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.
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.
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