Global Liquid Silicone Rubber Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Liquid Silicone Rubber Market Analysis

Liquid silicone rubber is a high purity, two-part platinum cured elastomer that can be injected into a mould cavity to manufacture technical parts where strength, resistance, and high quality are a necessity. Liquid silicone rubbers are used in different industry verticals. This is a viscous but pumpable material. In addition, some of its benefits include high biocompatibility, durability, compatibility with a wide range of temperatures, and good electrical properties, which make it ideal for insulation and precise conductivity protection. Furthermore, it is transparent and can, therefore, be coloured in any pigment. Its applications include seals, sealing membranes, electric connectors, and medical applications, among others.

Liquid silicone rubber is being exceedingly utilised in the food sector and the healthcare industry, which contributes to the growth of the liquid silicone rubber industry. In the food sector, the food grade silicone is used, which is extremely versatile and resistant to extreme temperatures. Some of its applications include baking moulds, ice trays, plastic spatulas, knife grips and spoons, among others. Moreover, with further research and development, newer variants of food-grade silicones are being created to enhance their ability. Furthermore, liquid silicone rubber is increasingly used in the medical sector, which demands high-quality and hygienic products. Its favourable properties such as durability, tensile strength, hardness, excellent stability, and biocompatibility make it suitable for medical devices. In addition, increasing investments in the healthcare infrastructure in most countries due to the rapidly increasing geriatric population are expected to drive market growth in the forecast period.

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Liquid Silicone Rubber Market Trends

Increased Adoption of LSR in Electric Vehicles

Liquid silicone rubber (LSR) is increasingly used in EV components due to its excellent thermal stability and electrical insulation properties. Applications include battery gaskets, charging cables, and thermal management systems, contributing to enhanced safety and performance in EVs. Parker Hannifin has been actively promoting the use of LSR in electric vehicles. Their reports emphasise how LSR components are essential for sealing connectors, charging ports, and various enclosures in EVs, which can boost the liquid silicone rubber demand. These components help maintain the integrity of electrical systems, ensuring safety and performance.

Several government bodies are implementing various incentives to promote electric vehicle adoption. For example, the U.S. government has introduced tax credits of up to USD 7,500 for consumers purchasing new electric vehicles. Such financial incentives encourage consumers to switch from traditional vehicles to EVs, thereby increasing demand for components that use materials like LSR.

Expansion in Consumer Electronics and Wearables

LSR's durability and flexibility make it ideal for components in consumer electronics and wearable technology, such as seals, gaskets, and casings. The growing market for high-quality electronics and wearables is boosting demand for LSR in these applications.  Many countries are investing in health innovation programs that encourage the development of wearable health technology, further contributing to the demand of liquid silicone rubber market. For example, the U.S. government has launched initiatives to support telehealth services, which often integrate wearable devices, which are made up of liquid silicone rubber, for remote monitoring.

Average site visits for consumer electronics worldwide grew from about 568,000 to 806,000 between 2022 and 2023 which is an increase of about 30% for the year.  Moreover, the domestic production of electronics in India was valued at USD 101 billion in FY23, which offered lucrative opportunities for LSR.

Industry News

July 2024

Elmet Elastomere Produktions- und Dienstleistungs GmbH introduced the TOP 700, a compact dosing system designed for injection moulding liquid silicone rubber (LSR) using 20-liter containers. This system offers a delivery rate exceeding 5 litres per minute at a maximum pump pressure of 210 bar.

February 2024

Trelleborg Group entered into an agreement to purchase Baron Group, a leading Australian-Chinese manufacturer of advanced precision silicone components. This acquisition, conducted through the Trelleborg Sealing Solutions division, is set to enhance the Group's expertise in applications and its manufacturing capabilities.

Opportunities in Liquid Silicone Rubber Market

Advancements in material science have led to the production of high-performance silicone rubbers with improved mechanical properties, thermal stability, and chemical resistance. These materials are increasingly used in industrial sectors such as aerospace, defence, and oil and gas, where components must withstand harsh conditions, further boosting liquid silicone rubber market opportunities.

NuSil, a subsidiary of Avantor, announced the launch of a high-strength silicone platform that has a tensile strength up to 50% greater than existing silicone elastomers. This advancement is particularly beneficial for medical device design, where both strength and pliability are crucial. The new high-consistency rubber (HCR) formulations are ideal for applications such as balloons and bladders, which require materials that can withstand significant stress while remaining flexible. Moreover, the incorporation of nanomaterials into silicone formulations has emerged as a key trend. By embedding nanoparticles within the silicone matrix, manufacturers can create materials that exhibit enhanced mechanical properties.

