Silicone Sealants Market Size by Revenue to Reach USD 5.5 Billion by 2027 - Arizton
CHICAGO, Dec. 7, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global silicone sealants market report.
The silicone sealants market is expected to grow at a CAGR of over 5% during the period 2021−2027.
Key Highlights Offered in the Report:
- Disruption in the supply chain due to COVID-19 has created shortage of silicone across the globe. The key suppliers of silicone have increased the prices in the range of 5-25% and the number may increase in the coming quarters. Although the situation is expected to normalize by the mid of 2022, it will be the biggest restraint in the growth of the silicone sealant industry.
- Due to almost no presence of volatile organic components (VOCs), superior characteristics such as providing flexibility, chemical and moisture resistance, wide temperature operating range, and ease of applications etc., the demand for silicone sealants will increase.
- Building and construction emerged as the largest consumer of the silicone sealants. The sector uses RTV silicone sealants and the neutral cure silicone sealants silicone sealants as they absorb highest movements and can easily compensate for the 25-30% joint movement.
- Automotive is the 2nd largest market for silicone sealants. The emergence of electric vehicles is a primary reason for a strong forecast for this sector.
- The Middle East and Africa will pose a lucrative opportunity for the companies dealing in silicone sealants to invest in. The construction projects that are scheduled in the Saudi Arabia and UAE are focused on major overhaul of these oil dependent economies. While Saudi Arabia is investing billions in its infrastructure development under its vision for 2030, UAE is too investing heavily on development of its infrastructure to reduce dependence on oil.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by sealant composition, application, and geography
- Competitive Landscape – 5 key vendors, and 20 other vendors are profiled in the report
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Silicone Sealants Market – Segmentation
- Electrical and electronics will be the fastest-growing segment during the forecast period. Emerging markets in APAC, along with the markets of North America, and Europe will offer a lucrative opportunity given the advances in technology and increased demand for consumer electronics.
- Radiation curing techniques can be employed wherever silicone sealants are compatible substrates. Radiation-curing silicone sealants may represent ultraviolet curing technology or electron beam curing technology, among many others. The global radiation curing silicone sealants market is expected to reach USD 951.64 million by 2027.
- Silicone marine sealants offer excellent elasticity and insulation between dissimilar substrates. Although COVID-19 had a huge and devastating impact on this industry, the supply chain of various industries is expected to recover in the coming years. The shipbuilding and repair industry will thrive, creating a favorable market for silicone sealants during the forecast period.
Market segmentation by Sealant Composition
- RTV
- Heat Cured
- Radiation-Curing
- Pressure Sensitive
Market segmentation by Application
- Building & Construction
- Automotive & Aerospace
- Marine
- Electrical & Electronics
- Others
Silicone Sealants Market – Dynamics
Silicone sealants are employed for packaging applications due to their inertness and compatibility with food or edible items. Thereby, the other applications segment in the market will aid huge growth opportunities during the forecast period. Developing markets such as India will pose lucrative opportunities for the vendors of silicone sealants. It is estimated that the Indian medical devices market is expected to reach USD 65 billion by 2024. Companies are focusing on various business strategies, such as investing in new product and their research and development and partnerships & mutual agreements to boost their footprint in the global market. 3M manufactures and distributes about 558 products globally under the adhesives and sealants segment. Also, the company owns prominent brands such as Bondo, Scotch, and Scotch-Weld. 3M aims to decarbonize the industry by working toward sustainable development and improving the environmental footprint. Various companies are investing high on R&D to create innovation in the market.
Key Drivers and Trends fueling Market Growth:
- Silicone in Newer Applications
- Ease of Property Modification
- Rising Demand from APAC
- Increasing Usage in Medical and Healthcare Applications
Silicone Sealants Market – Geography
In 2020, construction initiative by the EU focuses on complimenting the strategies of various enterprises to improve the competitiveness, which is expected to boost construction activities and promote the healthy growth of the sector. The building and construction industry in a few regions of Europe will foster the growth of silicone sealants. Europe is a hub for automotive manufacturing and rolls out of several incentives and plans for EVs and hybrid EVs, that will boost the consumption of silicone sealants in the global market. Silicone sealants are crucial for the development of both conventional fossil-fuel-driven vehicles and EVs. Moreover, Europe has replaced China to become the leading EV market across the globe, thereby, the demand for silicone sealants is increasing rapidly in the region. Germany is one of the largest construction industries in Europe and is currently driven by several favorable factors that will aid the growth of the silicone sealants industry.
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Market segmentation by Geography
- APAC
- China
- Japan
- India
- South Korea
- Indonesia
- Europe
- Germany
- Russia
- France
- Italy
- UK
- Turkey
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Key Vendors
- 3M
- Henkel
- H.B. Fuller
- Avery Dennison
- Momentive
Other Prominent Vendors
- Wacker Chemical Corporation
- Sika AG
- Dow Chemical Company
- Master Bond
- Bostik
- Shin-Etsu
- BASF SE
- Franklin International
- Delo Industrial Adhesives
- McCoy Soudal
- Elkem
- Novagard
- Pidilite
- Pratley
- Otto Chemie
- Tremco constructions
- Pecora Corporation
- KCC corporation
- Asian Paints Limited
- MAPEI
Explore our chemical and materials profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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