Silicone Gel Market worth 1.96 Billion USD by 2026
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 ", The global silicone gel 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 .
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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