SILICONE SEALANTS MARKET ANALYSIS
The global silicon sealants market size is projected to witness potential gains, and register CAGR of 4.2% over the forecast period (2019 - 2027).
Silicone is different from silicon (Si), Silicone is a family of manufactured compounds, in which silicon is a primary component. Silicon, on the other hand, is used for manufacturing solar cells and semiconductors. Silicones are high performance, specialty polymers which are highly resistant to extreme temperatures, UV rays, water, and are produced in several forms such as fluids, resins, solid and liquid rubbers, and silicone grease. Silicones are used in a wide variety of industries, as well as consumer products such as adhesives, sealants, lubricants, thermal insulation, utensils, and medicine. Silicone sealants offer a wide range of benefits compared to organic sealants, such as low surface energy, resistance to UV rays, moisture, and other chemicals.
Silicone sealants are ideal for electric or thermal insulation, high temperature masking, bonding, release wrapping of heat seal bars, plasma spray tapes, and flexible printed circuit laminates. Silicone based sealants have a wide range of industrial applications such as glass, automotive, aviation, kitchenware, personal care products, plastic, construction, and architecture which is likely to drive growth of the global silicone sealants market. Furthermore, rising awareness with regards to environmental hazards posed by adhesives and synthetic sealants is encouraging manufacturers to opt for silicone based sealants. Demand for silicone sealants is expected to witness considerable growth owing to technological advancements, product innovation, and industrialization, specifically in the automotive and packaging sectors, where silicone sealants are used in the process of lamination, and as a substitute for mechanical fastening, and welding techniques.
Additionally, the rising number of investments in the building and construction industry, and increasing substitution of organic sealants with silicone based sealants is expected to benefit the market over the forecast period. However, rising cost of raw materials, and environmental regulations may restrain growth of the global silicone sealants market in the near future.
Asia Pacific is expected to be the largest, and fastest growing market owing to rising demand from end use industries in the region such as automotive, construction, and electronics among others. Rapid industrialization, rising gross domestic product, growing disposable income and purchase parity in emerging economies such as India and China is expected to complement growth of the silicone sealants market in the region. Industrial economies such as Thailand, Japan, South Korea, India, China, Taiwan, and Singapore are also located in the Asia Pacific region which is projected to propel the region’s market share. North America is estimated to be the second highest market for silicone sealants on account of demand from the automotive, and construction and architecture industries. Owing to recovery from the economic crisis in Europe, the regional market is expected to experience gradual growth over the forecast period.
Some of the major companies operating in the global silicone sealants market are KGaA, HB Fuller, 3M, Mitsubishi Chemical Corporation, E I DuPont de Nemours, Dow Chemical Company, BASF SE, and Henkel AG & Company.
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