CLEVELAND — The range of products and applications for liquid silicone rubber is growing, especially in the medical use end market. This is positioning the market for continued growth through 2023, according to a new study from the Freedonia Group.
A new study from the Freedonia Group estimates that the LSR market could grow as much as 8.3 percent annually for the next four years. This growth is strengthened by processors, who are adopting LSR manufacturing capabilities and more complex molding techniques, such as micromolding and 2-component molding.
Fabricators also contribute to the market's strength, Freedonia said, as they develop their understanding of LSR's importance.
Freedonia expects LSR sales to grow, especially for high transparency grades and other specialty grades. High transparency grades are used for new high-power LED lighting technologies, including applications such as automotive headlights and street and stadium lighting. Specialty grades, including self-lubricating, self-adhesive and non-post-cure types, can improve efficiency by reducing fabrication steps.
Further, the medical end use market will outpace the automotive market for LSR use by 2023, according to Freedonia analysis. The medical market also will outstrip smaller markets, such as consumer and baby care, electrical and electronic, and industrial.