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Global Silicone Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Silicone Sealants Market is projected to register a CAGR of 6.47%. Key Highlights. Largest Segment by End User Industry - Building and Construction : Building and construction is the dominant end-user industry for the global silicone sealants market owing to its wide range of structural applications, including joint sealing, windows, doors, and façade.
New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Silicone Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381338/?utm_source=GNW
Fastest-growing Segment by End User Industry - Building and Construction : Building and construction is expected to be the fastest-growing segment in the market due to the increasing number of residential and commercial complexes in developing economies.
Largest Segment by Region - Asia-Pacific : Asia-Pacific, driven mainly by India, China, South Korea, and Japan, is a major silicone sealant consumer owing to the usage of sealants in various end-user industries, including construction, medical, automotive, and aerospace.
Fastest-growing Segment by Region - Asia-Pacific : Due to the increasing population and rapid urbanization in countries such as China, India, South Korea, and Japan, the Asia-Pacific region is projected to be the fastest-growing region in the market during the forecast period.
Key Market Trends
Building and Construction is the largest segment by End User Industry.
Silicone sealants are the most used type because of their unique properties, such as curing between temperatures of 40 degrees F to 140 degrees F, with drying only, good adhesion to porous surfaces, etc.
Silicone sealants are widely used in the construction industry because of their applications, such as waterproofing, weather sealing, and crack sealing. The global construction industry is expected to grow at 3.5% per annum up to 2030. China, India, the United States, and Indonesia are expected to account for about 58% of global construction.
Silicone sealants are widely used in the automotive industry because they apply to glass, metal, plastic, and painted surfaces. Their features are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting. They are used in engines and car gaskets. The electric vehicles segment of the automotive industry is expected to record a 17.75% CAGR during the forecast period because of the increase in demand for the same in growing economies. This is expected to boost demand for automotive silicone sealants in the forecast period.
Silicone sealants are widely used in electronics and electrical equipment manufacturing. They are used for sealing sensors and cables. The electronics and household appliances industries are expected to grow at a CAGR of 2.51% and 5.77%, respectively, globally, which may drive the demand for silicone sealants during the forecast period.
Silicone resin-based sealants are used in the healthcare industry for assembling and sealing medical device parts. The increase in healthcare investments worldwide is expected to lead to a rise in demand during the forecast period.
Asia-Pacific is the largest segment by Region.
Silicone sealants are consumed across the globe due to their strong sealing properties. These sealants are used in more than ten industries, including building and construction, automotive, and electronics. Silicone sealants are consumed mainly in the building and construction industry. The new floor area, including residential and non-residential buildings, was expected to reach 41.7 billion square footage in 2022, 6.15% more than in 2021. As a result, the consumption of silicone sealants witnessed a growth of 8.33% in 2022 compared to 2021.
The demand for silicone sealants fell by 9.09% in 2020 compared to 2019 due to the COVID-19 pandemic’s impact on many countries worldwide, including the United States, Germany, China, and Saudi Arabia. Production facilities were shut down during the period owing to lockdowns in many countries, which resulted in an irregular supply of raw materials for production.
Asia-Pacific accounts for the highest silicone sealants consumption due to the rising building and construction and automotive industries. About 45% of the total construction investment in the world was set to come from this region in 2022. China is the world’s largest construction industry, and it is expected to record a CAGR of 8.6% during the period 2022-2030. In Japan, the number of housing construction starts in 2021 were 856.48 thousand units, 4.8% more than in 2020. Such growth in the Asia-Pacific construction industry is expected to drive demand for silicone sealants over the forecast period.
Silicone sealants are also widely consumed in Europe. Automotive production is expected to reach 19.2 million units by 2027 from 16.3 million units in 2021. These developments are expected to boost the demand for silicone sealants over the forecast period.
Competitive Landscape
The Global Silicone Sealants Market is fragmented, with the top five companies occupying 34.65%. The major players in this market are Chengdu Guibao Science and Technology Co., Ltd., Dow, Henkel AG & Co. KGaA, Sika AG and Soudal Holding N.V. (sorted alphabetically).
Additional Benefits:
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