Liquid Silicone Rubber Market Restraints

The cost of raw materials used in LSR production, such as silicon metal, can be volatile due to supply-demand imbalances and geopolitical factors. These fluctuations can lead to increased production costs and affect profit margins for manufacturers, affecting the overall liquid silicone rubber demand forecast.

In industries like healthcare and food, LSR products must comply with strict regulations to ensure safety and quality. Meeting these standards often requires extensive testing and certification, which can be time-consuming and costly for manufacturers. The production and disposal of silicone materials have raised environmental issues, particularly regarding their non-biodegradability. This has led to increased scrutiny and the need for manufacturers to develop more sustainable practices and products.

Advancements in material science have introduced alternatives to LSR, such as thermoplastic elastomers, which offer similar properties at potentially lower costs. This competition can further impact the market share of LSR in certain applications.

Liquid Silicone Rubber Market Dynamics

There is a growing emphasis on sustainability within the LSR market, with manufacturers exploring eco-friendly production methods and materials. As consumers and industries alike become more environmentally conscious, the demand for sustainable silicone products is likely to increase, consequently boosting liquid silicone rubber market value.

A recent article highlighted the environmental advantages of LSR injection moulding, noting its contributions to sustainable manufacturing practices through reduced material waste and energy efficiency. The report emphasised that LSR can be recycled and reused, making it a more sustainable option compared to many traditional plastics. Additionally, JOKER Industrial has announced its commitment to producing eco-friendly LSR products using advanced moulding technology. The company aims to minimise environmental degradation by extending product lifespans and reducing waste through sustainable production practices.

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Liquid Silicone Rubber Industry Segmentation

“Liquid Silicone Rubber Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Grade

• Food Grade
• Medical Grade
• Industrial Grade

Market Breakup by Application

• Medical
• Automotive 
• Consumer Goods
• Electronics and Electrical
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Liquid Silicone Rubber Market Share

By Grade Insights

The industrial grade segment holds the largest liquid silicone rubber market share. This is primarily due to its versatile applications across numerous industries that require materials with high performance, durability, and resistance to extreme conditions. Key applications in the automotive sector, for example, include gaskets, seals, and components that need to withstand high temperatures and pressures. LSR's thermal stability, elasticity, and electrical insulation properties make it an essential material in electronics manufacturing, especially for parts that encounter frequent heat exposure.

By Application Insights

Based on application, the medical segment is predicted to account for a substantial market share in the industry as well as grow at a CAGR of 9.0% between 2024 and 2032. This growth can be associated with the increased adoption of liquid silicone rubber in the medical sector owing to its favourable properties, such as the reduced risk of bacterial infections, which further boosts the liquid silicone rubber market revenue. Moreover, its purity, flexibility, and sterilisation properties are increasingly in demand for medical equipment such as medical cables, respiratory masks, medical tubes, and catheters, among others. Furthermore, the growing investments by governments for the expansion of the medical sector are expected to significantly contribute to the market growth.

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Liquid Silicone Rubber Market Regional Analysis

North America Liquid Silicone Rubber Market Trends

The market in Canada is anticipated to grow at a CAGR of 8.3% between 2024 and 2032.  Many government bodies are setting ambitious targets for reducing carbon emissions through increased adoption of electric vehicles. For instance, California aims to have 100% of new car sales be zero-emission by 2035. As per the liquid silicone rubber industry analysis, such regulatory frameworks not only promote the use of electric vehicles but also drive innovation in materials used within these vehicles, including liquid silicone rubber.

The rise in online shopping has also significantly increased the demand for efficient logistics services to handle the distribution of goods.

Asia Pacific Liquid Silicone Rubber Market Drivers

The Asia Pacific is estimated to possess a significant share of the liquid silicone rubber industry in the forecast period. This can be attributed to the increased investments in the development of the healthcare sector in the region. In addition, the growing use of liquid silicone rubber in the manufacturing of other products such as industrial equipment is also expected to drive the growth of the liquid silicone rubber market. Moreover, the growing economies in the region, such as China and India, are also adding to the growth of the liquid silicon rubber industry.

The rapidly expanding industries in these countries such as the automotive industry, which utilises liquid silicone rubber in various parts such as spark plugs, single wire seals, door light switch, sensor covers, and cushions, among others, is aiding the market. Thus, these factors are estimated to augment the market growth in the coming years.

