Liquid Silicone Rubber Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Grade (Food, Medical, and Industrial) and End User (Healthcare, Automotive, Consumer Goods, Electricals and Electronics, and Others) the market was valued at US$ 1,249.3 million in 2022 and is projected to reach US$ 1,877.1 million by 2028; it is expected to grow at a CAGR of 7.0% from 2022 to 2028. The report highlights key factors driving the liquid silicone rubber market growth and prominent players along with their developments in the market.

The automotive sector has witnessed tremendous growth in the last decade and is expected to rise steadily during the forecast period. As per the data of Organisation Internationale des Constructeurs d'Automobiles (OICA), the American countries recorded over ~16.2 million commercial & passenger car production in 2010, and this production rate has grown by more than 23% and registered over ~20 million commercial & passenger production in 2019. The automotive industry in China has been growing rapidly and the country is playing an increasingly important role in the global automotive market. However, the COVID-19 pandemic significantly affected the sector's growth from 2020 to 2021 due to several factors, such as nationwide lockdowns and a decline in investments. However, the industry is expected to gradually gain its growth rate same as before the emergence of the COVID-19 pandemic by FY 2022–2023. The ease of travel restrictions rises in transportation activities, and mass vaccination program in 2021 have aided the automotive industry, thus fueling automobile sales. Further, as per the report of OICA, the automotive industry has shown positive growth of over ~5% in 2021 compared to 2020.

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In 2022, the Asia Pacific holds the largest market share. The healthcare sector is one of the significantly growing sectors in the region. The medical and pharmaceuticals market, which includes a wide variety of industries, such as medical devices and equipment, has been experiencing growth over the last few years. Thus, stimulating the market demand for liquid silicone rubber in the region. In India, the most prominent application of liquid silicone rubbers is wearables, catheter cavities, and masks, which is a part of the medical and healthcare industry. The overall healthcare industries account for the consumption of liquid silicone rubber in the country.

The increasing skin and hair care and emerging skin infections and allergies result in the increasing adoption of cosmetics and personal care products, which is further anticipating lucrative opportunities for the growth of the adoption of liquid silicone rubber. Additionally, the increasing demand for home appliances such as spatulas, bake wear, O-rings, gaskets, and grommets will bolster the growth of the liquid silicone rubber market.

Some of the major key players operating in the global liquid silicone rubber market include Avantor, Inc.; Beacon Medtech Solutions; CHT Germany GmbH; Dow; Elkem ASA; KCC Silicone Corporation; Momentive; Shin-Etsu Chemical Co., Ltd.; Stockwell Elastomerics, Inc.; Wacker Chemie AG.

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