The global Liquid Silicone Rubber (LSR) Market is anticipated to reach USD 3.29 billion by 2025, with a CAGR of 7.9% over the forecast period. The growing demand from automotive and medical sectors have emerged as the crucial drivers of the global market in the near future.
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Market Synopsis of Liquid Silicone Rubber Market:
The liquid silicone rubber
possesses superior properties for example ability to withstand very high
temperatures, chemical inertness and electrical resistance. These features have
enhanced its broad acceptance across automotive, electrical & electronics,
medical and various other sectors. Increasing elderly population is driving the
demand medical devices and implants in the medical sector.
The applications of LSR are
growing in conventional rubber along with areas where conventional rubber had
not been used. The LSR technology is experiencing a fast change. Some current
applications comprise of LED headlights, medical implants & devices,
kitchenware, fitness tracker, bake ware and wiper blades as well as
manufacturing drug eluding devices.
Additional benefits of the
material consist of producing lesser waste, high stability in product
dimensions, more volume production on account of its low manufacturing costs
and short cycle time. As a result, it has substituted materials such as latex,
glass and plastic in numerous industrial and medical applications.
Strict regulatory norms regarding
materials to be applied in medical devices and kitchenware is further driving
the demand for the global market. In addition, demographics, improving
lifestyle and urbanization are boosting the demand of consumer and electronics
goods, which in turn is supplementing the market demand.
With an aim to accomplish
competitive advantage, the major participants are collaborating with suppliers
to achieve modern material technology. The few material innovations consist of
silicone materials with optical grade, self-lubricated, antimicrobial and
self-adhesive properties.
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