The high temperature sealant market is expected to record a CAGR of about 3% globally during the forecast period. Increasing demand from the electrical and electronics industry and growing demand owing to its wide range of applications are driving the market growth. On the flip side, stringent environmental regulations is expected to hinder the market growth.
- High temperature sealant market is expected to grow during the forecast period owing to the increasing demand from the electrical and electronics segment.
- Asia-Pacific region dominated the market across the world with the largest consumption from the countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from Electrical & Electronics Industry
- High temperature sealant is a high-performance sealant designed especially for extremely high temperature applications. It provides a long-lasting, weather-resistant seal with supreme adhesion, flexibility, and durability. It adheres to most common building materials and remains flexible in a wide range of temperatures and substrates.
- In the electrical and electronics industry, these high temperature sealants are used in printed circuit boards, semiconductor bonding, pyrolytically deposited films, microelectronic substrates, electrical connectors, high power resistors, ceramic filled cartridge heaters, and others where it has wide range of applications
- The Cabinet of India has approved National Policy on Electronics 2019 for the Electronics System Design and Manufacturing (ESDM) sector of India aiming for a turnover of USD 400 billion in domestic electronics manufacturing industry by 2025.
- According to WSTS, it is estimated that the annual global sales of semiconductors will increase by about 5.4% in 2020 increasing the scope for this market during the coming years.
- Hence, owing to the growing applications in the electrical and electronics industry especially in Asia-Pacific and North American countries, the demand for high temperature sealants is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for high temperature sealants during the forecast period. Due to the high demand application in countries like China, India, and Japan, the market for high temperature sealants has been increasing.
- The largest producers of high temperature sealants are located in Asia-Pacific region. Some of the leading companies in the production of high temperature sealants are 3M, Arkema Group, Henkel Adhesives Technologies India Private Limited, Pidilite Industries Limited, MAPEI S.p.A.
- Chinese pharmaceutical industry which is valued at about USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about USD 200 billion by 2022, thus increasing the scope of the market.
- The “Made in China 2025” policy, published in May 2015, mentions specific targets to increase self-sufficiency in Integrated Circuits production to 40% in 2020 and 70% by 2025 increasing the scope for this market in the coming years.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for high temperature sealant market during the forecast period.
The global high temperature sealant market is fragmented with players accounting for a marginal share of the market. Few companies include 3M, Dow, PPG Industries Inc., MAPEI SpA, Arkema Group.
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