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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