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Global Silicone Adhesives Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Silicone Adhesives Global Market Report 2024
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According to The Business Research Company's, The silicone adhesives market size has grown strongly in recent years. It will grow from $2.03 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to rising demand for lightweight materials, growing electronics manufacturing, the increasing use of biocompatible silicone adhesives in medical devices, and rising demand for renewable energy, aerospace industry growth.
The silicone adhesives market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing electric vehicles, rising demand for sustainable building materials, expansion of 5g and electronics, technological advancements in adhesive formulations, growing industrial automation and robotic systems. Major trends in the forecast period include a shift toward eco-friendly adhesives, advancements in high-temperature applications, growing trend of miniaturized electronics, growing trend of miniaturized electronics, customization, and specialty adhesives, integration with smart materials.
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Market Drivers and Trends:
Expansion of the construction industry is expected to propel the growth of the silicone adhesives market going forward. The construction industry refers to the planning, design, building, and maintenance of structures, including residential, commercial, and infrastructure projects, utilizing various trades and technologies to create safe and functional environments. The expansion of the construction industry is driven by urbanization, increasing population demands, and government investments in infrastructure projects, which together create a need for new buildings, roads, and facilities to support economic growth and improve living standards. Silicone adhesive is used in the construction industry for its excellent flexibility, weather resistance, and strong bonding capabilities, making it ideal for sealing joints and bonding various building materials. For instance, in August 2024, according to the Australian Bureau of Statistics, an Australia-based government agency, in June 2024, building work totaled $33,815.0 million, marking an increase from $32,443.2 million in June 2022. Therefore, the expansion of the construction industry is driving the growth of the silicone adhesives market.
Major companies operating in the silicone adhesives market are focusing on developing innovative solutions, such as soft elastomeric silicone adhesives for adhering medical devices. Soft elastomeric silicone adhesive is a flexible, cushioning adhesive designed for gentle yet durable bonding. It is commonly used in medicine, electronics, and wearable applications due to its soft, skin-friendly properties. For instance, in February 2023, DuPont de Nemours, Inc., a US-based chemical company, launched the Liveo MG 7-9960 Soft Skin Adhesive. Liveo MG 7-9960 Soft Skin Adhesive is a silicone-based adhesive designed for medical applications. It offers gentle adhesion for sensitive skin, high flexibility, and long wearability, making it ideal for wound care, wearable devices, and other medical tapes. This adhesive also provides moisture management, reducing skin irritation.
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Major Key Players of the Market:
BASF SE, Dow Corning Corporation, 3M Company, Henkel AG & Co. KGaA, Shin-Etsu Chemical Co. Ltd., Sika AG, Wacker Chemie AG, Avery Dennison Corporation, Nitto Denko Corporation, Elkem Silicones, H.B. Fuller Company, Momentive Performance Materials Inc., Tesa SE, Huntsman Corporation, CHT Group, Delo Industrial Adhesives LLC, Rogers Corporation, Novagard Solutions Inc., McCoy Soudal, Avioparts, American Sealants Inc., Silicone Solutions Inc., Master Bond Inc.
Silicone Adhesives Market 2024 Key Insights:
• The silicone adhesives market size is expected to see strong growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Growth Of The Silicone Adhesives Market Fueled By Construction Industry Development
• Innovations In Soft Elastomeric Silicone Adhesives For Medical And Wearable Applications
• Asia-Pacific was the largest region in the silicone adhesives market in 2023
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