Potting is the process of filling an electronics component or assembly with solid compounds in order to protect them from the surrounding environment. These compounds are extensively used to protect electronic devices from moisture and insulate them. Besides, Potting Compounds are superior shock resistant and remarkable flame retardants. The widely used potting materials include epoxy, polyurethane, silicone, and others. Among these, silicone polymers exhibit excellent electrical properties, have a wide operating temperature range, good chemical, hardness range, humidity, & water resistance, and also offers ease-of-use.
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Silicone potting compounds have applications across various sectors, such as aerospace, electrical & electronics, industrial, energy & power, automotive, solar power, and marine industries. The demand for shield sensitive components is rising from various industries, such as automotive, communications, and computing, which is predicted to drive the growth of the global silicone potting compounds market in the upcoming future. In addition, the demand for silicone potting compounds is projected to increase in the near future, due to the expansion of the electronics industry across the globe.
COVID-19 Impact on Silicone Potting Compounds Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global silicone potting compounds market growth. The decrease in the growth of the market is majorly owing to the declining demand from various sectors, especially the automotive industry which witnessed fall in sales & demand. This is mainly because silicone potting compounds are broadly used in the engine components and exterior & interior parts of automotive vehicles. Besides, the aerospace & industrial sector struggled to survive during the period of crisis, which has disrupted the global market growth. Furthermore, travel restrictions in import & export and reduced cash flow owing to the delay in purchases have further worsened the situation.
Silicone Potting Compounds Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business vs expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global silicone potting compounds market growth in the upcoming years.
For instance, in January 2022, Intertronics, the supplier of adhesives, sealants, coatings, and equipment to customers with high-performance, high technology assembly applications, introduced a low viscosity silicone sealant ‘SilGel 612’ from WACKER. The properties of SilGel 612 make it a good sealant for electronic product manufacturers, mostly for encapsulating and potting electronic sensors, control units, and printed circuit boards.
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In March 2022, Shin-Etsu Silicones of America, Inc., the global chemical company that specializes in silicone products, introduced their UV-Activated Dual-Cure Silicone Series including KER-4410 and KER-4440 as the focal points in order to advance silicones for LiDAR and related automotive sensor applications. Silicone compounds featuring a main chain of siloxane bonds provide distinct advantages as compared to epoxy alternatives including stress releasing, cold resistance, heat stability, no curing shrinkage, and radical/addition polymerization.
Forecast Analysis of Global Market
The global silicone potting compounds market is projected to witness an exponential growth over the forecast period, owing to the unique characteristics of silicone potting compounds over potting compounds, such as urethanes and epoxies. Conversely, the high costs and less bonding performance associated with silicone potting compounds as compared to epoxy & polyurethane coatings is expected to hamper the market growth in the projected timeframe.
The increasing popularity of silicone potting compounds due to growing usage in the automotive and electronics industries and the unique characteristics of these compounds like protection against environmental factors, including water ingress, corrosion due to moisture, or protection from caustic gases & chemicals are the significant factors and silicone potting compounds market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global silicone potting compounds market is expected to garner $1,267.6 million during the forecast period (2021-2028). Regionally, the Asia-Pacific market is estimated to be most dominant by 2028, owing to the presence of leading electronics consuming and manufacturing countries in the region, such as India, China, South Korea, Japan, and others.
The key players functioning in the global market include Dow Silicones Corporation, Henkel AG & Co. KGaA, Dymax Corporation, Elantas, LORD Corporation, Master Bond Inc., Novagard Solutions, CHT Group, MG Chemicals, and Hernon Manufacturing, INC.
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