Freedonia Weighs In On Liquid Silicone Rubber, a Multifunctional $460 Million Market
CLEVELAND, Aug. 23, 2019 /PRNewswire/ -- According to Liquid Silicone Rubber, a new study from The Freedonia Group, the market for liquid silicone rubber (LSR) is on pace to increase 8.3% annually through 2023, propelled in part by an expanding range of products and applications.
Specialty LSR Grades Are Primed for Strong Growth
In particular, the Freedonia study anticipates sales increases in the following LSR product categories:
Growth in these categories (and the LSR market overall) should be quite strong going forward, as processors adopt LSR manufacturing capabilities and more complex molding techniques (including micromolding and 2-component molding); and fabricators come to understand the performance advantages of using LSR.
Medical Market for LSR Will Outpace – & Eventually Overtake – All Other Applications
Speaking of performance advantages, the benefits of LSR – including enhanced purity and biocompatibility when compared to high consistency rubber silicone – is giving it a boost in the fast growing medical market. Rising applications in this sector include:
For medical device fabricators, LSR also offers benefits like shorter cure times, higher durometers, lower flash, lower curing temperatures, and improved consistency and predictability between lots. Furthermore, it's a material well suited to automation, which can help limit contamination in cleanroom manufacturing applications.
As of 2018, the medical market still trailed the automotive industry as the leading market for LSR use. However, the Freedonia study expects that to change, estimating that medical end uses will eclipse automotive applications as the largest LSR market by 2023, and additionally outstrip smaller markets such as consumer and baby care, electrical and electronic, and industrial and other.
Contact Corinne Gangloff for an interview with analysts Kent Furst and Carolyn Zulandt.
The Freedonia Group study Liquid Silicone Rubber offers a comprehensive view of the market for liquid silicone rubber, including data analysis of historical demand trends and forecasts for 2023 by product and market. Furthermore, the study provides in-depth profiles of industry leaders, including market share by company and relevant merger and acquisition activity.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group