April 26, 2022 05:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 26, 2022 (GLOBE NEWSWIRE) -- The conductive silicone rubber market size was USD 9.88 billion in 2020. The market is projected to grow from USD 10.65 billion in 2021 to USD 17.88 billion in 2028 at a CAGR of 7.7% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Conductive Silicone Rubber Market, 2021-2028”.
According to our expert analysts, in electrical applications, the use of conductive silicone rubber provides good electromagnetic shielding as well as protection from electrostatic discharge. Silicone rubbers with excellent elasticity, flexibility, and mechanical qualities are known as conductive silicone rubbers. They have good thermal and electrical conductivity. They are also resistant to heat, cold, and other extreme weather situations.
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Supply Chain Disruptions to Hamper Market Growth
There is no doubt that the COVID-19 lockdown has considerably impacted production operations, resulting in nationwide shutdowns of manufacturing facilities, manpower shortages, and a global supply and demand chain downturn. According to studies, the outbreak of COVID-19 caused a sharp drop in automotive production in 2020 due to a lack of procedures in multiple countries around the globe. The disruption in the conductive silicone rubber market was caused by changes in raw material supply frequencies, logistics and shipping norms, and a lack of staff.
List of Key Players Mentioned in the Conductive Silicone Rubber Report:
The report provides a comprehensive overview of the market's analysis. The report's conductive silicone rubber industry estimations are based on extensive secondary research, primary interviews, and in-house expert reviews. The impact of different social, political, and economic aspects, and current market dynamics, on the conductive silicone rubber market growth has been factored into these market estimates.
Based on type, the market is segmented into electrically conductive and thermally conductive.
On the basis of application, the market is segregated into automotive, electrical & electronics, industrial, and others.
Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Exceptional Properties Compared to Normal Conductors to Stimulate Growth
Conductive silicone rubbers are widely employed in a range of end-user industries due to their thermal and electrically conductive properties. Electrically conductive silicone rubber is used in conductors, cables, EMI shielding gaskets, and ESD shielding applications in the electrical and electronics industries. EMP protection and wave directing applications use silicone rubbers with conductive characteristics.
They are used in military and aerospace equipment because of their EMI shielding properties. Silicone is chemically resistant, biocompatible, and hypoallergenic due to its inert nature. The demand for conductive silicone rubber has increased dramatically due to these excellent qualities, further accelerating growth.
Asia Pacific is expected to dominate the conductive silicone rubber market share. Increased economies, paired with rising purchasing power, enabled significant growth in the electronic, electrical, and automotive industries in countries such as China, India, and South Korea. Therefore, the need for conductive silicone elastomers has increased dramatically.
One of the most important markets for conductive silicone rubber is Europe. The need for electrically conductive silicone rubbers is being driven by the presence of a significant automobile production base. Furthermore, the large number of manufacturers present in European countries will contribute significantly to market growth.
In North America, demand for conductive silicone rubber has been driven by growth in key end-user sectors in industrialized countries such as the U.S. and Canada.
Companies Adopt Technologically Advanced Production Techniques to Improve Market Position
Major market players are investing in research and development to produce higher-quality products with more features. In addition, the corporations are pushing strategic collaborations in order to boost their R&D activities. Businesses place a strong emphasis on expanding their service areas in order to increase market share and income. Companies are working hard to introduce new consumer items to keep up with changing consumer preferences.
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