The global Liquid Silicone Rubber (LSR) Market is anticipated to reach USD 3.29 billion by 2025, with a CAGR of 7.9% over the forecast period. The growing demand from automotive and medical sectors have emerged as the crucial drivers of the global market in the near future.
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Market Synopsis of Liquid Silicone Rubber Market:
The liquid silicone rubber possesses superior properties for example ability to withstand very high temperatures, chemical inertness and electrical resistance. These features have enhanced its broad acceptance across automotive, electrical & electronics, medical and various other sectors. 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 of LED headlights, medical implants & devices, kitchenware, fitness tracker, bake ware and wiper blades as well as manufacturing drug eluding devices.
Additional benefits of the material consist of producing lesser waste, high stability in product dimensions, more volume production on account of its low manufacturing costs and short cycle time. As a result, it has substituted materials such as latex, glass and plastic in numerous industrial and medical applications.
Strict regulatory norms regarding materials to be applied in medical devices and kitchenware is further driving the demand for the global market. In addition, demographics, improving lifestyle and urbanization are boosting the demand of consumer and electronics goods, which in turn is supplementing the market demand.
With an aim to accomplish competitive advantage, the major participants are collaborating with suppliers to achieve modern material technology. The few material innovations consist of silicone materials with optical grade, self-lubricated, antimicrobial and self-adhesive properties.
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