New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global silicone potting compounds market is expected to generate a revenue of $1,267.6 million and rise at a CAGR of 4.5% over the estimated timeframe from 2021 to 2028.
As per our analysts, due to the various beneficial characteristics of silicone potting compounds such as ease of assembly, UV resistance, ease of repairability, and many more, the silicone potting compounds market is expected to experience prominent growth during the forecast timeframe. Moreover, the increasing demand for silicone potting compounds in automotive vehicles is predicted to upsurge the growth of the market throughout the analysis timeframe. However, the silicone potting compounds can continue to outgas after curing which may hamper the growth of the market over the estimated timeframe.
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Segments of the Market
The report has divided the silicone potting compounds market into segments based on curing technology, end-use industry, and region.
Curing Technology: UV Curing Sub-Segment to be Most Productive
The UV curing sub-segment is predicted to garner a revenue of $694.0 million during the forecast timeframe. This is mainly due to the various applications of curing technology across various industries such as defense, fiber optics, aerospace, ink-jet printing, and many others. Moreover, UV curing offers high glass durable coating within a short time is the factor expected to fortify the growth of the market sub-segment over the estimated period.
End-Use Industry: Electronics Sub-Segment to be Most Profitable
The electronics sub-segment is expected to generate a revenue of $727.9 million throughout the analysis timeframe. The increasing applications of electronics across several industries such as automotive, military, and many others are predicted to uplift the growth of the market sub-segment during the forecast timeframe.
Asia-Pacific Region to Hold the Maximum Share of the Market
The Asia-Pacific region of the silicone potting compounds market is predicted to grow at a CAGR of 5.2% during the analysis timeframe. This is mainly due to the strong existence of leading electronics manufacturing and consuming countries in this region. Moreover, the increasing use of silicone potting compounds in electronic devices to offer protection against mechanical impact, humidity, temperature changes, and many more, is the factor expected to drive the regional growth of the market over the forecast timeframe.
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Covid-19 Impact on the Silicone Potting Compounds Market
The outbreak of the Covid-19 impact has had a negative impact on the silicone potting compounds market. This is mainly due to the drastic decrease in the sales and demand for silicone potting compounds as these are widely used in the interior and exterior parts, and also in the engine components of automotive vehicles. Moreover, the import-export and travel restrictions imposed by the governments of many nations, social distancing norms, and regular workplace sanitization are some major factors that have declined the growth of the market during the pandemic period.
Key Players of the Market
The major players of the silicone potting compounds market include
- Master Bond Inc.
- LORD Corporation
- Elantas
- Novagard Solutions
- Henkel AG & Co. KGaA
- MG Chemicals
- Dymax Corporation
- CHT Group
- Dow Silicones Corporation
- Hernon Manufacturing INC.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in April 2022, Shin-Etsu Chemical Co., Ltd., the largest chemical company in Japan, launched its new product namely -the “TC-BGI Series”, which is a high-hardness thermal interface silicone rubber sheet. This could be used as heat dissipation measures for component parts of electric cars by possessing the combined characteristics of high voltage endurance and thermal conductivity.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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
