According to DataHorizzon Research, the silicone market was valued at $19.2 billion in 2022 and is projected to reach $38.6 billion by 2032, with a compound annual growth rate (CAGR) of 7.3%.

Fort Collins, Colorado, October 5, 2023 (Global Newswire) - DataHorizzon Research has released a report titled "Silicone Market Size, Growth, Share, Statistics Report," which forecasts the market by product type (liquid, gel, resin, elastomer, others) and application (electronics, construction, energy, healthcare, transportation, personal care and consumer goods, industrial processes, others) across regions from 2023 to 2032.

Based on DataHorizzon Research's findings, the global silicone market was worth $19.2 billion in 2022 and is expected to reach $38.6 billion by 2032, reflecting a CAGR of 7.3%.

This comprehensive global silicone market report analyzes the latest trends and market conditions, providing insights from the industry and exploring market opportunities. The demand for silicone in personal care, consumer goods, industrial processes, and construction is rising. The U.S. market may see modest growth due to limited opportunities, but innovation and technological advancements are creating opportunities in emerging markets.

Due to their exceptional properties, silicone elastomers have become popular in the electrical and electronics industries. With high dielectric constant, hydrophilicity, UV and ozone resistance, and a temperature range from -50°C to 350°C, they are preferred for outdoor electrical insulation. In the electronics field, they offer various functions such as flexibility, durability, flame retardancy, heat resistance, and vibration damping.

Silicone is favored in the food processing industry for its excellent heat resistance, chemical resistance, and non-reactive properties. It is an essential component of mechanical parts like gaskets and serves as packaging material to maintain sanitary conditions, preventing contamination.

Recently, silicone prices have seen a significant increase, attributed to the growing demand from electric vehicle and aircraft manufacturers. Moreover, as global governments encourage and promote the transition to electric vehicles, this trend persists. Overall, silicone elastomers are versatile and reliable materials suitable for various industrial applications.