Silicone Adhesives Market Share, Segments & Key Drivers 2023
Market Overview:
Silicone Adhesives belongs to a class of glue substances that contains silica and oxygen atoms. They are extensively used in end-use industries to impart thermal stability, lightweight and durable nature to the final product. Moreover, they also provide reliability and versatility to the product.
Global Silicone Adhesives Market is driven by the scope of its application in various sectors such as buildings & construction, medical, transportation, electrical & electronics, and others. Moreover, the medical segment is set to grow at a higher CAGR owing to the boundless use of adhesives in the sector.
Market Segmentation:
Global Silicone Adhesives Market is segregated into the Type, Technology, and Application.
The market by Type is classified into one-component and two-component segments.
On the basis of Technology, the market is differentiated into pressure sensitive adhesives, and non-pressure sensitive adhesives segments.
The market by Application is bifurcated into buildings & construction, medical, transportation, electrical & electronics, and others.
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Competitive Analysis:
Some of the Well-Known Players functioning in the Global Silicone Adhesives Market are 3M (Germany), Ashland (U.S.), AVERY DENNISON CORPORATION (U.S.), Beardow Adams (U.K.), BOSTIK SA (France.), The Dow Chemical Company (U.S.), Eastman Chemical Company (U.S.), Ellsworth Adhesives (U.S.), H.B. Fuller Company (U.S.), and Henkel AG & Co. KGaA (Germany) among others.
Market Scenario:
The one-component segment is the most widely used type in the market due to its growing consumption in heavy end-use industries such as buildings & construction, medical, transportation, and other sectors. Moreover, it is estimated that the medical segment is set to grow at a rapid rate in the market due to strength and durable nature offered by the product.
The pressure sensitive adhesives is the leading technology segment in the market on account of its growing consumption in tapes, labels, gaskets, and others. These materials provide unique mechanical strength, and flexibility to the product.The medical sector is the leading application segment in the market and is anticipated to observe a higher CAGR due to extensive use of adhesives to impart high temperature resistance, better UV stability, weather-proof, and other features to the product.
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Regional Analysis:
Geographically, Silicone Adhesives Market is segmented across five regions in the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a majority of the market share due to advantages offered by the product such as flexibility, unique elongation and growing consumption of silicone adhesives in major industries. North America is set to expand at a significant rate owing to growing demand for the product in buildings & construction, medical, transportation, and other sectors. In this region, the manufacturers and investors are shifting their focus from solvent-based material to water-borne products in end-use applications. Due to these changes, a phenomenal growth is expected in the region. The growing construction and medical sectors has driven the market in the European region. Due to increasing constructional activities, Latin American region is estimated to witness a good growth in the market. The rising demand for silicone adhesives in major sector is projected to drive the market in the Middle East & African region during the forecast period.
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