The global silicone sealants market is expected to reach USD 3.50 billion by 2024, according to a new report by Grand View Research, Inc. The product is increasingly substituting various organic sealants and adhesives in construction, insulating glass, automotive, and industrial applications owing to their chemical characteristics including resistance to chemicals and corrosion and physical properties such as water repelling and elongation.
Growing utilization of thermoset and radiation curing technologies in the manufacturing of the product is expected to enhance the elongation and curing capabilities, which in turn is expected to propel demand over the forecast period. Additionally, the presence of established raw material suppliers including BASF and Evonik with superior additives as part of their product portfolio is expected to propel demand over the forecast period.
Growing demand for the product in the construction industry owing to the superior characteristics of silicone sealants as compared to organic sealants including polyurethane, polysulfide and acrylic are expected to be the key driver for the market over the next eight years. However, high volatile organic compounds (VOCs) emission associated with silicone sealants and growing consumer awareness for environment safety is likely to restrain growth over the next eight years.
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Further key findings from the report suggest:
Room Temperature Vulcanizing (RTV) was the largest technological segment, accounting for 65% revenue share in 2015. Infrastructural development in emerging economies coupled with growing application scope of the compound in the construction industry is expected to drive the demand over the next eight years. However, the growth is limited by the emergence of radiation curing technology providing enhanced characteristics including elongation and low viscosity as compared to other manufacturing techniques.
Construction application accounted for the largest revenue share in 2015 accounting for over 60% of the overall market share, and this trend is expected to continue over the forecast period owing to developing infrastructure in Asia Pacific and Latin America region. However, growing automotive and insulating glass industry is likely to limit growth over the forecast period.
The insulating glass industry is expected to witness significant growth, growing at a CAGR of over 5% from 2016 to 2024. Growing demand for silicone sealants as a second layer in dual glass insulation is expected to drive the growth over the projected period.
Asia Pacific accounted for the largest share, accounting for over 50% of the revenue share in 2015. In addition, the region is expected to witness the highest growth owing to rising demand for the product in construction and automotive industry.
Key players in the industry include Dow Corning Corp., Shin-Etsu Chemical Company and Wacker Chemie AG, Tremco Incorporated, 3M Company, H.B. Fuller and Bostik Company.
Grand View Research has segmented the silicone sealants market on the basis of product, application and region:
Silicone Sealants Market Product Outlook (Volume, Kilo tons; Revenue, USD Million, 2013 - 2024)
Room Temperature Vulcanizing
Silicone Sealants Market Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Silicone Sealants Market Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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