New York, USA, June 19, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global silicone potting compounds market. According to the report, the global market is projected to surpass $1,540 million and grow at a CAGR of 5.0% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the silicone potting compounds market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Silicone Potting Compounds Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global silicone potting compounds market. During the pandemic, import-export restrictions were imposed on major silicone potting compound manufacturing nations such as the United States and China. In addition, the pandemic additionally disrupted the supply chain and manufacturing processes, resulting in raw material shortages and production delays, which led to supply restrictions and price hikes for silicone potting compounds, affecting overall market growth. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Silicone Potting Compounds Market Growth
The key factor boosting the growth of the global silicone potting compounds market is a significant rise in the need for silicone potting compounds due to the rising need for energy-efficient technology, especially in the lighting and construction industries. Furthermore, the expanding use of silicone potting compounds in electronic products, including smartphones, laptops, tablets, and smart home equipment, is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the availability of substitute potting compounds like polyurethane and epoxy coatings, as well as the expensive cost of silicone potting compounds are anticipated to deter the silicone potting compounds market’s growth.
The report segments the global silicone potting compounds market into curing technology, end-use industry, and region.
UV Curing Sub-Segment to Grab a Foremost Share of the Market
The UV curing sub-segment of the curing technology segment is foreseen to observe leading growth in the forecast period. This growth is mainly because UV-cured silicone potting compounds have good physical and electrical qualities such as chemical resistance, high temperature resistance, and electrical insulation.
Electronics Sub-Segment to Witness Rapid Growth
The electronics sub-segment of the end-use industry segment is predicted to grow enormously in the forecast period. This growth is mainly owing to the increase in need for consumer electronics and the development of smart devices.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the silicone potting compounds market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the rising need from the automotive sector, and growing disposable income has led to an increase in consumer electronics in this region.
Key Players of the Global Silicone Potting Compounds Market
The report states some of the foremost players operating in the market including
- Dymax Corporation
- Dow Silicones Corporation
- Elantas
- Henkel AG & Co. KGaA
- LORD Corporation
- Hernon Manufacturing Inc.
- Master Bond Inc.
- Novagard Solutions
- CHT Group
- MG Chemicals
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2022, Dow, a leader in materials science focused to providing customers with innovative and environmentally friendly solutions for infrastructure, packaging, and consumer care, announced SILASTIC™ MS-5002 Moldable Silicone, a LSR (liquid silicone rubber) for high-volume manufacture of items such as light guides in ADB (adaptive driving beam) headlights. This novel optical material has very minimal mould fouling for faster cycle times and is primarily developed for injection moulded items with less complex geometry. SILASTIC™ MS-5002 is the latest product in a well-established series.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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
