unique properties.

Medical grade is the most expensive grade as it requires completion of numerous regulations in order to be applied in manufacturing medical devices. It is also substituting latex at a significant rate which was used in implantable devices since long back as it caused opposing reactions in the patient’s body.

In terms of revenue generation, industrial grade is the largest segment and is applied in industries such as construction, aerospace, electronics, cosmetics and various other components. It is a suitable material for parts such as keypads, electronic displays, grommets, antennas and others.

Application Insights

The demand for the material is undergoing rapid growth in medical industry led by increasing demand for disposable devices and medical implants. Compatibility regarding long term implantable devices, technological advancements, bacteria and advent as a drug eluting product is expected to enhance the material demand in medical sectors. The key application areas consist of cardiology, ophthalmology, bariatric surgery, orthopedics, general surgery and others. The market participants operating in plastic injection molding have also grabbed prospects of the material with a view to cater the increasing requirements from medical sector.

The broader applications of LSR in membranes, LED headlights, valves, gaskets, windshield and other parts are expected to enhance the market demand for the product in automotive applications. The capability of the material to withstand extreme temperatures, cost effectiveness and durability is grabbing the attention of automotive firms, specifically in the manufacturing of gaskets.

The additional benefits of the product consist of energy saving, automated process, minimum waste generation, short cycle time and economies of scale, which is expected to further enhance the usage in automotive industry over the forecast period. In addition, new trends in the automobile sector are shifting in the way of completely automated vehicles that are equipped with modern technological features, resulting in creating future paths for the LSR market in the upcoming years.

Author: Steve

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