Market World Liquid Silicone Rubber Market | Page 3

general surgery and others. The market participants operating in plastic injection molding have also grabbed
prospects of the material with a view to cater the increasing requirements from medical sector.
The broader applications of LSR in membranes, LED headlights, valves, gaskets, windshield and other parts are
expected to enhance the market demand for the product in automotive applications. The capability of the
material to withstand extreme temperatures, cost effectiveness and durability is grabbing the attention of
automotive firms, specifically in the manufacturing of gaskets.
The additional benefits of the product consist of energy saving, automated process, minimum waste generation,
short cycle time and economies of scale, which is expected to further enhance the usage in automotive industry
over the forecast period. In addition, new trends in the automobile sector are shifting in the way of completely
automated vehicles that are equipped with modern technological features, resulting in creating future paths for
the LSR market in the upcoming years.
Regional Insights
In terms of revenue generation, North America was the largest market accounting for a share of 37.38% of the
global market. The region is the largest consumer of healthcare devices on account of presence of speedily
ageing population. According to the U.S. Department of Health and Human Science, in the year 2014
approximately 14.50% of the total U.S. population was aged beyond 65 years and by the year 2060 it would
upsurge by more than twice the current population.
Asia Pacific is expected to witness rapid growth with a CAGR of 8.6% 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 the end-use applications are attracting investments from foreign companies in
the region over the forecast period.
India and China are proving to be vital growth factors for LSR in the APAC region. Setting up of new facilities,
technological innovations and increasing applications in the construction sector are further posing rewarding
prospects over the forecast period. The companies operating in China are continuously involved in R&D activities
to develop modern technology for the material. Rapidly growing electronics and electrical sectors in the region
is expected to boost the market demand.
Competitive Insights
The LSR market is highly fragmented in nature. The key players are constantly engaged in mergers & acquisitions
in order to strengthen their market presence and achieve a competitive edge. In the year 2016, Dana Holding