Research taken from Wikepedia, http://en.wikipedia.org/wiki/Silicone_rubber#mw-navigation
Silicone rubber is an elastomer (rubber-like material) composed of silicone—itself a polymer—containing silicon together with carbon, hydrogen, and oxygen. Silicone rubbers are widely used in industry, and there are multiple formulations. Silicone rubbers are often one- or two-part polymers, and may contain fillers to improve properties or reduce cost. Silicone rubber is generally non-reactive, stable, and resistant to extreme environments and temperatures from -55 °C to +300 °C while still maintaining its useful properties. Due to these properties and its ease of manufacturing and shaping, silicone rubber can be found in a wide variety of products, including: automotive applications; cooking, baking, and food storage products; apparel such as undergarments, sportswear, and footwear; electronics; medical devices and implants; and in home repair and hardware with products such as silicone sealants.
Silicone rubber offers good resistance to extreme temperatures, being able to operate normally from -100 °C to +300 °C. Some properties such as elongation, creep, cyclic flexing, tear strength, compression set, dielectric strength(at high voltage), thermal conductivity, fire resistance and in some cases tensile strength can be—at extreme temperatures—far superior to organic rubbers in general, although a few of these properties are still lower than for some specialty materials. Silicone rubber is a material of choice in industry when retention of initial shape and mechanical strength are desired under heavy thermal stress or sub-zero temperatures. Organic rubber has a carbon-to-carbon backbone which can leave it susceptible to ozone, UV, heat and other ageing factors that silicone rubber can withstand well. This makes silicone rubber one of the elastomers of choice in many extreme environments.
Silicone rubber is highly inert and does not react with most chemicals. Due to its inertness, it is used in many medical applications including medical implants.
The first silicone elastomers were developed in the search for better insulating materials for electric motors and generators. Resin-impregnated glass fibers were the state-of-the-art materials at the time. The glass was very heat resistant, but the phenolic resins would not withstand the higher temperatures that were being encountered in new smaller electric motors. Chemists at Corning Glass and General Electric were investigating heat-resistant materials for use as resinous binders when they synthesized the first silicone polymers, demonstrated that they worked well and found a route to produce it commercially.
The term "silicone" is actually a misnomer. The suffix -one is used by chemists to denote a substance with a double-bonded atom of oxygen in its backbone. When first discovered, silicone was erroneously believed to have oxygen atoms bonded in this way. In fact, silicone is an inorganic polymer, and the technically correct term for the various silicone rubbers is polysiloxanes or polydimethylsiloxanes.
Corning Glass in a joint venture with Dow Chemical formed Dow Corning in 1943 to produce this new class of materials. As the unique properties of the new silicone products were studied in more detail, their potential for broader usage was envisioned, and GE opened its own plant to produce silicones in 1947 (now Momentive Performance Materials). Wacker Chemie also started production of silicones in Europe in 1947. The Japanese company Shin-Etsu Chemical began mass production of silicone in 1953. The companies mentioned above are now still the main competitors in the oligopoly that comprises the silicone industry.