April 05, 2022 09:00 ET | Source: Research Dive Research Dive
New York, USA, April 05, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global silicone potting compounds market is estimated to generate a revenue of $1,267.6 million by 2028 and rise at a CAGR of 4.5% throughout the forecast period from 2021-to 2028.
As per our analysts, silicone potting compounds provide ease of reparability, offer UV resistance, and enable easy assembly. All these unique characteristics of silicone potting compounds are expected to bolster the growth of the market during the estimated timeframe. Besides, these compounds are safer for several end-users because of their minimal compliance issue, which is the factor predicted to fortify the growth of the silicone potting compounds market over the forecast period. In addition, the increasing demand for silicone potting compounds from the automotive industry, as nowadays vehicles are highly equipped with electronic devices is expected to create expansive growth opportunities for the growth of the market over the analysis period. However, the tendency of silicone potting compounds to continue to out-gas after curing may hinder the growth of the market over the forecast period.
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The report has been 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 expected to generate a revenue of $694.0 million during the analysis period. This is mainly because the UV curing process has high application across aerospace, defense, electronics, medical and dental devices, and many others. Furthermore, the growing demand for UV curing to offer excellent properties to the substrates, such as chemical and scratch resistance, and many more, is expected to magnify the growth of the silicone potting compounds market sub-segment during the forecast period.
End-Use Industry: Electronics Sub-Segment to be Most Lucrative
The electronics sub-segment is predicted to garner a revenue of $727.9 million over the estimated timeframe. The increasing demand for silicone potting compounds in electronic devices for better longevity and protection from extreme temperature, moisture, and exposure to dust, are the major factors expected to foster the growth of the silicone potting compounds market sub-segment throughout the analysis period.
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Region: Asia-Pacific Region to Have the Largest Share of the Market
The Asia-Pacific region of the silicone potting compounds market is expected to grow at a CAGR of 5.2% during the estimated timeframe. This is mainly because of the strong existence of leading electronics manufacturing and consuming countries in this region. Moreover, the increasing demand for silicone potting compounds to protect electronic devices from humidity, mechanical impact, temperature changes, and many more, is predicted to drive the regional growth of the market over the analysis period.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, the silicone potting compounds market has experienced a negative impact, likewise several other industries. The automotive industry, aerospace, and industrial sector have faced a drastic decline in sales and demand. This further led to the downfall in the demand for silicone potting compounds during the period of crisis as they were widely used in the exterior and interior parts of the engine components. Furthermore, the disruption in the supply chains and business operations and prolonged import-export restrictions have further delayed the purchases and worsened the market situation during the pandemic period.
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Key Players of the Market
The major players of the silicone potting compounds market include
These players are mainly working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to acquire leading positions in the global industry.
For instance, in August 2020, Dymax Corporation, a global leading of advanced light-curable adhesives, has announced its collaboration with Origin Technologies, a diverse group of organizations in the financial, medical, biotech, and other industries majorly focusing on the technical problems of the industries. With this collaboration, the companies aimed to manufacture nasal swabs used in the coronavirus testing at a large scale to meet the projected demand of 1 million swabs per week.
Furthermore, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
Silicone Potting Compounds Market Report Overview & TOC
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