Silicone in Electrical and Electronics Market Expected to Reach $2.6 Billion by 2030

According to a new report published by Allied Market Research titled, “Silicone in Electrical and Electronics Market by Type and End-user: Global Opportunity Analysis and Industry Forecast, 2021–2030” The silicone in electrical and electronics market size was valued at $1.6 billion in 2020, and is projected to reach $2.6 billion by 2030, growing at a CAGR of 10.7% from 2021 to 2030.

Silicones in electrical and electronics industry are regarded as a large class of synthetic materials that consist of silicone sealants, adhesives, insulation and coatings, which help make electrical and electronics product more energy-efficient. Silicone in electrical and electronics products provides high thermal stability and resistance to weathering and UV radiation, owing to which there has been increase in demand for silicone from the electrical and electronics sector. Silicone is heat-resistant and rubber-like material, which is used in applications for thermal and electric insulation. Due to the advantages of silicone, such as low toxicity, electrical properties, and high purity, it is used in silicone rubber application of sealing, coating, and insulating parts in the electronics industry.

The silicone in electrical and electronics market offers various opportunities to the market players involved in silicone production, owing to rapid growth in the global economy and disposable incomes. Increase in use of silicone in electrical and electronics industry as well as growth in the electrical and electronics industry, especially in China and India are some prominent aspects that augment the growth of the silicone in electrical and electronics market. Silicone-based products, such as electrically conductive silicone adhesives, are widely used in the electrical and electronics industry. They can be used to attach components instead of soldering. When exposed to high temperatures, silicone remains stable and can endure the heat found in many operating situations. Silicone-based conformal coatings also electrically isolate all conductors on a printed circuit board (PCB), as well as insulating electronics from heat, high temperatures, corrosives, and vibration. Thermally-conductive silicone compounds are used to wrap electronics, including power supplies, rectifiers, transformers, and sensors to transmit heat away from them while also insulating them from humidity, vibration, dust, and high temperatures. These factors drive the demand for silicone in electrical and electronics industry. In addition, a wide range of silicone-based products, such as processor and chips are used in mobile phone. Increase in demand for mobile phones from countries such as India and China is expected to further boost the demand for silicone in electrical and electronics industry.
 
By type, the silicone elastomer segment dominated the global market in 2020, and is anticipated to maintain its dominance during the forecast period. The silicone fluids segment is projected to grow at a significant CAGR of 11.1% during the forecast period. Silicone elastomers are expected to witness rapid adoption in architectural applications owing to its properties, such as UV resistance, high thermal conductivity, outstanding electrical insulating properties, and lower flammability.

By end-user, the consumer electronic segment dominated the global market in 2020. Increase in need for silicone sealants in the consumer electronics industry for its higher elongation and lower strength characteristics make it ideal for sealing joints and assemblies. In addition, there is increased in demand for laptops and mobile phone driving the demand for silicone in consumer electronics.

Asia-Pacific garnered the highest share in the silicone in electrical and electronics market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. The silicone in electrical and electronics market share is analyzed for all significant regions and countries.

The key players operating in the global silicone in electrical and electronics market include Silchem Inc., ICM Products, Inc., Speciality Silicone Products Incorporated, Wacker-Chemie GmbH, Evonik Industries AG, Hutchinson, Kemira Oyj, Quantum Silicones, Kaneka Corporation, and The Dow Corning Corporation.

The other players in the value chain of the silicone in electrical and electronics market include, Mesgo S.P.A., Zhejiang Xinan Chemical Industrial Group Co., Ltd., Reiss Manufacturing Inc., Ashland Incorporated, CRI-SIL Silicone Technologies, LLC., CSL Silicones Incorporated, and Elkay Silicones

Covid-19 Impact On The Silicone In Electrical And Electronics Market

• The outbreak of COVID-19 in China and its spread across numerous countries across the globe, halted the manufacturing activities of industrial sectors, which correspondingly hampered electrical and electronics product manufacturing as well.
• The COVID-19 pandemic is expected to have significant impact on industrial participants operations, indirectly and directly with respect to customer behaviors, labor shortages or stoppages, inventory, sales, business and manufacturing operations, and others. 
• As per the companies operating in the market, there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and political and economic disturbance it might cause. 
• On the other hand, the COVID-19 pandemic increased the demand for chips in laptops and data centers, because of sudden increase in activities such as internet shopping, gaming, conference calling, and work from home. This resulted in increase in demand for silicone-based product from electrical and electronics industry, driving the growth of the silicone in electrical and electronics market. 

Key Findings Of Study

• The silicone in electrical and electronics market size is provided in terms of $million and tons.
• By type, the elastomer segment emerged as the global leader by acquiring around 55.1% market share in 2020 in terms of revenue, and is anticipated to be the largest market during the forecast period.
• On the basis of end-user, the consumer electronics segment emerged as the global leader, registering 54.4% market share in 2020 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
• Region-wise, Asia-Pacific is the major consumer of silicone in electrical and electronics market among other regions. It accounted for around 53.6% of the global market share in 2020 as a result of rapid growth in the electrical and electronics sector across the region.