The global silicone gel market is expected to post a CAGR of over 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased demand for silicone gel in developing countries. Developing economies such as China, India, Taiwan, Brazil, South Korea, and Indonesia are contributing significantly towards the global silicone gel market. Factors such as the easy availability of land, low cost of transportation, easy accessibility of raw materials, inexpensive labor, and relatively lenient government regulations and policies are driving the self-leveling concrete vendors to shift their manufacturing activities to these countries.
This market research report on the global silicone gel market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand from the renewable energy market as one of the key emerging trends in the global silicone gel market:
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Global silicone gel market: Increasing demand from the renewable energy market
Silicone gel is extensively used as an encapsulant for solar photovoltaic modules as it is lightweight and stable. Encapsulation helps in increasing the lifespan of PV modules, and silicone gel protect the PV cells from heat, moisture, and mechanical damage. These gels offer good optical contact between the outer protective coating and PV cell surfaces.
In 2016, the global levelized cost of electricity of the solar photovoltaic generation reduced at a rate of more than 200% when compared to 2009 owing to the improvement in technologies and innovations. In countries such as the US, China, India, and Germany, the increasing investments in solar energy are likely to fuel the demand for silicone gels during the forecast period, says a senior analyst at Technavio for research on specialty chemicals.
Global silicone gel market: Segmentation analysis
This market research report segments the global silicone gel market by end-user (electrical and electronics, medical and pharmaceutical, and cosmetics and personal care) and geographical regions (APAC, EMEA, and the Americas).
The electrical and electronics segment held the largest market share in 2017, accounting for nearly 50% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 40%. This region is expected to dominate the market through 2022, with nearly 2% increase in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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