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The global liquid silicone rubber market size is estimated to grow by USD 1,401.13 million between 2022 and 2027 and the size of the market is forecast to increase at a CAGR of 8.95%.
The growth of the market depends on several factors, including high investment in infrastructure in emerging countries, growing demand for lightweight materials, and a high rate of hip and knee implants.
This report extensively covers market segmentation by grade type (industrial, medical, and food), application (automotive, medical, electricals and electronics, consumer goods, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
High investment in infrastructure in emerging countries is driving market growth. The global construction industry is growing at a rapid rate, owing to the major contribution from emerging countries. In 2019, the global construction industry registered a revenue close to USD 9 trillion, whereas, in 2012, it was only USD 7.91 trillion. It is expected to reach USD 14.98 trillion by 2025. The emerging countries in APAC, South America, and MEA (such as India, Brazil, and South Africa) accounted for a 51.9% share of the total revenue generated by the construction industry in 2019. These countries are very likely to account for 62.5% of the market share by 2025. The governments of these regions are heavily investing n residential homes, owing to the migration of a large number of people to the metropolitan cities in lieu of jobs, better lifestyles, and other amenities.
In the construction industry, construction-grade LSR is widely used as a silicone sealant in SSG. In addition, silicone accounted for around 30%-40% share of the global sealants market in 2019. In terms of revenue, the construction industry accounted for the highest market share in the global silicone sealant market in 2019. This can be attributed to the high infrastructural development in developing economies and the high consumption of LSR as a sealant in the construction sector. Therefore, the increasing demand for infrastructure projects in developing countries is expected to drive the growth of the global LSR market during the forecast period.
Stringent clinical and regulatory policies are hindering market growth. LSR products that are biocompatible are essential for critical medical applications, and it is crucial for healthcare providers to adhere to pre-market and post-market evaluations of medical devices used in medical practices. Regulatory bodies in the EU and US have taken measures to simplify clinical policies and reforms. In the EU, regulations have been put in place to monitor the safety and effectiveness of medical devices used in clinical processes. The active implantable medical devices directive regulates high-risk devices like pacemakers and deep brain stimulation devices, while the Vitro diagnostic directive oversees invitro devices. Similarly, the Food and Drug Administration (FDA) in the US has established various policies to regulate the clearance and approval of medical devices. As a result, manufacturers of silicone elastomers must comply with these rules for medical applications due to the high risks involved in using external materials in the body. These strict regulations and clinical policies present challenges to LSR manufacturers.
The use of Antimicrobial LSR-silicone elastomers is a major trend in the market. Antimicrobial LSR-silicone elastomers are essential in preventing bacterial growth on the surfaces of devices, thereby reducing the occurrence of strong odors, discoloration, and mildew formation. The silver ion-based technology used in these elastomers makes them versatile and useful in a wide range of applications such as healthcare, medical devices, food processing, pet food production, beverage manufacturing, and agriculture.
In the healthcare industry, these antimicrobial LSR-silicone elastomers are used in advanced wound dressings, catheters, and wound drains. They are also extensively used in the production of medical tubing for controlled drug release applications. Momentive's StatSil is a leading brand that offers antimicrobial LSR-silicone elastomers, which are used in various medical and pharmaceutical applications as coatings, sealants, and additives. Moreover, the growing medical industry in the APAC and ROW regions is driving demand for LSR.
FDA regulations allow the use of antimicrobial LSR-silicone elastomers in the food industry for different applications such as food processing, vending tubing, breweries, dairy, and antimicrobial belting. Contact us today to learn more about how our antimicrobial LSR-silicone elastomers can benefit your business in these industries.
The market share growth by the industrial segment will be significant during the forecast period. Industrial grade LSR is used extensively in various industries such as construction, automotive, and electronics. Owing to its properties, such as insulation, dependence on material additives, and resistance to extreme temperatures, it is extensively used in various industrial applications.
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The industrial segment was valued at USD 991.46 million in 2017 and continued to grow until 2021. The construction industry, which encompasses the construction of bridges, roads, and buildings, is the dominant end-user segment of the global LSR market. LSRs are used as sealants, coatings, and water repellents due to their properties, such as thermal stability, high permeability, water repellence, UV resistance, and oxidative stability. The most widely used application of liquid silicone sealant is structural silicone glazing (SSG), which is a method of bonding metal, glass, ceramic, and composite panels to the frame of the building.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The LSR market in North America is expected to witness significant growth during the forecast period. The US is one of the major markets for automotive and is a mature market in terms of automobile technology. This can be attributed to the presence of a large consumer base with high disposable incomes. These factors drive the sales of automobiles in the country, thereby forcing OEMs to expand their manufacturing capabilities. Mexico closely follows the US in terms of automotive production in North America. The market for high-performance passenger vehicles in North America will increase the demand for LSR in the automotive components and coatings segments.
The outbreak of COVID-19 in 2020 negatively affected the regional market. However, with the resumption of manufacturing operations, market conditions have improved gradually, which is expected to help the market grow during the forecast period. Also, the rapid implementation of the Make In America initiative in the US will strengthen the domestic supply chain. Thus, this initiative is expected to promote domestic vendors in the market, thus allowing domestic vendors to account for a substantial market share during the forecast period.
Vendors are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Dongguan New Orient Technology Co. Ltd - The company manufactures and distributes rubber and plastic products. The key offerings of the company include liquid silicone rubber products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Liquid Silicone Rubber Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Liquid Silicone Rubber Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.95% |
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Market growth 2023-2027 |
USD 1,401.13 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.13 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Avantor Inc., Cabot Corp., CHT Germany GmbH, Dongguan New Orient Technology Co. Ltd, Elkem ASA, Genstar Technik, Mesgo Spa, Momentive Performance Materials Inc., Newtop Silicone Manufacturer, NTCB, RD Rubber Technology Corp., REISS MANUFACTURING Inc., Rosti Group AB, Ruijin, Shin Etsu Chemical Co. Ltd., SIMTEC Silicone Parts LLC, Stockwell Elastomerics Inc., Wacker Chemie AG, Wynca Group, and Dow Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Grade Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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