According to DataHorizon Research, the silicone market size will be US$19.2 billion in 2022 and is expected to reach US$38.6 billion by 2032, with a compound annual growth rate (CAGR) of 7.3%.

Fort Collins, Colo., Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizon Research has released a report titled “Silica Gel Market Size, Growth, Share, Statistics Report” by product type (liquid, gel, Resins, elastomers, others), by application (electronics, construction, energy, healthcare, transportation, personal care and consumer goods, industrial processes, others), and by region, with a time span of 2023 to 2032.

According to DataHorizon Research, the silicone market size will be US$19.2 billion in 2022 and is expected to reach US$38.6 billion by 2032, with a compound annual growth rate (CAGR) of 7.3%.

This global silicone market report provides a comprehensive analysis of the latest trends and market conditions. It also covers the latest insights from the industry and explores market opportunities. Silicone demand is growing in personal care, consumer products, industrial processes and construction. The U.S. market may experience more modest growth due to limited opportunities, but innovation and technological advances create opportunities in emerging markets.

Due to their superior properties, silicone elastomers have become a popular choice in the electrical and electronics industry. With a high dielectric constant, hydrophilicity, UV and ozone resistance, and a temperature range from minus 50 degrees Celsius to 350 degrees Celsius, it is no wonder that they have become the first choice for outdoor electrical insulation. They also provide a variety of functions in electronics, including flexibility, durability, flame retardancy, heat resistance and vibration damping.

Silicone is popular in the food processing industry due to its excellent resistance to heat, chemicals and non-reactive properties. It is an important component of mechanical parts such as gaskets and also serves as packaging material to maintain hygienic conditions and thus prevent contamination.

Silicone prices have increased significantly recently. This can be attributed to increased demand for silicone from electric vehicle and aircraft manufacturers. Furthermore, this trend continues as governments around the world encourage and promote the transition to electric vehicles. Overall, silicone elastomers are versatile and reliable materials that are well suited for a variety of applications in the industry.