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Silicone Sealants Global Market Report 2023: Increasing Spending on Construction Activity Bolsters Growth

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Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Silicone Sealants Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Technology (Room Temperature Vulcanizing (RTV), Thermoset or Heat cured, Radiation cured, and Pressure sensitive), By Application, Region, and Competition" report has been added to ResearchAndMarkets.com's offering.

Global Silicone Sealants Market is anticipated to witness a robust CAGR in the forecast period 2024-2028. Silicone sealants are liquid adhesives. Due to their water resistance, they provide strong adhesive bonds resistant to chemicals, moisture, and weathering. They are frequently used for basic household repairs, areas around the sink, or any pipework.

The largest market segment for silicone sealants is the construction sector. For applications like sealing building and highway expansion joints, general weatherproofing of joints in porous and non-porous substrates, sanitary joints around the bathroom and kitchen fixtures, fire-rated joints around pipes, electrical conduits, ducts, electrical wiring within building walls and ceilings, and silicone sealants, primarily as one-part room temperature vulcanizable (RTV) products, are widely used by the construction industry.

According to the European Construction Industry Federation, the European Union's total investment in construction increased by 5.2% in 2021 and amounted to €1.6 trillion, corresponding to 11.1% of the EU GDP. Moreover, According to Worldwide Construction Perspectives and Oxford Economics, the global construction sector would exceed US$ 15.5 trillion and account for 57 percent of global growth by 2030, led by China, the United States, and India. Thus, it increased the demand of the overall market in the region.

It is also anticipated that rising consumer demand for electric and lightweight vehicles would fuel market expansion. Silicone sealants are used in the automobile industry to improve mechanical performance, weather resistance, and vehicle weight reduction. The International Energy Agency predicts that by 2030, there will be 125 million electric vehicles on the road, up from 3.1 million in 2017. This is promising for the market for silicone sealants globally.

Apart from these, favorable government policies for Silicone Sealants and technological advancement for new applications will propel the Global Silicone Sealants Market in the forecasted period.

Rising Demand For HVAC

Due to their excellent durability, weather resistance, shrink and crack resistance for vehicles, interior air quality, and thermal comfort, silicone rubber sealants are utilized explicitly for HVAC. To give suitable indoor air to people in residential and commercial buildings, modern HVAC control systems are used in these structures. Therefore, the increase in building construction will help increase the demand for HVAC and enable the market to prosper and expand.

Increasing Expenditure on Construction Activity

Sealants are used by the construction industry in a variety of applications, including wall covering, pre-finish panels, perimeters of doors, drywall, lamination, fixed window frames, flooring and carpets, tile insulation, garage doors, resilient flooring, and others. The government's encouragement of the sector is projected to cause the industry to expand steadily. In a renewed effort for the sector under the Atmanirbhar Bharat program, the Indian government has introduced several policies to support the National Infrastructure Pipeline (NIP) and the Affordable Rental Housing Complex (ARHC) scheme, along with Housing for all and other investment opportunities in the industrial segment.

Recent Developments

Wacker AG and its Indian joint venture, Wacker Metroark Chemicals (WMC), have announced the opening of a new silicone production facility in Panagarh, India, for 2022. The plant will produce silicone rubber and ready-to-use silicone compounds for use in electromobility, medical technology, and electrical distribution and transmission. The manufacture of silicone fluids and silicone emulsions will eventually enter a stage of expansion. Over the next five years, the company plans to invest a mid-double-digit million euro in Panagarh to meet the rising demand for silicone sealants in India and solidify its position as a top silicone producer.

Report Scope:

In this report, Global Silicone Sealants Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Silicone Sealants Market, By Technology:

  • Room Temperature Vulcanizing (RTV)

  • Thermoset or Heat cured

  • Radiation Cured

  • Pressure Sensitive

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Silicone Sealants Market, By Application:

  • Construction

  • Insulating Glass

  • Automotive

  • Industrial

  • Others

Specialty Enzymes Market, By region:

  • Europe

  • France

  • Germany

  • United Kingdom

  • Italy

  • Spain

  • Russia

  • Asia-Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

  • North America

  • United States

  • Canada

  • Mexico

  • Middle East and Africa

  • Saudi Arabia

  • UAE

  • Qatar

  • Turkey

  • Egypt

  • South Africa

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customers

5. Global Silicone Sealants Market Outlook

6. Europe Silicone Sealants Market Outlook

7. Asia-Pacific Silicone Sealants Market Outlook

8. North America Silicone Sealants Market Outlook

9. Middle East and Africa Silicone Sealants Market Outlook

10. Market Dynamics
10.1. Drivers
10.1.1. Increasing Spending on Construction Activity
10.1.2. Rising Demand For HVAC
10.1.3. Growth From the Automotive Industry
10.2. Challenges
10.2.1. Stringent Rules and Regulations laid by the government
10.2.2. Regulatory challenges

11. Market Trends & Developments
11.1. Technological Advancements
11.2. Rigorous Silicone Sealants Research & Development

12. Global Silicone Sealants Market: SWOT Analysis

13. Porter's Five Forces Analysis

14. Competitive Landscape

15. Strategic Recommendations

A selection of companies mentioned in this report includes

  • Dow Chemical Company

  • Jyoti Resins & Adhesives

  • Pidilite Industries Ltd

  • Wacker Chemie AG

  • Astral Adhesives

  • HP Adhesives Ltd

  • Huntsman International LLC

  • H.B. Fuller

  • Mapei S.p.A.

  • The 3M Company

For more information about this report visit https://www.researchandmarkets.com/r/egixn7

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