Innovation & Use of Advanced Liquid Silicone Rubber in Automobile Industry
The rise of various trending activities such as micros molding, classroom molding, and dominance of liquid injection molding system across the manufacturing industries, thereby, accelerating the growth of liquid silicone rubber market. The requirement of complex tools and devices by end-users in consumer electronics and automotive industries has increased the use of flexible liquid silicone rubber in the molding processes. The use of organic rubbers incorporating with liquid silicone rubber is also serving as an impetus for the market. LSR are mostly used in automotive, baby care products electrical and electronics, healthcare, and other industries. The use of liquid silicone rubber material in the components and parts of advanced machines can offer a cost advantage in the molding process across industries.
Adoption of IoT, AI, and VR has enabled the electronic industry to undergo shift in terms of their working pattern. This is one of the factors driving the demand for liquid silicone rubber in advanced consumer durables. Automotive LED industry has started the use of liquid silicone rubber as a major component, that is expected to witness high growth in the global market. Owing to the urgent hygiene requirements, the market experiences high growth in the cleanroom molding processes. Furthermore, other specialty grades of self-lubricating, self-adhesives, and non-post LSRs are used extensively as adhesives and make a niche segment of the market. The global liquid silicon rubber market is expected to reach revenue of around USD 3 billion by the upcoming years.
Growth of Lightings and Sensors in Automobiles
Automobile industries are the key market for liquid silicone rubber. The continuous advancement in automobiles, there is a constant demand for the installation of various electronic products such as lightings and sensors. This in turn, is fueling the demand in the global automobile industry. LED manufacturers prefer liquid silicone rubber over glass and other thermoplastics due to the long-term color-stability and excellent optical clarity. They can even be mixed with optical colorants in the liquid stage, which can increase their efficiency.
Many researchers are working on the overmolding process with German based Hella, producers of automobile lamps and many others. These collaborative efforts can introduce innovative solutions, based on the current technology in LED lights for automobiles where LSR will be the core components, which will lead to the growth in automobile lightings. The automotive lighting industry is expected to reach USD 54 billion in 2024, which clearly indicates the scope for the rise of LSR applications in LED components. LSR is used in automotive sensors due to its unique properties. Thus, the liquid silicon market is expected to surge subsequent growth in the automotive industry.
Competitive Landscape in the Global Liquid Silicone Rubber Market
The adoption of LSR market gained traction due to its exceptional advantages over their counterparts. This has led to the growth of a few LSR manufacturing giants such as Dow chemicals, Shin-Etsu Chemical, KCC Corporation, Wacker Chemicals, and Elkem. Numerous industries are leveraging towards the benefits of liquid silicone rubber. The innovation in technology plays a major role in the LSR market. Vendors are trying to adopt various features of LSRs in line with the modern requirements. Players in the liquid silicon rubber market are seeking solutions to expand their business in the market. Players are also expanding their businesses through strategic M&A activities. Thus, in order to gain a positive edge over the fragmented market, product innovation and development seems to be another crucial factor in the process.
New scientific advances and innovations in products development can help manufacturers to be the forerunners in the country or region. Challengers such as Nusil and Wynca are willing to counter their competition with market leaders such as Dow and KCC using cost-cutting features, product and market penetration using developments and mergers, improved distribution channel networks, and reduction in manufacturing costs. Researcher and development are focusing on finding new application of LSR in the modern world.
FAQs about the Liquid Silicon Rubber Market:
Q. What is the market size of the liquid silicon rubber?
A. The global liquid silicon rubber market size to cross revenues of over USD 3 billion by 2025.
Q. What is the market growth of LSR?
A. The global liquid silicon rubber market is projected to grow at a CAGR of around 8% during the forecast period.
Q. What is the market segmentation of the liquid silicon rubber?
A. The global silicon rubber market is segmented by grade, end-user, and geography.
Q. What is the market insight of LSR?
A. The automotive sector is witnessing a steady growth in the adoption of automation technology. The adoption of liquid silicone rubber as a cost-effective alternative to traditional rubbers is seen as a breakthrough for market growth.
Q. What are the major regions in the liquid silicon rubber market?
A. The leading regions in the global liquid silicon rubber market include North America, Europe, APAC, Latin America, and Middle East and Africa.