Global demand for liquid silicone rubber is on course to reach $3.29 billion by 2025, according to a report by Grand View Research Inc.
Market revenue reached $1.5 billion in 2015 and is expected to grow at a compound annual growth rate of 7.9 percent from 2016 to 2025, according to the study.
The market, it said, is being driven particularly in the medical and electronics industries as well as aging populations and new material developments.
Medical was the fastest growing segment over the forecast period with an estimated annual growth rate of around 9 percent from 2016 to 2025. Global LSR revenue in medical applications was $285.6 million in 2015.
LSR applications in the medical sector include implants and devices, valves, skin contact devices, infusion pumps, and equipment parts such as sterilized parts.
Industrial grade LSR was the largest segment in grade category in 2015 and held 53.5 percent of the overall market revenue. This area is forecast to generate revenue over $1.7 billion by 2025.
The automotive sector, it added, includes major applications in manufacturing of LED headlights, wiper blades and several other electronic components.
By region, Asia Pacific is projected to witness rapid growth over the next decade, owing to various developments across major economies, especially in the automotive and electronics industry. The regional LSR market is expected to grow at a rate of 8.6 percent from 2016 to 2025.