According to Market Research Future (MRFR), the global silicone film market growth is anticipated to acquire a significant market value while expanding at a CAGR of 6.5% by 2030.
The growing demand to miniaturize electronics is anticipated to be a significant factor that can fuel the silicone film market growth in 2021. The high-precision films have extensive demand in the manufacture of lamps, wire insulation, and power distribution, which can augment the market. The growing requirement of silicones for various medical applications due to their chemical stability and resistance to high-temperature may actuate the silicone film trade. In addition, the growing demand for flexible packaging is likely to further fuel the requirement for the material, which is expected to strengthen the market.
On the other hand, high expenses associated with manufacturing and a rise in the cost of raw materials are expected to hamper the market growth. However, the greater efficiency of silicones films than other materials is expected to counter obstructing causes that can aid in the market growth in the assessment period.
Market Segmentation
The segmental analysis of the global silicone film market growth is done by application and type.
The application-based segments of the global silicone film market growth are electronics, packaging, automotive, industrial, others. Among all segments, the global market is anticipated to be dominated by the electronics segment during the assessment period. The packaging segment is expected to be the fastest-growing segment during the forecast period owing to various applications in several food & beverage products.
The type-based segments of the global silicone film market growth are released liner, silicone film, and silicone-coated film. Among all segments, the silicone film segment is anticipated to dominate the global market during the forecast period owing to the rising usage of low-density polyethylene (LDPE) medical packaging and electronic products.
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Key Players
Eminent players of the global silicone film market growth are Polyplex Corporation Limited (India), Sappi Limited (South Africa), Siliconature S.P.A. (Italy), Loparex (US), TORAY INDUSTRIES, INC. (Japan), Momentive Performance Materials (US), Elkem (Norway), DowDuPont (US), Mitsubishi Chemical Corporation (Japan), and Tee Group Film (US).
Regional Analysis
Based on the region, the global market for silicone film market growth is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, the APAC region is expected to acquire significant market value, expanding at a notable CAGR during the review period due to the increasing application of silicone films in electronic products. The presence of emerging economies like India and China is anticipated to play an important role in strengthening the regional market during the review period. Furthermore, the rising economic development and industrialization are other salient factors that can develop the regional market in the forthcoming period.
North America is anticipated to acquire significant market value, expanding at a notable CAGR in the forecast period owing to the increasing application of silicone films in pharmaceutical and processed food & beverages. The US and Canada are likely to make a significant contribution during the forecast period.
Europe market is expected to grow notably during the forecast period owing to the rising demand for silicone in various medical applications. The UK is projected to make a crucial contribution in the coming period.
The MEA region is expected to grow at a steady pace in the review period owing to the rising demand for silicone films in food & beverage packaging. Besides, the presence of untapped market opportunities in the region is likely to augment the market in the projection period.
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