Silicone Sealants Market Size, Share & Trends Analysis Report By Technology, By Application (Construction, Insulating Glass, Automotive, Industrial, Others), By Region, And Segment Forecasts, 2019 - 2025
The global silicone sealants market size is expected to reach USD 5.01 billion by 2025 growing at a CAGR of 5.7%, according to a new report by Grand View Research, Inc. The increasing construction activities across the globe, along with growing demand for insulated glass due to rising concerns over energy consumption, is anticipated to drive the market growth.
Construction industry was the major end-user of silicone sealants in 2018 and this trend is expected to continue over the forecast period. The various benefits of the product such as ability to withstand high & low temperatures, insulation, durability, aesthetic finish, water and chemical resistance, etc., increase their preference over other adhesives & sealants. Growing infrastructural developments across the world, especially in the developing economies are anticipated to drive the market growth.
The market is segmented based on four technologies, out of which room temperature vulcanizing (RTV) held the largest share in 2018. RTV silicone sealants are extensively used in a wide range of applications and are gaining popularity in electronics. For instance, their usage in assembly process of the automotive industry helps in removing the need for pre-cut fixed gasket, reduces use of screws, protects against vibrations, and prevents water penetration.
The market is expected to gain highest growth in Asia Pacific over the forecast period, owing to increasing infrastructural developments, manufacturing segment positive outlook, and high automotive production in the region. The product usage is expected to grow in automotive industry, taking into consideration the growing emphasis towards lightweight vehicles and electric vehicles production. Automotive production witnessed growth in many parts of the region, especially in Southeast Asia. For instance, the automotive production increased in 2018 from 2017 in Indonesia, Malaysia, and Thailand by 10.3%, 12.6%, and 9.0% respectively.
China held the largest volume share of 49.5% in 2018, of the total Asia Pacific silicone sealants market. The construction industry is anticipated to witness steady growth rate in the country in coming years. For instance, according to Beijing Municipal Commission of Development and Reform, around 300 construction projects worth an investment of USD 35.0 billion will be unveiled in Beijing in 2019. This is expected to have a positive influence on the demand for silicone sealants in Asia Pacific.
The market is highly competitive in nature due to presence of major players in the industry. Wacker Chemie AG, Dow, Tremco Incorporated, Bostik, the 3M Company, Sika AG, Henkel Corporation, H.B. Fuller, are the some of the key players in the market. Capacity expansion and acquisitions are few of the strategies adopted by the industry players, in order to strengthen their positions and increase their customer reach.
For instance, in October 2017, Soudal acquired Dong Yang Silicone Co. Ltd., a South-Korean sealants manufacturer. The acquisition aimed at expanding Soudal’s geographical presence and strengthening its position in Asian markets.
Further key findings from the report suggest:
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