PUNE, India, December 21, 2016 /PRNewswire/ --
The report "Liquid Silicone Rubber Market by Grade (Industrial, Medical, Food), Application (Automotive, Medical (Implants, Medical Devices), Electrical & Electronics (Insulation, and Electrical & Optical), Consumer Goods), Region - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 3.82 Billion by 2026, at a CAGR of 8.3%, during the forecast period, 2016 to 2026.
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LSRs have many beneficial properties such as, having heat resistance, being chemically inert, biocompatible, and easy to mold. Thus these are used in many applications including, automotive, medical, electrical & electronics, and consumer goods. The growing aging population is leading to the high growth in demand for LSR products in the healthcare industry, and the increasing demand for LSR from the electrical & electronics industry is driving the LSR market. This is resulting in an increase in the number of new product launches and expansions by companies.
Medical: The fastest growing application segment of the LSR market
The medical application is growing due to the increasing demand for LSR products in the healthcare industry. The increasing aging population, worldwide, along with the increasing awareness about health concerns is driving the medical applications of LSR. Medical-grade LSRs are used to manufacture various medical devices, accessories, and fittings, as these are temperature-resistant, and are easy to sterilize.
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Medical grade LSR: The fastest growing grade in the LSR market
The medical grade LSR is the fastest growing grade of LSR. Since the use of medical grade LSRs requires the compliance of many specifications and regulations for use in medical products, they are costlier than the other grades of LSRs. Thus this grade is expected to be the largest in terms of value, during the forecast period. Companies such as, Dow Corning (U.S.), and Wacker Chemie AG (Germany) are the leading companies in the manufacture of medical grade LSRs.
North America: The largest region for LSR
North America is the largest market for LSR. The market in North America is growing due to the increasing demand for LSRs in various applications including, automotive, medical, electrical & electronics, consumer goods, and others. The medical application has the largest share in the North American LSR market. This application is driven by the demand for LSR based medical devices, medical components, and implants, especially in the U.S. The major players in the LSR Market such as, Dow Corning (U.S.), Momentive Performance Materials Inc. (U.S.), NuSil Technology LLC (U.S.), Simtec Silicone Parts, LLC (U.S.), and Stockwell Elastomerics Inc. (U.S) are U.S.-based companies and supply their products across the globe.
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The blowing agents have a few numbers of global players competing for market share. These companies are actively adopting various strategies such as partnerships/collaborations/agreements, new product developments, merger & acquisitions, and expansion projects globally to increase their market share. Major players such as Arkema SA (France), Honeywell International Inc. (U.S.), Solvay SA (Belgium), Exxon Mobil Corporation (U.S.), Linde AG (Germany), and others have adopted various organic and inorganic developmental strategies.
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