LIQUID SILICONE RUBBER MARKET ANALYSIS

Silicone rubber is defined as an elastomer of silicone that also contains hydrogen, carbon, and oxygen. Silicone rubber is available as one or two-part polymers and comprises fillers to improve properties and reduce costs. Silicone rubber is stable, non-reactive, and resistant to extreme environments and temperatures. It can be used in a wide range of products, including food storage products, textiles, footwear, electronics, and medical devices, among others. This is mainly attributed to its advantageous properties and ease of manufacturing. One of the major factors driving growth of liquid silicone rubber market is increasing demand for electronics. Silicon rubber finds wide application in the healthcare industry and thus, rampant growth of this sector across the globe is further fueling demand for liquid silicone rubber. However, stringent regulations pertaining to use of liquid silicone rubber in medical devices is expected to hamper growth of liquid silicone rubber industry over the forecast period (2016–2024). Therefore, the liquid silicone rubber market is expected to witness moderate growth in terms of revenue over the forecast period.

Rising aging population to drive growth of liquid silicone rubber market

The growing healthcare industry and increasing aging population are expected to be major factors driving demand for liquid silicone rubber in the near future. Demand for liquid silicone rubber is also expected to augment due to burgeoning growth of the electronics sector. Furthermore, automotive sector is also projected to contribute to increase in demand for liquid silicone rubber over the forecast period. Stringent regulations pertaining to specifications of using liquid silicone rubber in medical devices is expected to be one of the major restraining factors for growth of liquid silicone rubber market. Demand for transparent liquid silicone rubber in optical applications is expected to increase, thus creating lucrative opportunity for manufacturers in terms of revenue.

Healthcare sector to contribute major share in the liquid silicone rubber market

The global market can be segmented on the basis of application into the following:

• Automotive components and parts
• Medical devices
• Home appliances
• Consumer goods
• Cosmetics
• Others

The global market can be segmented on the basis of end use industry into the following:

• Automotive and aerospace
• Healthcare
• Electrical and electronics
• Personal care
• Building and construction
• Others

The global market can be categorized on the basis of region into the following:

• North America
• Latin America
• Europe
• Asia Pacific
• Africa
• Middle East

Regional Outlook

North America was the largest market for liquid silicone rubber in 2015. This is mainly attributed to growing population and rampant growth of the healthcare industry in the region. Asia Pacific is expected to be the fastest growing region in the global liquid silicone rubber market over the forecast period. Growth of the market in the region is mainly attributed to increasing demand from economies such as India, China, and Indonesia. Markets in Latin America and Europe are also expected to gain traction in the near future due to growth of associated industries in these regions.

Competitive Analysis

Some of the major players identified in the value chain of global liquid silicone rubber market are Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, DOW Corning, KCC Corporation, Momentive Performance Materials Inc., Bluestar Silicones (Elkem Group), Simtec Silicone Parts, LLC, Zhejiang Xinan Chemical Industrial Group Co., Ltd., and Reiss Manufacturing Inc., among others.

Key developments

• In May 2016, Simtec Silicone Parts, a U.S.-based manufacturer of Liquid Silicone Rubber (LSR) parts and high-precision LSR Multi-Shot components was acquired by the Rico Group, a global production network in elastomers and plastics processing.
• In Feb 2018, Dow Medical Solutions, which is a sub-division of the Dow DuPont Specialty Products, launched two new Dow QP1-33X0 Liquid Silicone Rubber grades with low-temperature cure (LTC) technology.
• In Feb 2019, Elkem silicons, one of the leading providers of silicon-based advanced materials and silicon manufacturing solutions, currently owned by China National, launched their new LSR product series. LSR SELECT is a single component base polymer where molders can select the amount of additives, LSR SELECT CONTROL and CATA, which enables them to control the cure kinetics of the material i.e. to slow down or speed up the cure.
• In March 2019, Wacker Chemie AG, a Munich-based chemical group, opened up its first LSR 3D printing lab in U.S., ACEO Open Print Lab which is established in Michigan, U.S. is equipped with 3D printers and offers hands-on training to customers on silicone rubber 3D printing.
• In Oct 2019, Wacker Chemie AG also showcased new self-adhesive LSR products, at K 2019 Germany, Trade fair for plastics and rubber. ELASTOSIL LR 3671 for food technology applications and ELASTOSIL LR 3675 for the auto-motive industry. WACKER is now focusing on expanding its self-adhesive liquid silicone rubber portfolio with low coefficients of friction.