Silicone Gel Market to experience an impressive growth of 8.2 % during 2020-2025
February 03, 2020
Silicone gel market is likely to witness an impressive CAGR of 8.2% during the forecast period. Rapid growth of the electrical & electronics sector and rise in demand for silicone gel for innovative applications, such as protective skin coverings, comfort pads, sealing applications in medical industry, aerospace & defense, footwear, agriculture, and pharmaceutical sectors are the prime factors fueling the growth of the global silicone gel market.
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Silicone Gel Market Segment Insights:
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented as electrical & electronics, medical & pharmaceuticals, cosmetics & personal care, and others. The electrical & electronics segment is estimated to dominate the market, in terms value and volume, in the coming five years. The growth is owing to the superior characteristics of silicone gels, such as hydrophobicity, elevated dielectric breakdown, confrontation to high and low temperatures, which qualify these gels to be employed in extreme and severe circumstances in the electrical & electronics sector.
By Region:
In terms of regions, Asia-Pacific is the largest and fastest-growing region of the silicone gel market. The demand for silicone gel is owing to the development of end-use industries, viable manufacturing costs, and high fiscal growth rate in the region. Further, the increasing use in the photovoltaic sector blended with the claim for small, low-cost and cutting-edge electronic components in the foremost Asia-Pacific countries, such as China, India, Japan, and South Korea is bolstering the demand for silicone gel in this region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
By Key Players:
Some of the major players in the silicone gel market are DOW Corning Corporation, Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Momentive Performance Materials Inc., Bluestar Silicones (Elkem Group), ACC Silicones Ltd., Gelest Inc., KCC Corporation, Nusil Technology LLC., and Henkel AG & Co.
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