Silicon Ring Market Size, Share, Growth, Forecast 2030

Silicon Ring Industry Perspective:    

The global silicon ring market size was evaluated at $384.17 million in 2022 and is slated to hit $842.45 million by the end of 2030 with a CAGR of nearly 10.31% between 2023 and 2030.

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Silicon Ring Market: Overview

Silicon rings are circular, hollow metal pieces and can be manufactured in customized sizes. Reportedly, these products can be customized in diameter, width, and thickness. These rings can be closed as well as opened. Reportedly, the silicon ring is formed from pure silicon polycrystalline and has a full lattice structure. These rings are worn at weddings, traveling to the gym, and spending a day at the beach. Few individuals feel comfortable wearing these products at work such as working in the construction sector.

Key Insights

• As per the analysis shared by our research analyst, the global silicon ring market is projected to expand annually at the annual growth rate of around 10.31% over the forecast timespan (2023-2030)
• In terms of revenue, the global silicon ring market was evaluated at nearly $384.17 million in 2022 and is expected to reach $842.45 million by 2030.
• The global silicon ring market is anticipated to record massive growth over the forecast period owing to a rise in the research & development activities pertaining to silicon ring production.
• In terms of type, the 8 inches segment is slated to register the fastest CAGR over the analysis period.
• On the basis of application, the RF & power semiconductors segment is predicted to dominate the segmental surge over the forecast period.
• Region-wise, the Asia-Pacific silicon ring market is projected to register the highest CAGR during the assessment timeline.

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Silicon Ring Market: Growth Factors

Escalating demand for products in the semiconductor sector to exponentiate the global market expansion by 2030

A rise in the research & development activities pertaining to silicon ring production will contribute lucratively towards the expansion of the silicon ring market size across the globe in the next couple of years. Owing to its precision, these rings find a spectrum of applications in the semiconductor sector. A large number of businesses make use of them in the manufacture of silicon wafers. All these aforementioned factors will embellish the expansion of the silicon ring market in the upcoming years. Excellent performance and high durability have contributed notably to the demand for silicon rings. Additionally, new product launches will result in a massive increment in global market expansion. For instance, in May 2021, Enso Rings, a key manufacturer of silicone rings, introduced new silicone wedding rings with new SteriTouch® antimicrobial technology. Additionally, in September 2022, QALO, a key player in the silicone wedding band sector, joined hands with Pela, manufacturers of compostable phone cases, and introduced a new product line of rings. All such moves will provide impetus to the expansion of the market across the globe.

Silicon Ring Market: Restraints

An increase in product costs can diminish the product demand across the globe over 2023-2030

Surging product costs owing to an increase in the price of RF equipment can impede the expansion of the global silicon ring industry. The easy availability of substitute products can curtail the growth of the global industry. Poor general mechanical performance, its inability to stand against shear forces, and its unsuitability for rotary closure applications will hinder global industry growth. Apart from this, it is also unsuitable for applications that use oil and steam, thereby further diminishing the sales of silicon rings across the globe.  

Silicon Ring Market: Opportunities

The beneficial features of silicon rings will open new growth opportunities for the global market in the assessment period

Silicone rings are non-conductive, flame-retardant, ultra-thin, flexible, versatile, and electrically resistant and all these favorable features are likely to offer the global silicon ring market explore new dimensions of growth in the upcoming years. The product is non-toxic, prevents ring avulsion, is hypoallergenic & BPA-free, and hence will not create irritation on the skin. Moreover, these products are comfortable to wear and can even be worn by individuals having arthritis in their fingers. All these above-mentioned aspects will open new vistas of growth for the global market in the forecast period.

Silicon Ring Market: Challenges

Changing government laws pertaining to the manufacture of silicon rings can prove to be a major challenge for the global industry surge

Changing government policies associated with the production of silicon rings has created a big challenge for the global silicon ring industry. In addition to this, silicone offers poor abrasion resistance, low tear resistance, and poor tensile strength. All these aforementioned factors can inhibit the expansion of the industry across the globe.

Silicon Ring Market: Segmentation

The global silicon ring market is sectored into type, application, and region.

In type terms, the global silicon ring market is segregated into 8 inches, 12 inches, and others segments. In addition to this, the 8-inch segment, which accumulated nearly half of the global market share in 2022, is projected to register the highest gains during the forecast timeline. The growth of the segment in the next couple of years can be attributed to a rise in the demand for the product by athletes as silicone rings of 8 inches are made up of breathable material that does not absorb sweat like other metal rings and can be easily cleaned. Moreover, these rings are also worn as wedding rings and by workers in the construction sector as they provide comfort & are stretchy.

Based on the application, the global silicon ring industry is bifurcated into RF & power semiconductors, logic IC & storage IC, and others segments. In addition to this, the RF & power semiconductors segment, which contributed sizably towards the global industry share in 2022, is anticipated to establish global industry domination in the years to come. The segmental expansion over the predicted timeline can be due to the escalating use of silicon rings in RF & power semiconductor applications.  

Silicon Ring Market: Report Scope

Silicon Ring Market: Regional Insights

North America is anticipated to account for a key share of the global market over the analysis timespan

North America, which accounted for more than 60% of the global silicon ring market share in 2022, is anticipated to dominate the global market revenue share even during the forecast period. The market surge in the region in the projected timeline can be subject to an increase in the technical improvements in the semiconductor & telecommunications sector. Prominent use of communication technologies in North American countries will proliferate the size of the silicon ring market in the region.

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Furthermore, the silicon ring industry in Asia-Pacific is set to register the fastest CAGR in the projected timeline. The key growth drivers of the industry in the region include the presence of key players in countries such as India, China, Taiwan, Japan, Hong Kong, South Korea, and Singapore. In addition to this, an increase in product penetration in the RF & power semiconductors sector in the region will prompt regional industry trends in the upcoming years.

Silicon Ring Market: Competitive Space

The global silicon ring market profiles key players such as:

• HEBEI MICHU TECHNOLOGY CO. LTD.
• Qingdao Unilutek Industry Co. Ltd.
• Rega(Yixing) Technologies Co. Ltd.
• Yiwu Skysword Jewelry Co. Ltd.
• Enso
• Europe Seals BV
• Tianjin King Seal Co. Ltd.
• Silfex Inc.
• CoorsTek Inc.
• Xingtai Hanqian Seal Technology Co. Ltd.
• Hana Materials Inc.
• Thinkon Semiconductor Jinzhou Corp.
• Mitsubishi Materials Corporation
• Grinm Advanced Materials Co. Ltd.
• Worldex Industry & Trading Co.
• Jiangyin No.3 Rubber Manufacturer Co. Ltd.
• QALO
• Groove Life®
• Etsy
• Dongguan Lanhe Electronics Co. Ltd.
• Xiamen Hongsen Shengshi Technology Co. Ltd.

The global silicon ring market is segmented as follows:

By Type

• 8 Inches
• 12 Inches
• Others

By Application

• RF & Power Semiconductors
• Logic IC & Storage IC
•  Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa