May 18, 2024
Silicone Gel Market

The Global Silicone Gel Market is Estimated to Witness High Growth Owing to Increasing Demand from Electronics Industry

The global silicone gel market has been witnessing significant growth, driven by increasing demand from the electronics sector. Silicone gel finds widespread applications in electronic devices owing to its excellent insulation and sealing properties, which helps protect circuit boards and other components from heat, moisture, and vibration. It has high dielectric strength, thermal stability, and is moisture resistant, making it suitable for use as thermal interface materials and insulating materials in electronics. The growing electronic industry globally has thus augmented the demand for silicone gel over the years.

The Global Silicone Gel Market is estimated to be valued at US$ 18.88 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the global Silicone Gel Market Size are DOW Corning Corporation , Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG , Momentive Performance Materials Inc., Bluestar Silicones, ACC Silicones Ltd., Gelest Inc., KCC Corporation, Nusil Technology LLC., Henkel AG & Co.

Key opportunities: Rising usage of 5G networks and increasing number of data centers across the world present lucrative growth opportunities for silicone gel manufacturers. Growing demand from medical sector especially for wound care and drug delivery applications is another key opportunity.

Global expansion: Key players are expanding their manufacturing facilities across Asia Pacific and Middle East & Africa to tap into high growth opportunities. They are also investing in research & development to develop new grades of silicone gel suitable for emerging applications.

Market drivers: Increasing demand for smartphones, laptops, and other consumer electronics is a major growth driver for silicone gel market. Rising penetration of 5G network infrastructure and growing construction of data centers also contributes to the growing consumption of silicone gel globally.

PEST Analysis

Political: Regulations regarding the usage of silicones in medical devices can impact the demand. Some countries have restrictions on certain types of silicones used in personal care and medical products.
Economic: Changes in global economic conditions influence the spending power of end-use industries such as construction, personal care, and healthcare which dominantly use silicone gels.
Social: Rising health awareness and increasing disposable incomes are positively impacting the demand from the personal care and healthcare sectors. People are willing to spend more on premium products with silicone gels.
Technological: Developments in materials science are resulting in advanced silicone gels with better elasticity, durability and other properties. This expands their applications and drives the need for continuous innovation.

The Asia Pacific region accounts for the largest share of the global silicone gel market in terms of value. This is attributed to factors such as the large manufacturing base of various end-use industries and rapid economic development across major countries. With growing demand from the healthcare and personal care sectors, the Asia Pacific region is also expected to witness the fastest growth over the forecast period.

North America is another major regional market for silicone gels globally. The high demand from the medical devices industry, owing to significant healthcare spending and presence of major market players drives growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.