Global Liquid Silicone Rubber Market Forecast at $3.2 Billion by 2027
San Jose, CA 11/03/2020 1746 views
The global liquid silicone rubber market is worth US$ 1.9 Bn in 2018 and expected to reach US$ 3.2 Bn in 2027, growing with a CAGR of 6.2% from 2019 to 2027 according to Credence Research. Liquid silicone rubber (LSR) is widely used in the healthcare segment for manufacturing products such as a catheter, reservoir, seals, Plungers and gaskets, etc. among others. Heat & chemical resistant, biological inert LSR offers properties that are well-suited medical use. Increasing the application of liquid silicone rubber in the end-use industries is driving its global market. Further, LSR is also contributing to the growth of the automotive sector. LSR not only reduces cost, and increases the performance of vehicles is also contributing to the growth of driverless cars. In an advanced driver assistance system (ADAS), LSR offers an ideal combination of physical properties and processing of sealing, damping and protecting elements in ADAS. As the automobile industry is moving towards autonomous vehicles, the demand for LSR is expected to rise in the coming decade. Furthermore, with the advancement in 3D printing technology, LSR 3D printing technology allows more complex shapes and sizes with a higher mechanical performance like that of molded LSR. For instance, in October 2019, Dow, in collaboration with Nexus Elastomer Systems and German RepRap successfully 3D printed colored parts with Nexus’s new color dosing system. This gives freedom to designers to print colored and transparent parts as per their imagination. The overall liquid silicone rubber market is competitive in nature and it is growing at a moderate rate. The market players are adopting strategies for launching new products, merger & acquisition to stay competitive in the market. Some of the leading global players included in the reports are Sony, Google, Microsoft, Samsung, etc. among others.