Global Liquid Silicone Rubber (LSR) Market to Grow at 8% CAGR by 2024

Growing aging population and cost effectiveness to boost global liquid silicone rubber (LSR) market through 2024

According to TechSci Research report, “Global Liquid Silicone Rubber Market By Grade, By Technology, By End-User Industry, By Region, Competition, Forecast & Opportunities, 2024’’, global liquid silicone rubber (LSR) market is projected to grow at a CAGR of 8% during 2019-2024. 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 several other industries.

Based on end-user industry, the LSR market has been segmented into medical, automotive, electrical & electronics and other sectors. Among these end-user industries, the medical sub-segment is expanding owing to the rising demand for LSR products in the healthcare industry, rising geriatric population globally, coupled with the increasing awareness about health concerns is driving the medical applications of LSR. 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.

North America is a crucial market for liquid silicone rubber (LSR), due to its wide applicability in various sectors including automotive, construction, medical, electronics and others. Thus, in coming years, the region is expected to dominate global liquid silicone rubber market. However, Asia-Pacific is the fastest growing region in automotive applications in the global LSR market, owing to rapid growth in automotive production. Growth in this region can be attributed to India and China, on the back of their rapidly growing economy.

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“Asia pacific is the 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 India and China owing to their rapidly growing economy. 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 Technology, 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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