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@Liquid silicone rubber market to grow due to enhanced adoption for diverse end-use applications(22/09/2560

22 Sep 2017
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Felton, CA - The liquid silicone rubber (LSR) market size was valued at $1.55 billion in the year 2015, and is anticipated to observe substantial growth over the next eight years, according to the latest market report from Million Insights. The growing demand from automotive and medical sectors have emerged as the crucial drivers of the global market in the near future. Liquid silicone rubber possesses superior properties, for example the ability to withstand very high temperatures, chemical inertness and electrical resistance. These features have enhanced its broad acceptance across automotive, electrical and electronics, medical and various other sectors. The increasing elderly population is driving the demand medical devices and implants in the medical sector. The applications of LSR are growing in conventional rubber, along with areas where conventional rubber had not been used. The LSR technology is experiencing a fast change. Some current applications comprise LED headlights, medical implants and devices, kitchenware, fitness trackers, bake ware and wiper blades, as well as manufacturing drug eluting devices. Medical grades are rapidly growing as compared to other grades of liquid silicone rubber. It has widespread application in manufacturing of oxygen mask instruments, dialysis filters, syringe stoppers, saccules, tracheal tube and other medical parts on account of its bacterial resistance, transparency, high dielectric strength, high elongation gas permeability and numerous other unique properties. The demand for the material is undergoing rapid growth in the medical industry, led by increasing demand for disposable devices and medical implants. Compatibility regarding long term implantable devices, technological advancements, bacteria and the advent as a drug eluting product is expected to enhance the material demand in medical sectors. The key application areas consist of cardiology, ophthalmology, bariatric surgery, orthopedics, general surgery and others. The market participants operating in plastic injection molding have also grabbed prospects of the material with a view to cater to the increasing requirements from the medical sector. In terms of revenue generation, North America was the largest market, accounting for a share of 37.38 percent of the global market. The region is the largest consumer of healthcare devices on account of the presence of a speedily aging population. According to the U.S. Department of Health and Human Science, in the year 2014 approximately 14.50 percnt of the total U.S. population was aged beyond 65 years, and by the year 2060, it will upsurge by more than twice the current population. Asia Pacific is expected to witness rapid growth, with a CAGR of 8.6 percent over the forecast period. APAC is experiencing increased demand for LSR for applications in medical, such as medical tapes, APIs, prefilled syringes, prosthetics and others. Numerous favorable factors such as rapid economic growth and government policies coupled with rising demand in end-use applications are attracting investments from foreign companies in the region over the forecast period. The major participants in the market consists of KCC Corp., Stockwell Elastomerics Inc., Shin-Etsu Chemical Co. Ltd., Dow Corning, Laur Silicone, Zhejiang Xinan Chemical Industrial Group Co. Ltd., Wacker Chemie AG, Momentive performance Materials Inc. and Nusil Technology LLC. The market players are collaborating and entering into partnerships with suppliers of silicone to obtain the modern material technology. Source: rubber world (21/09/2017)

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