According to a new report published by Allied Market Research, titled, “Silicone Potting Compounds Market by Curing Technique, Application, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global silicone potting compounds market size was valued at $931.2 million in 2019, and is projected to reach $1,247.2 million by 2027, registering a CAGR of 4.0% from 2020 to 2027.
Increase in demand from industrial and aerospace sectors and growth of the consumer electronics industry drive the global silicone potting compounds market. However, limited applications and availability of low-cost substitutes hinder the market growth. On the other hand, increase in application in electric vehicles creates new opportunities in the coming years.
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Based on curing technology, the UV segment accounted for the highest market share in 2019, contributing for more than two-fifths of the total share, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is expected to witness the highest CAGR of 5.2% from 2020 to 2027. The research also analyzes segments including thermal and room temperature.
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Based on application, the surface mount packages segment held the largest share, holding nearly one-third of the total market share in 2019, and is estimated to maintain the dominance by 2027. However, the solenoids segment is expected to witness the highest CAGR of 5.1% during the forecast period.
Based on region, Asia-Pacific contributed the highest share of the global silicone potting compounds market, holding more than two-fifths of the total share in 2019, and will maintain its lead position during the forecast period. Moreover, this region is expected to register the fastest CAGR of 5.2% from 2020 to 2027. The report also analyzes regions including North America, Europe, and LAMEA.
The key market players of the global silicone potting compounds market analyzed in the report include Henkel AG & Co. KGaA, Novagard Solutions, Dow Silicon Corporation, ELANTAS GmbH, LORD Corporation, MG Chemicals, Master Bond Inc., and Dymax Corporation.
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Key findings of the study:
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.