The liquid silicone rubber market is anticipated to register a CAGR of 3.9% during the forecast period. The market is expected to hold a valuation of US$ 6.9 billion in 2023. By 2033, the value is expected to cross US$ 10.1 billion.
Surging application in the construction and automotive industry.
The ability to withstand extremely high and low temperatures makes it highly flexible for many applications.
Enduring long-term exposure to UV rays, thereby providing resistance from weathering.
Expansion of production capacity at both local and global levels is one of the key industry trends currently being observed. In addition to this, key players aim to launch new & advanced products to expand their product portfolio.
Medical manufacturers are currently having a massive demand for liquid silicone rubber. This can be attributed to its ability to function efficiently at extreme temperatures and display chemical resistance. As per the sources, the liquid silicone rubber is capable of meeting FDA, ISO, and Class VI medical-compliant grades, which makes it reliable. Within the medical sector, it is used in general surgery, cardiology, neurosurgery, ENT, etc.
Why is the USA liquid silicone rubber market registering robust growth?
Rising number of body implantation surgeries to elevate the sales of liquid silicone
FMI states that the USA is anticipated to remain a lucrative liquid silicone rubber market in North America.
A substantial rise in the number of body implantation surgical procedures has been witnessed owing to the growing emphasis on enhancing body aesthetics across the country. According to a report by the American Society of Plastic Surgeons, nearly 193,073 breast augmentation and 1,179 buttock implantation surgeries were conducted across the USA in 2022.
As liquid silicone is used in the production of body implants due to its high biocompatibility, the rise in implantation surgeries is estimated to bolster the growth in the USA market. An increase in the sales of liquid silicone rubber in the USA assisted North America, accounting for nearly 25% of the revenue share in 2022.
The United Kingdom: Driven by the automotive market
Growing applications in the automotive industry to fuel the demand for liquid silicone rubber
The United Kingdom is home to a few famous automotive manufacturers. Liquid silicone rubber is finding applications in the automotive industry owing to its high thermal stability, superior compression set, and excellent chemical resistance. It is increasingly being used in sensor cover assembly, sealing covers, vehicle interiors, and others during the production of automotive vehicles.
Increasing production and sales of automobiles in the United Kingdom is anticipated to create strong demand for LSR in the forthcoming years.
What are the factors augmenting the sales of liquid silicone rubber in China market?
Growing popularity in the consumer electronics industry to bolster the liquid silicone rubber sales
China had a dominant market share of more than 34.9% in the Asia Pacific excluding the Japan region in 2022.
Liquid silicone rubber has become one of the prime manufacturing materials owing to its chemical inertness, electrical resistance, and ability to withstand extreme temperatures. It is extensively gaining popularity across the consumer electronics industry for manufacturing the components such as remote buttons, phone covers, wristbands, smartwatch belts, and others. Hence, the growing penetration of innovative devices, such as wearable technologies, across the country is estimated to favor the growth of the liquid silicone rubber market in China.
Japan market: Backed by the surging sales of electronic vehicles
The electric vehicle market in Japan is expected to witness a massive CAGR of nearly 23% during the forecast period. The market is projected to reach US$ 5.67 billion in 2023. The manufacturing of electric vehicles involves extensive usage of liquid silicone rubber. The seat covers, coatings, spark plug wires, and a lot of other components are manufactured by the application of liquid silicone rubber.
The construction sector in Japan has always displayed positive sentiments. Being prone to a number of natural disasters, the nation’s construction sector has always been creating innovative alternatives. Liquid silicone rubber is used in sealants and adhesives, which are very crucial for all kinds of buildings.
India: Home to a mammoth consumer electronics market
India is one of the largest buyers of consumer electronics. As of 2021, the valuation of the Indian consumer electronics market stood at US$ 75 billion. During the pandemic, the sales were even significant due to the imposition of the lockdown. The massive demand for consumer electronics might boost the sales of liquid silicone rubber. These are mainly used as Integrated Circuits for miniaturizing the size of the device and improving the speed as well.
Apart from that, there are a number of overseas electronics companies which are investing huge funds in India. This creates massive opportunities for the Indian liquid silicone rubber market.
