Global Silicone Potting Compounds Market Estimated to Generate $1,267.6 Million and Grow at 4.5% CAGR in the 2021-2028 Timeframe [187-Pages] | Circulated by Research Dive
Silicone potting compounds market is expected to grow by 2028 due to growing demand for automobiles. Electronic sub-segment is expected to be highly lucrative. Market in the Asia-Pacific region is expected to witness better growth opportunities.
NEW YORK, July 20, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Silicone Potting Compounds Market by Curing Technology (UV Curing, High Temperature or Thermal Curing, and Room Temperature Curing), End-use Industry (Electronics, Automotive, Aerospace, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the global silicone potting compounds market is estimated to generate a revenue of $1,267.6 million by 2028, growing at a CAGR of 4.5% during the forecast period 2021-2028.
Dynamics of the Silicone Potting Compounds Market
Drivers: Increasing demand for automobiles among people and excellent reparability properties of silicone potting compounds like providing protection against corrosion, vibration, shock, moisture, etc. are the main factors expected to drive the growth of the global silicone potting compounds market during the forecast period. Moreover, automotive exteriors like antennas, sunroof, cameras, tire pressure sensors, etc. also use silicone potting compounds for protection against UV radiation, thus further boosting the market growth by 2028.
Opportunities: Growing demand for automotive that are tightly equipped with electronic devices like cameras, tire proof sensors, rotatory angle sensors, antennas, etc. and the consequent need to protect them from harmful UV radiation, moisture, vibration, shock, etc. is predicted to offer abundant growth opportunities for the global silicone potting compounds market by 2028.
Restraints: Since silicone potting compounds continue to out-gas even after curing, this leads to the deposition of microscopic layers of silicone rubber on the components, thus, being a major restraint for the market growth.
Covid-19 Impact on the Silicone Potting Compounds Market
The outbreak of the Covid-19 pandemic has thrashed most industries and businesses, including the global silicone potting compounds market. Since the automotive industry faced a huge decline in its demand and supply, it negatively affected the silicone potting compounds market. Besides the automotive sector, these potting compounds were used in the aerospace and industrial sectors that are also struggling to survive amid the pandemic chaos. All these factors have caused massive disruptions in the supply chain and business operations of this market. Additionally, strict lockdowns and travel restrictions imposed by governments also led to reduced labor force as well as disruptions in import-export chains of raw materials.
Segments of the Silicone Potting Compounds Market
The report has fragmented the silicone potting compounds market into a few segments based on curing technology, end-use industry, and regional analysis.
- By curing technology, the UV curing sub-type is projected to hold a dominant market share and gather a revenue of $694.0 million during the forecast timeframe. This growth is attributed to the immense popularity of the UV curing technique in sectors like medical, aerospace, defense, electronics, fiber optics, and many others that actively utilizes high-intensity UV light to quickly dry the silicone potting compounds. Moreover, the UV curing sub-type technology is a high-quality process that minimizes the shrinkage of original application and offers high class durable coating within short time. These factors are anticipated to propel the sub-segment's growth by 2028.
- By end-use industry, the electronics sub-segment of the global silicone potting compounds market is estimated to generate a revenue of $727.9 million by 2028 due to its wide range of applications across sectors like automotive, military, aerospace, industrial, etc. For such crucial electronic devices to work properly and sustain vibrations, shocks, moisture, and harmful UV radiation, silicone potting compounds are used to provide desired protection. These factors are predicted to augment the sub-segment's growth and popularity during the analysis timeframe.
- By regional analysis, silicone potting compounds market in the Asia-Pacific region is expected to have the fastest growth rate of 5.2% CAGR due to the presence of some leading electronics manufacturing and consuming countries like South Korea, Japan, India, China, etc. Moreover, the existence of some renowned electronics manufacturing companies like Sony, Fujifilm, Hitachi, Canon, Fujitsu, Yamaha, etc. in Japan and China being the largest exporter of electronics are also some factors anticipated to uplift the market growth in the Asia-Pacific region during the analysis period.
Significant Silicone Potting Compounds Market Players
Some significant silicone potting compounds market players are
- Novagard Solutions
- Dymax Corporation
- LORD Corporation
- Elantas
- CHT Group
- MG Chemicals
- Hernon Manufacturing, INC.
- Master Bond Inc.
- Dow Silicones Corporation
- Henkel AG & Co. KGaA
These prominent players are undertaking various strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in January 2021, Shin-Etsu Chemical, the largest chemical company in Japan, announced its decision of developing new innovative silicone thermal interface materials named TC-PEN series and TC-SET series to use in electric vehicles. These two product launches would provide high thermal interface pad to electronic components along with low compression set characteristics.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Silicone Potting Compounds Market:
- Why are Silicone Potting Compounds Used in Electronics Products?
- Global Silicone Potting Compounds Market to Surpass $1,267.6 Million by 2028, Owing to the Rising Demand from Automotive and Electronics Industries across the Globe
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