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.
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