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By 2024, Silicone Sealants Market growth is driven by rising demand for packaging applications

Author : Ronak Bora | Published Date : 2019-03-20 

Increasing automobile production coupled and growth witness in automobile aftermarket are factors expected to drive automotive silicone sealants market growth over the forecast period. Shift of automobile manufacturing bases to emerging countries such as China, India, Indonesia and Thailand owing government incentives & cheap labor wages is expected to make Asia Pacific an important market for industry participants.

These products are used for numerous automobile bonding applications such as sealing joints, gaps & cracks, low temperature gasket and replacing windscreens. They are also used for bonding headlamps, fog lamps, tail lamps, lamp covers & cap and bulb mounting sockets.

Growth in end-use industries such as pharmaceuticals, cosmetics and food & beverages is expected to drive silicone sealants demand for packaging applications. However, stringent government regulations over environmental concerns are likely to hamper industry profitability. Investments in research to develop the product for niche applications are likely to open new avenues of growth for industry participants.

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Global silicone sealants market size was estimated at over 550 kilo tons in 2015 and is likely to exceed 820 kilo tons by 2023 and is expected to grow at over 4.5% from 2016 to 2023. Properties such as excellent thermal & weather stability, oxidation & ozone resistance, physiological inertness, high gas permeability and extreme low temperature flexibility favor silicone sealants to cater end-use industries such as construction, automotive and packaging.

Construction sector represents the dominant segment for silicone sealants demand. Increasing in construction spending over the last few years particularly in Asia Pacific and MEA is likely to drive silicone sealants market growth over the forecast period. Countries such as China, India, Indonesia, Saudi Arabia and UAE have witnessed an increase in investments and government sanctions to construct residential and commercial buildings.

China silicone sealants market follows its construction industry, which dominated Asia Pacific with an estimated spending of approximately USD 1.78 trillion in 2013, making it the largest. Also, India and Indonesia construction spending was estimated at USD 427 billion & USD 267 billion respectively in 2013. Total Asia Pacific construction spending amounted to approximately USD 3.59 trillion and accounted for close to 44% of the total revenue share in 2013.

Europe is likely to witness below average gains over the forecast period. This region is expected to witness an increase in demand owing to growth observed in end-use industries such as food & beverages and cosmetics particularly in Germany, France and UK silicone sealants market. This end-use industry growth is expected to boost packaging applications in the region. MEA is likely to witness significant gains over the forecast period owing to increase in construction spending in countries such as Saudi Arabia, UAE, Qatar and Bahrain.

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The global silicone sealants market share is moderately consolidated with companies competing on the bases of product differentiation and prices. Key companies operating in this market include BASF, DuPont and Henkel. Other prominent companies include Dow Corning, RPM International, 3M Company, H.B. Fuller, Shin-Etsu Silicones, Bostik, Wacker Group and Sika Group.

 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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