Conductive Silicone Market size is forecast to reach $5.78 billion by 2025, after growing at a CAGR of 7.8% during 2020-2025. Conductive silicones are additives that allow electrical current to flow through silicone. Electrically conductive silicones have been used in automotive and industrial applications such as radio frequency shielding and sealing. The major use is because of its excellent biocompatibility, flexibility, high chemical resistance, stability over a wide temperature range, and ease of manufacturing. The companies are adopting various strategies and investing a lot in R&D to develop technical advancement in the conductive silicone. However, the pandemic has turned to be the biggest challenge for the market in 2020.
Conductive Silicone Market Segment Analysis - By Product Type
Silicone Elastomers held the largest market share in 2019. Liquid silicone rubber (LSR) injection molding is used from several years and now its use is significantly expanding in the recent years. The growth is due to the rise in demand in medical devices and wearable technologies, automotive, infant care and in household goods. It cures faster and offers properties which are not obtainable with traditional rubber materials, especially heat resistance, extreme low-temperature flexibility, chemical resistance, biological inertness, and an intrinsic capacity for reducing friction.
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Conductive Silicone Market Segment Analysis - By Application
Adhesives and Sealants are projected to witness the highest share in the Conductive Silicone Market in 2019. They are used for bonding in the conventional solar panels and used as a thin semiconductor for the new generation of solar panels. Around 90% of solar cells are based on silicon. They are also used in the energy transmission and distribution because it increases durability and weather protection. Adhesives and Sealants are used in electronic devices to produce circuits, connectors, capacitors, coils, transistors, and tubes. Silicones are extensively used within various industrial process requiring resistance to high pressure, temperature and corrosion and adaptation to all kind of surfaces.
Conductive Silicone Market Segment Analysis - By End-Use Industry
The Energy and Power sector dominates Conductive silicone market growing at a CAGR of 11%. According to Global Silicone Council it is estimated that about 788,000 tons of silicone products are annually purchased for the use in the Energy and power sector in renewable energy sources like solar panels and wind turbines and for traditional energy sources like oil, gas and electricity. In 2015 approximately 180 GW of solar photovoltaic capacity was installed. It is estimated that by 2030 the solar energy market will reach $5 trillion of its cumulative revenue. This segment is witnessing growth due to the rising penetration from untapped markets and growing demand for energy worldwide.
Conductive Silicone Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the PVC Additives market growing at CAGR of 40% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing markets globally. Large and mature markets such China, India, Japan, and South Korea are expected to grow more in the coming years. China is driving much of the conductive silicone market demand in Asia-Pacific region followed by India and Japan. Of the five fastest growing regions in power and energy sector, other than the U.S all are Asian countries including China and India who majorly drive the demand for power and health care investment in this region. The key sectors for silicones sales are Power and Energy, industrial processes, personal care and households, electronics, and health care. The strong and healthy growth is associated with growing population and middle-class economy, which tend to drive the market further and hence the conductive silicone market. The increasing number of R&D, along with the rise in the number of new industries has further propelled the market. Currently the industry has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Conductive Silicone Market Drivers
Increasing demand for Sustainable Development
Silicones are used in highly sustainable energy technologies like solar and wind power. Silicone play an important role in as it enhances performance and durability of many commercial and industrial products. Silicone lends its useful characteristics when applied to other materials allowing products to last longer, spread better, stay flexible or rigid, and withstand extreme temperatures or humidity, thus reducing the resource and energy consumption of the products in which silicones are used.
R&D and rise in investment will drive the Conductive Silicone Market
The companies are adopting various growth strategies and investing in R&D extensively to develop technically advanced unique products. The increase in demand is leading towards the new growth. Silicones have helped advance technologies and innovations such as LED lights, electric vehicles, medical prosthetics, and renewable energy sources, such as wind turbines and solar panels.
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Conductive Silicone Market Challenges
Disruption in supply chain can restrict the growth of the Conductive Silicone Market
Due to the tightening of Chinese environmental norms some feedstock facilities were forced to shut down to meet air quality regulation leading in supply shortage. The major challenge is to deal with the short supply without hampering the environment. The demand for the products is increasing but due to the closing of the facilities it is making a disbalance between the demand and supply and causing a disruption in easy supply chain leading to restricted growth in conductive silicone market.
The emergence of COVID-19 pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. Currently, the conductive silicone market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. In turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Conductive Silicone Market Landscape
The changing technology and R&D activities are key strategies adopted by players in the conductive silicone market. In 2019, the market of conductive silicone has been consolidated by the top ten players accounting for xx% of the share. Major players in the conductive silicone market are Shin-Etsu Chemical Company Ltd., Evonik Industries AG, Dow Corning Corporation, Specialty Silicone Products Inc., and others.
Acquisitions/Technology Launches
In June 2018, ProMed added carbon nanotubes, the new additive which turned out to be a game-changer for silicone raw material manufacturer to offer electrically conductive silicones that are capable of basic material testing requirements (including USP Class VI) for medical devices. It has also partnered with several companies experimenting with conductive silicone medical products in the R&D stage.
Key Takeaways
Conductive Silicones Market plays an undeniably significant job supporting improvement, advancement, and progress in a wide scope of American industry parts, speaking to items from vehicles to gadgets to customer items, for example, household and personal care item.
In health care applications, silicones provide a unique combination of properties that reduce patient risk, including important contributions to medical devices and innovations.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of silicones and related industries has been negatively affected, thus hampering the growth of conductive silicone market.
The key focuses areas will include the applications and the end use industry of conductive silicone market and market estimation analysis geographically.
The report in depth provides an understanding of conductive silicone market such as company analysis consisting of market share, company revenue, products, M&A and developments.
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