The global Liquid Silicone Rubber (LSR) market is anticipated to grow at a CAGR of 8.3% during the period of 2016 to 2026, and is expected to reach US$3.82 billion by the end of the forecast period.
Used in many applications including automotive, medical, electrical & electronics, and consumer goods, LSRs are heat resistant, chemically inert, biocompatible and easy to mold.
The medical application is growing due to the increasing demand for LSR products in the healthcare industry. The increasing aging population, worldwide, along with the increasing awareness about health concerns is driving the medical applications of LSR. Medical-grade LSRs are used to manufacture various medical devices, accessories, and fittings, as these are temperature-resistant, and are easy to sterilise.
The medical grade LSR is the fastest growing grade of LSR. 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.
North America is the largest market for LSR. The North American market is growing due to the increasing demand for LSRs in various applications including, automotive, medical, electrical & electronics, 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, Momentive Performance Materials Inc., NuSil Technology LLC, Simtec Silicone Parts, LLC, and Stockwell Elastomerics Inc. are all 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).
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. Also, several companies have strengthened their distribution networks in these countries.