LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global liquid silicone rubber (LSR) market is expected to grow at a CAGR of almost 7% during the predicted period.
This research report titled ‘Global Liquid Silicone Rubber Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global LSR market is expected to grow at a significant pace during the forecast period. This is mainly due to the high demand from the construction and automobile segments. However, the growth prospects of the LSR market differ from region to region. The major market for LSR is APAC. This can be attributed to several factors such as the high disposable income along with the rising demand from the cosmetic segment.
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Technavio’s analysts categorize the global liquid silicone rubber market into three major segments by grade type. They are:
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Global LSR market by industrial grade
Industrial grade LSR is used extensively in various industries such as construction, automotive, and electronics. Owing to the properties such as insulation, dependence on material additives, and resistance to extreme temperature, it is extensively used in various industrial applications.
According to Chandrakumar Badala Jaganathan, a lead metals and minerals research analyst from Technavio, “The construction industry which encompasses 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 its property such as thermal stability, high permeability, water repellence, UV resistance, and oxidative stability.”
Global LSR market by food grade
Food grade LSR is highly used in consumer goods applications for its properties such as flame retardancy, heat resistance, bacterial and chemical resistance, and process flexibility. The key food grade LSR consumer goods applications include bakeware, kitchen utensils, infant care products, microwave oven doors, plastic spatulas, grips for knives, spoons, whisks, and other utensils.
“The global consumer goods market is growing at a significant rate due to factors such as the changing lifestyles, the rise in disposable income, growing preference of eco-friendly appliances, and low cost of electricity. The demand for residential cooking appliances is increasing and is likely to grow at a significant rate during the forecast period. This can be attributed to the increased consumer convenience with product developments and a high number of e-retailing options,” says Chandrakumar.
Global LSR market by medical grade
The medical grade LSR segment is expected to witness high growth during the forecast period due to the rise in the demand for medical grade LSR in medical implants and disposable devices. The growth in the segment is likely to be higher as compared with other grades. This can be attributed to its properties such as bacterial resistance, gas permeability, transparency, high dielectric strength, high elongation, and other unique features.
Medical grade LSR is used in manufacturing various medical parts such as syringe stoppers, tracheal tube, oxygen mast instruments, saccules, medical hose, and dialysis filters. Moreover, this grade is most expensive when compared to other grades.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Shin-Etsu Chemical
- The Dow Chemical Company
- Wacker Chemie
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