The market for silicone sealants is expected to grow at a CAGR of about 4% globally during the forecast period. Increasing demand from buildings and construction is driving the market growth. On the flip side, stringent environmental regulations are expected to hinder the growth of the market.
- Silicone Sealants market is expected to grow during the forecast period owing to the increasing application in buildings & construction.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Application in Buildings and Construction
- A silicone sealant is a liquid form of adhesive. Typically, it acts like a gel. It has a different chemical make-up from other organic polymer-based adhesives. Unlike other adhesives, silicon keeps its elasticity and stability in both high and low temperatures. Furthermore, silicone sealant is resistant to other chemicals, moisture, and weathering. This makes it less likely to fail during building and repairing objects.
- In buildings and construction industry, these silicone sealants are used for caulking cracks, sealing glass windows in buildings, sealing gaps or cracks around windows, door frames, baseboards, walls, and molding, glazing joints, curtain wall construction, swimming pools, kitchen, and bathroom glazing applications.
- The increasing buildings and construction sector is attributing to the growing application of silicone sealants.
- In addition to the silicon sealants optimized for the construction industry, processors also use these sealants to create strong adhesive bonds and are resistant to chemicals, moisture, and weathering. Water-resistant silicone sealants are ideal for repairing areas around sinks and other areas where water is frequently found.
- The Indian government has announced an investment worth USD 31,650 billion for the construction of 100 cities, under the smart cities plan. One hundred smart cities and 500 cities are likely to invite investments worth INR 2 trillion (~USD 28.18 billion) over the coming five years, creating scope for the application of silicone sealants in buildings and construction.
- Hence, owing to the growing application of silicone sealants in buildings and construction, especially in Asia-Pacific and North American countries, the demand for silicone sealants is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for silicon sealants during the forecast period. Due to the high demand application from countries, like China, India, and Japan, the consumption of silicone sealants has increased.
- The largest producers of silicone sealants are located in the Asia-Pacific region. Some of the leading companies in the production of silicone sealants are Dow, 3M, Bostik (Arkema Group), Sika AG, BASF SE.
- The Chinese government has rolled out massive construction plans, including making provisions for 250 million people to its new megacities over the next ten years, creating a major scope for construction activity, thereby increasing the market for silicone sealants in the coming years.
- Apart from buildings and construction, these silicon sealants also find applications in various end-user industries, like automotive and electrical and electronics.
- The Chinese government has introduced the "Made in China 2025" policy to increase the nation's self-sufficiency in integrated circuits production to 40% in 2020 and 70% by 2025.
- According to the Ship Builders Association of Japan, the total world's new order has witnessed a decline in 2019, reaching a total of 1,374 ships down from 1,608 orders received in 2018. This has negatively affected the growth of the market.
- In the automotive industry, these sealants are used in bonding car gaskets, engine applications providing gap or sealing joint on your vehicle, they even function under even the most extreme temperatures, and are highly resistant to UV, alcohols, dilute acids, and other corrosive fluids.
- The factors above, coupled with government support, contribute to the increasing demand for silicone sealants during the forecast period.
The global silicone sealant market is fragmented, with players accounting for a marginal share of the market. Few companies include Dow, 3M, Henkel AG & Co. KGaA, Sika AG, and BASF SE.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support