Portland, OR -- (SBWire) -- 06/21/2017 --Silicone Potting Compounds Market Report, published by Allied Market Research, forecast that the global market was valued at $802 million in 2015, and is projected to reach $1,078 million by 2022, registering a CAGR of 4.4% from 2016 to 2022.
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Silicone potting compound is a two-part liquid component that is widely used in electronics and electrical devices to protect them from adverse external factors. These compounds ensure protection from moisture and offer flame retardance, heat dissipation, and shock resistant properties. The silicone potting compounds market has tremendously grown in the recent past, owing to the growth in the electronics and electrical sector across the globe. Silicone potting compounds are used as durable dielectric insulation and stress-releasing shock and vibration absorbers along with a wide range of temperature and humidity settings.
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The global silicone potting compounds market is driven by growth in the consumer electronics industry, aerospace, and industrial sectors. In addition, growth in the energy & power sector is anticipated to fuel the demand for silicone potting compounds in the near future. However, selection of a silicone potting compound that addresses the needs of a specific application without affecting the properties of the electronics component is a key challenge for the industry.
The UV curing technique segment accounted for more than half of the global market share, and is expected to maintain its dominance throughout the forecast period. This is mainly attributed to their remarkable properties such as high-speed of curing at low temperatures, cost-effective processing, and others.
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Electronics and aerospace application segments dominated the global market with more than two-thirds share in terms of volume, in 2015. Increase in demand for miniaturization of electronic devices across various end use industries such as transportation and consumer electronics is anticipated to drive the silicone potting compounds market during the study period.
Key Findings and Scope:
- In terms of value, the UV curing segment is expected to grow at a CAGR of 4.5% during the forecast period.
- The Asia-Pacific region is projected to maintain its lead position throughout 2022 registering a CAGR of 5.9%, in terms of value.
- The Electronics application segment occupied more than two-fifths share of the total market in 2015.
- China occupied more than half of the Asia-Pacific silicone potting compounds market in 2015.
- China is expected to grow at the highest CAGR of 6.9% in terms of value from 2016 to 2022.
In 2015, Asia-Pacific and North America jointly accounted for two-thirds share of the global silicone potting compounds market, and are expected to maintain this trend during the forecast period due to widespread developments in the electronics sector, especially in China, India, and other developing economies.
Prominent players have adopted agreements, product launches, expansions, mergers, and agreements strategies to sustain the intense competition in this market. The key players profiled in the report include Henkel AG & Co. KGaA, Dow Corning Corporation, Novagard Solutions, LORD Corporation, ELANTAS GmbH, Master Bond Inc., MG Chemicals, and Dymax Corporation.
Silicone Potting Compounds Market Touted to Reach $1,078 Million, by 2022
The demand for silicone potting compounds is comparatively high in the transportation and electronics sectors owing to their remarkable properties offered that meet the requirements of these industries.