The global silicone potting compounds market is expected to grow primarily due to the increasing applications in electronic devices. The UV curing sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031
NEW YORK, June 27, 2023 /PRNewswire/ -- Global Silicone Potting Compounds Market Forecast Analysis:
As per the report published by Research Dive, the global silicone potting compounds market is expected to register a revenue of $1,540 million by 2031 at a CAGR of 5.0% during the forecast period 2022-2031.
Segments of the Silicone Potting Compounds Market
The report has divided the silicone potting compounds market into the following segments:
- Curing Technology: UV Curing, high temperature or thermal curing, and room temperature curing
- UV Curing- Most dominant in 2021
UV curing is a fast-paced process that can be completed in a matter of seconds, making it ideal for high-volume manufacturing applications. This advantage of UV curing is expected to push the growth of this sub-segment further. - End-Use Industry: electronics, automotive, aerospace, and others
- Electronics- Most profitable in 2021
Increasing use of silicone potting compounds in the electronics industry to protect sensitive electronic components from environmental factors such as moisture, dust, and temperature variations is expected to propel the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific - Significant market share in 2021
The growing expanse of automotive sector in various countries of this region has increased the demand for silicone potting compounds which is predicted to propel the market in the forecast period.
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Dynamics of the Global Silicone Potting Compounds Market
The increasing demand for silicone potting compounds from the electronics industry is expected to make the silicone potting compounds market a highly profitable one in the forecast period. Additionally, growing demand for energy-efficient devices, particularly in the construction and lighting industries is predicted to propel the market forward. However, according to market analysts, high cost of silicone potting compounds might become a restraint in the growth of the market.
Increased demand for high performance materials is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the various advantages offered by silicone potting compounds including excellent resistance to high temperatures, UV radiation, and chemicals is expected to propel the silicone potting compounds market forward in the coming period.
COVID-19 Impact on the Global Silicone Potting Compounds Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The silicone potting compounds market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions severely affected the supply of raw materials which hampered the production cycles of the manufacturing companies. Moreover, slowdown in electronics industries translated in a decrease in demand for silicone potting compounds which reduced the growth rate of the market.
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Key Players of the Global Silicone Potting Compounds Market
The major players of the market include
- Dow Silicones Corporation
- Master Bond Inc.
- MG Chemicals
- Dymax Corporation
- LORD Corporation
- CHT Group
- Henkel AG & Co. KGaA
- Novagard Solutions
- Hernon Manufacturing INC.
- Elantas
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in April 2022, Shin-Etsu Chemical Co., Ltd., a leading Japan-based chemical company, announced that it was launching a new thermal silicone rubber sheet. This new product is designed specifically for electronic vehicles and will offer protection from high-voltage power devices used in EVs. This new product launch is anticipated to help the company to increase its footprint in the market significantly.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Silicone Potting Compounds Market:
- Major Reasons Why Silicone Potting Compounds are Better Than Their Counterparts
- Global Silicone Potting Compounds Market to Generate $1,540 Million by 2031, Owing to An Increase in Demand for Energy-Efficient Devices
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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