Press release
Silicone Sealants Market Detailed Analysis In Forecast Year from 2021 to 2031
Increasing substitution of organic sealants by silicone sealants, miniaturization of electrical components, and rising trend towards the use of energy-efficient glass in construction are some of the factors that are expected to contribute toward the growth of the silicone sealants market over the estimated time period. The global silicone sealants market is anticipated to register a CAGR of around 4% over the forecast period.
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Global Silicone Sealants Market: Dynamics
The global silicone sealants market is anticipated to be mainly driven by the construction, automobile, and electronics industries in the coming years. The construction industry is expected to create large volume sales of silicone sealants, owing to the large number of silicone sealant applications in the industry. Silicone sealants account for almost 8% of the total global construction chemicals market. With the growing influx of investments in the construction industry, the market is projected to witness a healthy rise in the demand for silicone sealants in the coming years.
The automotive industry is also experiencing an increased demand for silicone sealants. The use of silicone sealants instead of welding and mechanical fastening methods is expected to be one of the key factors driving its demand in automotive as well as other industries. The global sales of automobiles accounted for around 104 million units in 2017, and this is projected to grow at a steady pace in the coming years. This provides a significant growth opportunity to the silicone sealants market over the forecast years.
Global Silicone Sealants Market: Segmentation Overview
Segmentation on the basis of application: On the basis of application, the silicone sealants market is segmented into building & construction, semiconductors & electronics, automotive, glass, wood furniture, and HVAC. The building & construction segment is anticipated to hold a prominent position in the global silicone sealants market in terms of volume and value market share. The automotive segment is anticipated to register a robust growth rate, owing to the increasing demand from this industry to replace conventional welding and mechanical fastening with silicone sealants.
Segmentation on the basis of product type: The general grade segment is projected to lead the silicone sealants market in terms of product type over the forecast period. Growing applications of general grade and curing period of general grade silicone sealants are considered to be the main factors contributing to the growth of this segment.
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Global Silicone Sealants Market: Regional Overview
China is projected to be one of the key countries in the global silicone sealants market, accounting for almost 15% of the total market share by the end of the forecast period. The South East Asia & Other Pacific (SEAP) market is anticipated to grow at a fast pace in the global silicone sealants market during the forecast period, owing to the growth in the automobile, construction, and electronics industries in these regions. Europe and North America are mature markets, owing to the maturity of the end-use industry growth, and are anticipated to grow at a significantly slow pace over the estimated period.
Global Silicone Sealants Market: Vendor Insights
The silicone sealants market is fairly consolidated, with tier-I players occupying around 35% of the market share. Some of the key manufacturers detailed in the global silicone sealants market report are RPM International Inc., Henkel AG & Co. KGaA, Pidilite Industries Ltd., 3M, H.B. Fuller, Wacker Chemie AG, Sika A.G., BASF SE, Dow, Arkema (Bostik), Fosroc Inc., and GCP Applied Technologies, among others.
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