Silicone derivatives market forecast with a CAGR of 6.4 percent by 2032

Fort Collins, CO – DataHorizzon Research reports the swiftly expanding electronics industry is a significant driving force for the silicone derivatives market. Silicone derivatives, including adhesives, sealants, and encapsulants, are pivotal in manufacturing electronic devices such as smartphones, laptops, and IoT gadgets. As per the Semiconductor Industry Association (SIA), global semiconductor sales soared to USD 555.9 billion in 2021, marking a notable 26.2% surge from 2020. The rise in demand for advanced electronic devices, coupled with the trend of miniaturization, is poised to bolster further the need for silicone derivatives within the electronics sector.

Furthermore, the healthcare sector emerges as another crucial driver for the silicone derivatives market. Due to their biocompatibility, durability, and flexibility, silicone-based materials find extensive application in crafting medical devices, implants, and prosthetics. The World Health Organization (WHO) projects that the global medical device market will reach USD 612 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2020 to 2025. The escalating prevalence of chronic diseases, alongside the rise in the elderly population, is anticipated to propel the demand for medical devices and, consequently, silicone derivatives within the healthcare domain.

Electronics are the leading application segment and is projected to grow significantly in the coming years.

Based on the market segmentation by application, the electronics segment is projected to be the largest segment in the silicone derivatives market in 2023. The ever-increasing demand for electronic devices, such as smartphones, laptops, and smart home appliances, coupled with the growing trend of miniaturization and the need for efficient thermal management, drives the demand for silicone derivatives in the electronics industry.

Silicon dioxide is the leading segment projected to grow significantly in the forecast period.

Based on the market segmentation by type, silicon dioxide (silica) is expected to be the largest segment in the silicone derivatives market. Silica finds extensive applications across various industries, including construction, automotive, electronics, and personal care, due to its unique properties, such as high surface area, thermal stability, and excellent reinforcing capabilities.

The growing demand from the healthcare industry and expansion in the electronics industry encourage market growth.

Asia-Pacific is expected to be the fastest-growing region in the silicone derivatives market in the near future. Rapid industrialization, growing population, and increasing disposable incomes in countries like China and India drive the demand for silicone derivatives in various applications.

Some prominent players in the silicone derivatives market report include Dow Inc., Wacker Chemie AG, Momentive Performance Materials Inc., Elkem Silicones, Shin-Etsu Chemical Co., Ltd., Evonik Industries AG, Gelest Inc., Innospec Inc., Sivance LLC, Milliken & Company, Emerald Performance Materials, and Speciality Silicone Products Inc.