PUNE, India, January 9, 2017 /PRNewswire/ --
The report "Silicone Gel Market by End-use Industry (Electrical & Electronics, Medical & Pharmaceuticals, Cosmetics & Personal Care), and Region (North America, Asia-Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 1.96 Billion by 2026, at a CAGR of 6.9% during the forecast period of 2016 to 2026.
Browse 88 market data Tables and 37 Figures spread through 126 Pages and in-depth TOC on "Silicone Gel Market"
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The high growth of electrical & electronics industry globally and the increasing demand of silicone gel for various new applications from the end-use industries is driving the market and is resulting in increasing number of new product launches and expansions.
Electrical & Electronics: The largest end-use industry segment of the silicone gel market
Electrical & electronics accounted for the largest market share in terms of volume of the overall silicone gel market in 2015. Silicone gel finds applications in protective coating, encapsulation, and potting agent for sub-industries such as automotive electronics, LED lighting, HV insulation, and PV. In addition, there is a high demand for silicone gel in applications such as highly sensitive circuits, semiconductor, and other electronic components and assemblies due to its stability in low and high temperatures. Moreover, the growing trend of miniaturization in the electronics industry has propelled the demand for silicone gels as it provides adequate protection at component interfaces which is a critical requirement in higher power electronics.
Asia-Pacific: The largest regional market for silicone gel
APAC accounted for the largest share, in terms of volume, of the global silicone gel market in 2015. This regional market is expected to be driven by new product development and product innovation initiatives taken by manufacturers. China dominated the Silicone Gel Market in Asia-Pacific and expected to witness the highest CAGR between 2016 and 2026 in terms of both value and volume. This growth is primarily attributed to the increasing trend of advanced implants & prosthetics in the medical industry, coupled with high growth of the electrical & electronics industry.
Major silicone gel players such as Shin-Etsu Chemical Co. ltd (Japan) and KCC Corporation (South Korea) are the APAC-based companies supplying products across the globe.
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Some of the major players in the global silicone gel market are Dow Corning Corporation (U.S.), Shin-Etsu Chemical Co. ltd (Japan), Wacker Chemie AG (Germany), Momentive Performance Materials Inc. (U.S.), Bluestar Silicones (France), KCC Corporation (South Korea), and Nusil Technology LLC (U.S.). Major players in this market are focusing on organic growth strategies for a greater market share in emerging economies such as APAC and South America.
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