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Increase in the electrical & electronics and medical applications, and rapid growth in the demand for medical grade Liquid Silicone Rubber in healthcare industries are the key factors driving the global Liquid Silicone Rubber market
JERSEY CITY, N.J. , March 16, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Liquid Silicone Rubber Market" By Grade (Medical Grade, Industrial Grade, Food Grade), By Application (Medical, Electronics, Consumer Goods), and By Geography. According to Verified Market Research, the Global Liquid Silicone Rubber Market size was valued at USD 2.62 Billion in 2020 and is projected to reach USD 4.23 Billion by 2028, growing at a CAGR of 8.3% from 2021 to 2028.
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Global Liquid Silicone Rubber Market Overview
The market had a negative impact due to COVID-19 in the year 2020. The disruption in the global supply chain coupled with reduced demand from various end-user industries had a negative impact on the demand for liquid silicone rubber (LSR). The automotive industry may act as a barrier to the growth of the Liquid Silicone Rubber Market. Since the products made from liquid silicone rubber are durable and reliable, they are extensively used in various industries. For instance, the oil and gas industry uses the material to cover its valves to protect them from heat and other radiation.
The manufacturing industry uses liquid silicone rubber to laminate its tools to ensure that they can be used long life. Based on these wide applications, the demand for liquid silicone rubber is growing with every passing day. This will boost the growth of the Global Liquid Silicone Rubber Market. Medical devices are one of the major users of the Liquid Silicone Rubber Markets. Owing to its purity, chemical, physical resistance, flexibility, and sterilization properties, the demand for liquid silicone rubber is rising in the medical devices industry. Currently, liquid silicone rubber can be used in the applications such as medical cables, medical textile coatings, respiratory masks, medical tubing, catheters, and other medical devices markets.
Liquid Silicone Rubber Market prices may encounter huge profits attributable to expanding application in medicinal services and the automobile industry. The elderly population and developing health concerns will fuel global industry development. Positive application standpoint to deliver different consumer goods including slit valves, moulded showerheads, printer rollers, dispensers, cosmetic applicators, bakeware, silicone vibration dampers, baby products & toys, and high transparency buttons may push industry development.
The major players in the market are Dow Corning, Wacker Chemie AG, Bluestar Silicones (Elkem Group), Momentive Performance Materials Inc., Shin-Etsu Chemical Co. Ltd., Momentive Performance Materials Inc., NuSil Technology LLC, Simtec Silicone Parts, LLC, Stockwell Elastomerics Inc., and KCC Corporation, Laur Silicone.
Verified Market Research has segmented the Global Liquid Silicone Rubber Market On the basis of Grade, Application, and Geography.
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Top 7 Medical Device Companies, investing in quality care, at international level
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