DIResearch predicts the global market size will reach $2.099 billion in 2025 and grow to $2.596 billion by 2032 (CAGR 3.08%), primarily driven by demand from industries such as silicone rubber, coatings, and adhesives.

QYResearch, on the other hand, estimates the market size will hit $2.396 billion by 2031 (CAGR 3.6%), with the Asia-Pacific region (particularly China) experiencing the fastest growth.

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