09-Jun-2022 | Zion Market Research
The global silicon adhesives and sealants market achieved revenue growth of USD 4.52 billion in 2021 and is projected to expand with a compound annual growth rate (CAGR) of approximately 5.1 percent to reach nearly USD 5.89 billion by 2028. Silicone adhesives and sealants are perfect for a wide range of applications in the construction, electronics, healthcare, and aerospace industries due to their adaptability, resilience to severe temperatures, durability, and superior performance attributes. In electronic beams, UV cured adhesives are utilized to cure without generating excessive heat. Silicone adhesives and sealants are employed in commercial and residential construction when extreme weather conditions, including rain, direct sunshine, and solidifying temperatures, are encountered.
Growth of the global silicon adhesives and sealants market is primely fueled by the increase in construction activities. India, China, Thailand, Brazil, and Mexico, including African and many Middle East countries have increased expansions of industrial, commercial, as well as residential projects. Huge demand from the rapidly increasing population for cost-effective and smart residential properties is mainly triggering the demand for silicon adhesives and sealants. Furthermore, the automotive industry is one of the major utilizers of silicon adhesives, and with the fully functional automotive industry demand for these products is expected to increase around the world. However, high prices and raw material price fluctuations pose major hurdles to market expansion. On the other side, with increasing investments in the military as well as the aerospace sector by India, China, and many European countries the demand for silicon adhesives and sealants is projected to increase in the future period.
The COVID-19 pandemic disrupted the overall silicon adhesives and sealants market. This was attributed to a halt in construction activities, and a pause in automotive, aerospace, and other end-use industries. Also, manufacturers struggled to maintain the demand due to supply chain disruptions and raw material shortages. However, the demand is expected to escalate as contactors in governments and non-government organizations are forced to speed up their pending projects.
The global silicone adhesives and sealants market is bifurcated into type, end-use, and region. Based on type, the market is categorized into one-component and two-component. The end-user segment of the market is segregated into building & construction, transportation, healthcare, electrical & electronics, packaging, and others.
With a market share of more than 45 percent in 2020, Asia Pacific led the global silicone adhesives and sealants market. Because of the significant utilization of adhesive and sealants solutions in rising and developing Asian nations such as China, India, Japan, South Korea, Malaysia, and others, the Asia-Pacific region led the silicon adhesive and sealants market. With the increased need for consumer items, personalized safety gear from the healthcare and packaging industry in China and India is projected to have strong demand for adhesives and sealants throughout the projection period. The rapidly expanding consumer goods sector accounts for 50 percent of FMCG product sales in India, according to the Indian Brand Equity Foundation (IBEF), and the FMCG industry is expected to grow at a rate of 8 to 10 percent in 2021.
Major players operating in the global market include 3M, ALSTONE, Henkel Corporation, Mc Coy Soudal, Momentive, Dow Corning Corporation, Aerol Formulations Private Limited, MASTERBOND, Sika AG, AVERY DENNISON, ACC Silicones Ltd., Wacker Chemie AG, Novagard Solutions, American Sealants, Inc., and Nitto Denko Corporation.
Browse the full “Silicone Adhesives And Sealants Market By Type (One-Component And Two-Component), By End-User Industry (Transportation, Building & Construction, Electrical & Electronics, Healthcare, Packaging, And Other End-User Industries), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028
.” Report at https://www.zionmarketresearch.com/report/silicone-adhesives-and-sealants-market
Global silicone adhesives and sealants market is segmented as follows:
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