Global Liquid Silicone Rubber (LSR) Market to Surpass $ 2 Billion by 2024
Rising demand from industries such as consumer goods,
electronics, automotive and medical to boost global liquid silicone rubber
(LSR) market through 2024
According
to TechSci Research report, “Global Liquid Silicone Rubber (LSR) Market
By Grade, By End-User Industry, By Region, Competition, Forecast &
Opportunities, 2024’’, global liquid silicone rubber (LSR) market is projected
to reach $ 2.26 billion by 2024. Liquid silicone rubbers (LSR) hold exceptional
properties like chemical inertness, ability to
withstand extreme temperatures, electrical resistance, among others. Notably, these
properties enable LSR’s wide adoption across electrical & electronics,
automotive, medical and consumer goods.
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Based on end-user industry, the LSR market has been
segmented into consumer goods, medical, automotive, electrical &
electronics. Among these end-user industries, the consumer goods sub-segment is
expected to dominate the market, owing to the rising demand for LSR products in
home appliances, kitchen products (bakeware), among others. Increasing usage in
medical industry owing to features such as chemical inertness is driving the
LSR market. Further, based on grade, the market is segmented as food,
industrial and medical. Notably, the medical-grade LSRs are used to manufacture
numerous accessories, medical devices and fittings, as these are
temperature-resistant, and are easy to sterilize. Since the usage of medical
grade LSRs require the compliance of many specifications and regulations for
use in medical products, they are more expensive than the other grades of LSRs.
Food grade LSRs are expected to dominate the market due increasing demand from
consumer goods.
North America is a crucial market for liquid
silicone rubber (LSR), due to its wide applicability in various sectors including
automotive, especially advancement in connected vehicles and features such as
Advance Driver Assistance System (ADAS), medical, electronics and others. Thus,
during the forecast period, the region is expected to witness highest growth.
However, Asia-Pacific is the largest market region in automotive applications
in the global LSR market, owing to rapid growth in automotive production. Growth
in this region can be attributed to China and Japan, on the back of their
rapidly growing economy.
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“Asia
pacific is the second fastest growing region in automotive sector in the global
market due to higher growth in automotive production. Predominantly the growth
in the region is led by China and Japan owing to the rapid growth of end use
industries in these countries. Furthermore, product innovations, better
applications and favorable regulations are expected to drive the market growth
in upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global
Liquid Silicone Rubber (LSR) Market By Grade, By End-User Industry, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global liquid
silicone rubber (LSR) market and provides statistics and information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyses the emerging trends
along with essential drivers, challenges and opportunities in global liquid
silicone rubber (LSR) market.
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