Stratview Research has published a new report titled ‘Liquid Silicone Rubber (LSR) Market’ to its database. It has segmented the market by Molding Technology Type (Liquid Injection Molding System), by Grade Type (Industrial Grade, Medical Grade, and Food Grade), by Application Type (Automotive, Medical, Electrical & Electronics, Consumer Goods, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Market Segments’ Analysis
Based on the grade type, the market is segmented as industrial grade, medical grade, and food grade. The medical grade segment is estimated to grow at the highest rate in the coming five years. The growth is attributed to the rising elderly population, across the board, coupled with the growing cognizance about health apprehensions, which is driving the medical applications segment. As grades are subjected to various approvals and protocols for practice in the medical sector, these are more expensive against other grades. Hence, the medical grade segment is projected to be the largest segment during the forecast period.
Based on the application type, the market is segmented as automotive, medical, electrical & electronics, consumer goods, and others. The medical segment is estimated to be the fastest-growing application segment during the forecast period, in terms of both value and volume. The growth is attributed to the growing claim for throwaway-medical devices and implants.
In terms of regions, Asia-Pacific is the largest market for liquid silicone rubber. The region is likely to maintain its dominance during the forecast period. China and India are the growth engines of the region. China is estimated to be the largest, while India is estimated to be the fastest-growing market in the coming five years. The market is driven by the presence of global manufacturing giants in the region. North America is also estimated as the largest market for liquid silicone rubber during the forecast period. The USA is the fastest-growing market in the region. The market is sustained by the increasing demand for implants, disposable medical devices, and equipment parts.
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