Conductive Silicone Market size is poised to record exponential growth from 2023 to 2032 driven by increasing product use across automotive applications.
The automotive sector deploys conductive silicone products such as adhesives and sealants as they provide electrical conductivity, moisture & heat resistance, easy assembly, flexibility, and low-temperature processability. Rising traction in conformal coatings, bonding & printing, fastening, and encapsulants & potting compounds is expected to add impetus to the product demand.
The increasing emphasis on energy-efficient technologies to address the burgeoning power demand worldwide is further propelling the scope of conductive silicone applications across energy generation, LED, and photovoltaic. According to Ember's Global Electricity Mid-Year Insights, the global demand for electricity increased 3% in the first half of 2022. Wind and solar helped cater to 77% of this demand whereas hydro accounted for the rest. In China, the power generation based on solar and wind met 92% of its electricity needs, while in the U.S. and India it was 81% and 23% respectively.
The COVID-19 pandemic led to the emergence of new challenges in the conductive silicone industry considering the dramatic demand and supply gap. However, with strict lockdown restrictions and social distancing norms, rapid digitization caused a surge in the need for electronics, such as laptops and smartphones. The adoption of distance learning and remote working models further exacerbated the need for electronics.
Based on product, the conductive silicone market size from elastomers is expected to increase substantially through 2032. The demand for elastomers, such as room-temperature vulcanize, high-temperature vulcanize, and liquid silicone rubber has picked up pace in recent years as they are increasingly used in the electronics and telecommunications sector. Surging preference for advanced products that have the ability to withstand extreme temperatures and superior chemical resistance will also contribute to the segment growth.
In terms of application, the industry share from the thermal interface material segment is projected to expand over 2023-2032. Conductive silicones designed for applications in thermal interface materials are experiencing a notable surge in demand as they are employed as adhesives with a wide variety of substrates. The rising importance of high thermal conductivity to offer uniform internal temperature in various products will further influence the market dynamics.
On the basis of regional segmentation, the Asia Pacific conductive silicone market size is anticipated to record notable revenue gains by 2032. The region is home to several well-established end-user sectors, such as energy & power, telecommunications & electronics, building & construction, and automotive. The surging consumption of smart electronics and appliances will also foster the lucrative demand for conductive silicones in the region.
The competitive landscape of the global conductive silicone market consists of the Dow Chemical Company, Wacker Chemie AG, Shin-Etsu Chemical Company Ltd, Evonik Industries AG, ACC Silicones, Becancour Silicon Inc., Globe Specialty Metals Inc., Elkem AS, Nusil Technologies LLC, KCC Corporation, and Reiss Manufacturing Inc, among others