Seattle, WA -- (SBWire) -- 11/14/2019 --The global silicon sealants market size is projected to witness potential gains, and register CAGR of 4.2% over the forecast period (2019 - 2027).
Market Overview
Silicone and silicon are two different molecules, wherein silicone is a family of manufactured compounds, in which silicon is a primary component. Silicon finds major applications in manufacturing of solar cells and semiconductors. On the contrary, silicones are high performance, specialty polymers which are highly resistant to extreme temperatures, UV rays, water, and are produced in several forms such as fluids, resins, solid and liquid rubbers, and silicone grease. Moreover, silicones find applications in various industries and products such as adhesives, sealants, lubricants, thermal insulation, utensils, and medicine. Silicone sealants offer a wide range of benefits compared to organic sealants, such as low surface energy, resistance to UV rays, moisture, and other chemicals.
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Market Dynamics
Growing use of silicone sealants in various industries and products is expected to drive growth of the global silicone sealants market during the forecast period. Silicone sealants are typically used in electric or thermal insulation, high temperature masking, bonding, release wrapping of heat seal bars, plasma spray tapes, and flexible printed circuit laminates. Silicone-based sealants find applications in various products/ industries such as glass, automotive, aviation, kitchenware, personal care products, plastic, construction, and architecture which is expected to drive growth of the global silicone sealants market. Furthermore, growing awareness regarding environmental hazards posed by adhesives and synthetic sealants is encouraging manufacturers to opt for silicone based sealants, which is expected to drive the market in the near future. Moreover, demand for silicone sealants is expected to witness considerable growth owing to technological advancements, product innovation, and industrialization, specifically in the automotive and packaging sectors, where silicone sealants are used in the process of lamination, and as a substitute for mechanical fastening, and welding techniques.
Moreover, growing investment in building and construction industry coupled with increasing substitution of organic sealants with silicone based sealants is expected to accelerate the market growth over the forecast period.
Market Dynamics- Restraints
However, increasing cost of raw materials and stringent environmental policies is expected restrain growth of the global silicone sealants market in the near future.
Market Outlook
Among regions, Asia Pacific is expected account for the largest growth, owing to rising demand from end-use industries in the region such as automotive, construction, and electronics among others. Rapid industrialization, rising gross domestic product, growing disposable income and purchase parity in emerging economies such as India and China is expected to complement growth of the silicone sealants market in the region. Industrial economies such as Thailand, Japan, South Korea, India, China, Taiwan, and Singapore are also located in the Asia Pacific region which is projected to propel the region's market share. North America is projected to be the second highest silicone sealants market, owing to increasing demand from the automotive, and construction and architecture industries. Moreover, Europe is recovering from economic crisis, which is why it is expected to witness significant growth in the near future.
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Competitive Landscape
Some of the major companies operating in the global silicone sealants market are KGaA, HB Fuller, 3M, Mitsubishi Chemical Corporation, E I DuPont de Nemours, Dow Chemical Company, BASF SE, and Henkel AG & Company.
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New Market Study of Silicone Sealants Market and Its Detail Analysis by Regions and Focusing on Key Players