NEWARK, Del, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The market for silicone films is estimated to be around US$ 1.1 billion in 2024. It is projected to exhibit a CAGR of 5.00% over the forecast period, with an estimated market size of US$ 1.8 billion by 2034.
The demand for silicone films is increasing across various industries such as electronics, automotive, and medical devices due to their diverse applications like protective coatings, insulation, adhesives, and release liners. The rising awareness of the environmental benefits of silicone films, expanding applications, and continuous advancements in silicone-based technology are also driving growth in the silicone film market.
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These films are also widely used in packaging, automotive, and construction industries due to their properties such as barrier properties, seal integrity, and heat resistance. Silicone films, in the electronics industry, are used as substrates and protective coatings, and encapsulates electronic components. Their demand is growing due to the production of lightweight, bendable electronic devices.
Silicone films are also gaining preference due to their ability to manufacture flexible displays and touchscreens used in various devices like smartphones, tablets, and automotive displays. These films are also used as protective coatings to safeguard electronic components from moisture, dust, chemicals, and mechanical stress.
“Companies in the silicone film market must explore and expand into new application areas beyond traditional markets such as electronics, automotive, and healthcare. This helps mitigate risks associated with dependence on a single market segment and opens up avenues for revenue growth,” says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study
- The silicone films segment dominates the silicone film market and it is expected to rise at a CAGR of 4.90% through 2034.
- On the basis of the end-use industry, the electronics industry segment is estimated to rise at a CAGR of 4.60% through 2034.
- The silicone film market in the United Kingdom is anticipated to grow at a CAGR of 6.10% over the forecast period.
- The silicone film market in China is estimated to rise at a 5.80% CAGR through 2034.
- The silicone film market in Japan has the potential to increase at a 5.40% CAGR through 2034.
- The United States silicone film market is predicted to rise at a 5.30% CAGR through 2034.
- The silicone film market in South Korea is very likely to grow at a CAGR of 6.90% through 2034.
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Competitive Landscape
The global market for silicone films is highly competitive and includes both domestic and international players. Companies such as Dow Corning, Wacker Chemie AG, Momentive Performance Materials, Elkem ASA, Shin-Etsu Chemical Co., Ltd., Rogers Corporation, etc., are some of the major players in the market. These players cater to the demands of various industries, such as electronics, packaging, industrial manufacturing, and aerospace, where silicone films are extensively used. To stay competitive, companies are investing in the development of more efficient and multi-functional silicone films that can enhance their electrical insulation, barrier properties, and flexibility.
Key Companies in the Market
- Dow Corning
- Wacker Chemie AG
- Momentive Performance Materials
- Elkem ASA
- Shin-Etsu Chemical Co., Ltd.
- Rogers Corporation
- 3M Company
- Evonik Industries AG
- Mitsubishi Chemical Corporation
- Siltech Corporation
- GE Advanced Materials
- DuPont
- Toray Industries
- Avery Dennison
- Nitto Denko Corporation
- BASF SE
- Henkel AG & Co. KGaA
- Eastman Chemical Company
- Trelleborg AB
- PolyOne Corporation
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Market Segmentation:
By Type:
- Silicone Film
- Silicone Coated Film
- Silicone Release Liners
By End-Use Industry:
- Electronics
- Medical
- Industrial
- Packaging
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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