Local firm innovates Chinese silicone market
2024-10-10 22:10:00
By Yan Wanqin, Yichang International Communication Studio
After two years of research, a local company in Yichang has developed a high-temperature liquid silicone rubber used in medical devices.
Midgold Silicone Co., Ltd. developed the product, which meets FDA standards for safety and compatibility with the human body. This innovation has significantly contributed to the company’s sales growth. From January to August 2024, Midgold achieved sales revenue of 180 million yuan, matching the previous year’s total revenue.
After two years of research, a local company in Yichang has developed a high-temperature liquid silicone rubber used in medical devices.
Midgold Silicone Co., Ltd. developed the product, which meets FDA standards for safety and compatibility with the human body. This innovation has significantly contributed to the company’s sales growth. From January to August 2024, Midgold achieved sales revenue of 180 million yuan, matching the previous year’s total revenue.
Midgold Silicone Co., Ltd. in Xiaoting District, Yichang.Orders for this product are fully booked through November, and the company has plans to double its production capacity by the first half of 2025 to meet the growing demand.
In addition to its medical-use liquid silicone rubber, Midgold’s solid silicone rubber, used in high-end car spark plug boots, has become a core product. This material accounts for 40 percent of the company’s sales.
In addition to its medical-use liquid silicone rubber, Midgold’s solid silicone rubber, used in high-end car spark plug boots, has become a core product. This material accounts for 40 percent of the company’s sales.
A worker cuts solid silicone rubber in the production workshop.Midgold currently holds 60 percent of the domestic market for spark plug boot materials, supplying prestigious brands like Mercedes-Benz and BMW.
Founded in 2016, Midgold consistently invests 5 percent to 8 percent of its sales revenue into research and development, according to the general manager Liu Qingmin. This commitment has led to new product launches across the medical, automotive, and electronic sectors.
Despite global economic challenges, Midgold has seen annual sales growth of 20 percent to 30 percent. By the end of 2024, the company’s revenue is projected to surpass 360 million yuan (50 million USD), doubling from last year.
