Silicone rubber is defined as an elastomer of silicone that also contains hydrogen, carbon, and oxygen. Silicone rubber is available as one or two-part polymers and comprises fillers to improve properties and reduce costs. Silicone rubber is stable, non-reactive, and resistant to extreme environments and temperatures. It can be used in a wide range of products, including food storage products, textiles, footwear, electronics, and medical devices, among others. This is mainly attributed to its advantageous properties and ease of manufacturing. One of the major factors driving growth of liquid silicone rubber market is increasing demand for electronics. Silicon rubber finds wide application in the healthcare industry and thus, rampant growth of this sector across the globe is further fueling demand for liquid silicone rubber. However, stringent regulations pertaining to use of liquid silicone rubber in medical devices is expected to hamper growth of liquid silicone rubber industry over the forecast period (2016–2024). Therefore, the liquid silicone rubber market is expected to witness moderate growth in terms of revenue over the forecast period.
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Rising aging population to drive growth of liquid silicone rubber market
The growing healthcare industry and increasing aging population are expected to be major factors driving demand for liquid silicone rubber in the near future. Demand for liquid silicone rubber is also expected to augment due to burgeoning growth of the electronics sector. Furthermore, automotive sector is also projected to contribute to increase in demand for liquid silicone rubber over the forecast period. Stringent regulations pertaining to specifications of using liquid silicone rubber in medical devices is expected to be one of the major restraining factors for growth of liquid silicone rubber market. Demand for transparent liquid silicone rubber in optical applications is expected to increase, thus creating lucrative opportunity for manufacturers in terms of revenue.
Healthcare sector to contribute major share in the liquid silicone rubber market
The global market can be segmented on the basis of application into the following:
North America was the largest market for liquid silicone rubber in 2015. This is mainly attributed to growing population and rampant growth of the healthcare industry in the region. Asia Pacific is expected to be the fastest growing region in the global liquid silicone rubber market over the forecast period. Growth of the market in the region is mainly attributed to increasing demand from economies such as India, China, and Indonesia. Markets in Latin America and Europe are also expected to gain traction in the near future due to growth of associated industries in these regions.
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Some of the major players identified in the value chain of global liquid silicone rubber market are Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd, DOW Corning, KCC Corporation, Momentive Performance Materials Inc., Bluestar Silicones (Elkem Group), Simtec Silicone Parts, LLC, Zhejiang Xinan Chemical Industrial Group Co., Ltd., and Reiss Manufacturing Inc., among others.
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