Silicone in Electrical and Electronic Global Market Report 2024

Prominent product categories in the domain of silicone in electrical and electronics encompass sealants and adhesives, ceramics, silicone coatings, conformal coatings, encapsulants, potting silicones, hardcoats, optical bonding adhesives, and quartz thermal management. Sealants and adhesives, characterized as polymer-sealing substances, play a crucial role in creating durable coverings on porous surfaces. Available in various forms such as fluids, gels, elastomers, and resins, these materials are utilized across diverse industries, including automotive, electronics, telecommunications, and others.

The silicone in electrical and electronics market research report provides silicone in electrical and electronics market statistics, including silicone in electrical and electronics industry global market size, regional shares, competitors with a silicone in electrical and electronics market share, detailed silicone in electrical and electronics market segments, market trends and opportunities, and any further data you may need to thrive in the silicone in electrical and electronics industry. This silicone in electrical and electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The silicone in electrical and electronic market has grown strongly in recent years. It will grow from $2.08 billion in 2023 to $2.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The expansion observed during the historical period can be ascribed to several factors, including heat resistance and thermal stability, insulating properties, resistance to water and weather, flexibility, low-temperature performance, notable dielectric strength, and effective adhesion to diverse substrates.
The silicone in electrical and electronic market is expected to see strong growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated expansion in the forecast period is linked to various factors, such as the electric vehicle revolution, advancements in wearable electronics, increased adoption of smart home applications, growing emphasis on sustainable and eco-friendly trends, and the emergence of flexible electronics. Key trends expected during this period encompass progress in thermal management, the evolution of flexible and foldable electronics, the integration of silicone in smart devices, ongoing innovation in sealants and encapsulants, and the integration of artificial intelligence (AI).

The surge in smartphone usage is poised to drive the growth of silicone in the electrical and electronic markets. Smartphones, portable electronic devices connecting to cellular networks, utilize silicone electrical sealants in fingerprint sensor assemblies. These sealants contribute to achieving an IP waterproof rating and safeguard components from heat, shock, and contaminants. With capabilities such as primer-less adhesion to micro-USB type C components, they establish a barrier to prevent moisture intrusion. As an illustrative example, Uswitch Limited, a UK-based comparison and switching service, predicts 71.8 million active mobile connections in 2022, with 95% of the UK's 68.3 million individuals carrying smartphones by 2025. This surge in smartphone usage is a significant driver for silicone in the electrical and electronic market.

The expansion of the electric vehicle market is anticipated to propel the growth of silicone in the electrical and electronic sectors. Electric vehicles (EVs), which rely on stored electricity in rechargeable batteries, incorporate silicone as a crucial component in various electronic systems. The distinctive properties of silicone contribute to enhancing the performance, reliability, and safety of diverse EV components. Notably, the International Energy Agency reports that ten million electric vehicles were sold globally by 2022, with the market share expected to rise from 4% to 14% in the next two years. Consequently, the burgeoning electric vehicle market serves as a key driver for the utilization of silicone in the electrical and electronic sectors.

The prevailing trend in the silicone market within the electrical and electronics sectors is technological advancement, with major companies embracing innovation to maintain their market standing. Illustratively, in June 2021, Dow Inc., a US-based chemical manufacturer, introduced three new silicone technologies tailored for Electric Vehicle (EV) electronics applications - DOWSIL TC-2035 CV Adhesive, DOWSIL TC-4551 CV Gap Filler, and DOWSIL TC-4060 GB250 Thermal Gel. These technologies aim to deliver reliable performance, high thermal conductivity, efficient heat dissipation, and ease of processing. DOWSILTM TC-2035 CV Adhesive, specifically designed for automotive electronics assembly such as Advanced Driver Assistance Systems (ADAS) units and Electronic Control Units (ECUs), boasts excellent thermal conductivity, quick curing, and outstanding room-temperature shelf-life stability. Similarly, DOWSILTM TC-4551 CV Gap Filler provides high thermal conductivity and dependable performance in vehicle power electronics, ECUs, and ADAS applications.

Major players in the silicone electrical and electronic markets are strategically forming partnerships to offer silicon carbide semiconductors, enhancing powertrain efficiency and extending the driving range of next-generation electric vehicles. An example of this strategic partnership approach is the collaboration between Jaguar Land Rover Automotive PLC and Wolfspeed, Inc., announced in October 2022. The partnership ensures a supply of silicon carbide semiconductor technology crucial for the electrification of Jaguar, Range Rover, Discovery, and other next-gen vehicles. This collaboration builds on Wolfspeed's prior engagement with the ABB FIA Formula E World Championship-winning Jaguar TCS Racing team, utilizing cutting-edge Silicon Carbide technology for on-track performance and efficiency. The partnership underscores Jaguar Land Rover's commitment to forging strategic alliances with industry leaders for its contemporary luxury vehicles. Wolfspeed Inc., based in the US, specializes in silicon carbide and gallium nitride material-based semiconductors.

In January 2021, Momentive Inc., a US-based chemicals company, strengthened its silicone business by acquiring the silicones business from KCC Corporation, a South Korea-based chemical company, for an undisclosed amount. This acquisition aims to accelerate Momentive Inc.'s silicone business by leveraging the combined capabilities and expertise of both companies in advanced silicones and specialty products. The tailored applications span various industries, including healthcare, telecommunications, electronics, personal care, and energy. KCC Corporation is known for manufacturing various silicone materials and silicone electronics.

Major companies operating in the silicone in electrical and electronic market report are Silchem Inc., ICM Products Inc., Specialty Silicone Products Inc. (SSP), Wacker Chemie AG, Evonik Industries AG, Dow Inc., Kemira Oyj, Quantum Silicon Inc., Kaneka Corporation, Hutchinson SA, Shin-Etsu Chemical Co. Ltd., H.B. Fuller Company, ACC Silicones Ltd., Elkem Silicones, LORD Corporation, Rogers Corporation, Momentive Performance Materials Inc., Henkel AG & Co. KGaA, Reiss Manufacturing Inc., Saint-Gobain Performance Plastics, 3M Company, Nusil Technology LLC, Silafrica, Siltech Corporation, Krayden Inc., Master Bond Inc., Permabond LLC, Pyradian Corporation, Silicones Plus Inc., Trelleborg Group, Zeus Industrial Products Inc.

Asia-Pacific was the largest region in the silicone in electrical and electronic market in 2023. The regions covered in the silicone in electrical and electronic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the silicone in electrical and electronic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Silicone in the electrical and electronics market consists of sales of connectors, fluorosilicone, transistors, capacitors, coils, and printed circuit boards. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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