Europe Liquid Silicone Rubber Market Opportunities

The UK market accounted for around 3.7% of the global market share in 2023. The market in Germany is expected to grow at a CAGR of 7.1% in the forecast period.  The European Union has committed to investing heavily in EV infrastructure as part of its Green Deal initiative, which can further contribute to the liquid silicone rubber industry revenue. This includes funding for expanding charging networks across member states, which is expected to facilitate greater adoption of electric vehicles. Enhanced infrastructure will create a higher demand for reliable sealing solutions provided by LSR in charging stations and connectors.

Latin America Liquid Silicone Rubber Market Growth

The market in Latin America is expected to grow at a CAGR of 8.6% in the forecast period. The market in Brazil is anticipated to witness a CAGR of 8.9% between 2024 and 2032. Countries such as Brazil and Mexico are experiencing economic growth, leading to increased industrial activities and a higher demand for logistics services that can impact liquid silicone rubber market dynamics and trends. Investments in transportation infrastructure, including ports and highways, are improving logistics capabilities in the region. Regional trade agreements are further facilitating smoother cross-border logistics, boosting the movement of goods within and outside Latin America.

Middle East and Africa Liquid Silicone Rubber Market Dynamics

The Middle East serves as a crucial hub connecting Asia, Europe, and Africa, enhancing its role in global logistics.  Countries like the United Arab Emirates are developing state-of-the-art logistics centres to attract international trade. Efforts to diversify economies beyond oil are leading to investments in manufacturing and services, increasing the need for robust logistics networks.

The automotive sector in the region is expanding, leading to a higher demand for LSR in manufacturing components such as gaskets, seals, and connectors. LSR's properties, including heat resistance and flexibility, make it ideal for automotive applications.

Innovative Startups in Liquid Silicone Rubber Market

Startups in the market are focusing on innovation and specialised applications to meet the growing demand across various sectors. They are developing advanced LSR formulations with enhanced properties such as improved heat resistance, flexibility, and biocompatibility, making them suitable for medical devices, automotive components, and consumer electronics. Additionally, these startups in liquid silicone rubber market are investing in advanced manufacturing techniques like precision injection moulding to produce complex and high-quality LSR parts efficiently.

Simtec Silicone Parts, LLC

Founded in 2002, Simtec specialises in manufacturing high-precision LSR components. They serve industries such as automotive, medical, and consumer goods, offering custom solutions through advanced injection moulding techniques.

Stockwell Elastomerics, Inc.

Established in 1919, Stockwell Elastomerics has evolved to focus on producing silicone rubber components, including LSR parts. They cater to sectors like electronics and medical devices, providing custom-molded solutions to meet specific application requirements.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global liquid silicone rubber market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds. Market players have been investing in research and development to develop high-performance LSR grades that offer improved thermal stability and mechanical properties, catering to the increasing requirements of the automotive sector for lightweight and durable components. Similarly, some companies have introduced new LSR formulations with enhanced processing capabilities and faster curing times, which are particularly beneficial for high-volume manufacturing applications.

Key Industry Players

Shin-Etsu Chemical Co, Ltd.

Founded in 1926, Shin-Etsu Chemical is Japan's largest chemical company. It produces a wide range of products, including polyvinyl chloride (PVC), silicones, semiconductor silicon, and rare earth magnets. The company operates in over 20 countries, with more than 70% of its sales coming from international markets.

KCC Corporation

Established in 1958 and headquartered in Seoul, South Korea, KCC Corporation specialises in manufacturing paints, building materials, and automotive parts. It is the largest provider of construction materials and paints in South Korea, offering products like interior ceiling roofing, insulation, PVC windows and floors, and architectural float glass.

Dow Inc.

Dow Inc., headquartered in Midland, Michigan, USA, is a leading global materials science company. It offers a wide range of products and services, including chemicals, plastics, and performance materials, serving industries such as packaging, infrastructure, and consumer care.

Other major players in the market are Wacker Chemie AG, Momentive Performance Materials Inc., and Jiangsu Tianchen New Materials Co., Ltd., among others.

Recent Developments

February 2024

Silcotech North America, known for its expertise in Liquid Silicone Rubber (LSR) injection moulding, announced its plans to enhance its production capabilities through the acquisition of two additional injection moulding machine workcells. The newly acquired Arburg machines consist of a 110 US-ton ALLROUNDER 470 A 1000 - 290 Comfort and a 220 US-ton ALLROUNDER 570 A 2000 - 400 Comfort.

October 2022

Elkem Silicones opened a specialised facility in York, South Carolina, dedicated to producing high-purity medical-grade silicones. This 18,000-square-foot site features advanced ISO-certified Class 7 and Class 8 clean rooms, ensuring stringent quality standards.