Silicone Sealants Market Size, Share, Growth, Trends and Industry Analysis Report, 2019 to 2025
by Susan Hill Business ConsultantThe
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:
- In terms of
revenue, India is anticipated to register a growth rate of 9.5%, during
the forecast period, due to increasing infrastructural developments in the
country
- In terms of
volume, automotive application segment is expected to grow at a CAGR of
5.1% during the forecast period, owing to increasing use of silicone
sealants in automotive electronics
- Construction
application segment accounted for a revenue share of 59.8% in 2018,
considering the increasing global construction output
- Thermoset or
heat cured technology segment held a revenue share of 20.4% in 2018. The
share is attributable to its increasing demand in applications where high
heat resistance is required
- The players of the silicone sealants market are integrated across various stages of the value chain. For instance, Wacker Chemie AG is a raw material supplier, manufacturer, and distributor of various silicone sealant products
Access full
research report on global silicone sealants market:
www.grandviewresearch.com/industry-analysis/silicone-sealants-market
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Created on Oct 21st 2019 03:32. Viewed 364 times.