According to the latest research report, global demand for liquid silicone rubber is expected to reach $3.29 billion by 2025.
The market reached $1.5 billion in revenue in 2015 and is expected to grow at a compound annual rate of 7.9 percent between 2016 and 2025.
An aging population and the development of new materials have led to a growing demand for liquid silicone rubber in the pharmaceutical and electronics industries, the study said.
Among them, the pharmaceutical industry is expected to see the fastest growth in demand in the forecast stage, with a growth rate of 9% from 2016 to 2025.
In 2015, the liquid silicone rubber used in the pharmaceutical industry reached 285.6 million us dollars.
In this field is mainly used in implants, medical equipment, valves, skin contact devices, infusion pumps.
In addition, there are a series of applications in the automotive field, including LED headlights, wipers and other electronic components.
Demand for the material in Asia is set to increase significantly over the next decade, mainly in the automotive and electronics sectors, the study said.
Growth in the region will reach 8.6 percent from 2016 to 2025.