Silicone sealants market size was USD 2.20 billion in 2015. Growing demand for silicone sealants in multiple end-use industries, on account of superior characteristics including high bonding qualities, thermal and chemical resistance and non-corrosion is expected to propel market growth. Technological advancements in the silicone sealants industry have significantly improved the performance efficiency of the product across various applications, which in turn is likely to drive demand. Furthermore, the low viscosity of the product through radiation curing enables the application of the product on uneven substrates is expected to augment demand.
The industry is likely to witness significant growth owing to its growing demand in the applications including construction, automotive, insulating glass and others. The growing construction and automotive industry across the world owing to the growing emphasis on infrastructure development and rising consumer standard of living are expected to drive the demand over the projected period. Furthermore, increasing demand for dual glass insulation coupled with utilization of silicone sealants as the second layer of insulation is expected to augment the demand in insulating glass industry.
U.S. silicone sealants market revenue, by application, 2013 - 2024 (USD Million)
The emission of volatile organic compounds (VOCs) and growing environmental concerns among consumers is expected to restrain market growth over the forecast period. Unavailability of alternatives to the chemicals responsible for the emission of VOCs is expected to pose a challenge for the manufacturers and in addition, may pose a challenge to new market entrants.
The industry is segmented on the basis of application into construction, insulating glass, automotive, industrial and others such as cosmetics, electronics, and consumer goods. Construction segment dominated the silicone sealants market. Infrastructural development in the emerging economies and extensive use of the product in the construction industry are the demand drivers in countries including India, Indonesia, Brazil, and Argentina. The automotive application is likely to grow at a CAGR of over 4% from 2016 to 2024. Growing automotive sector in developed & emerging economies, owing to the increasing global population and rising consumer disposable income are also anticipated to boost product demand in this application.
The product is manufactured with the utilization of four technologies namely, pressure sensitive, room temperature vulcanizing, radiation curing and thermoset or heat curing. Room temperature vulcanizing (RTV) technique dominated the global market. This can be attributed to the extensive consumption of RTV silicone sealants in the construction industry. Manufacturing of the product by pressure sensitive technology is expected to witness substantial in the automotive industry as the technology enables the ease in application and adhesion of silicone sealants. Heat curing or thermoset silicone sealants are cross-linked polymers that cure using heat or heat and pressure. Cured thermoset polymers do not melt or flow when heated which increases the adhesion of the sealants to the substrate.
Asia Pacific emerged as the largest & fastest growing market in recent years, owing to high demand for the chemical and physical characteristics of the product in several applications. The region accounted for over 50% of the global silicone sealants market in 2015. The rapid expansion of application industries and rising consumer disposable income are other factors driving growth in this region.
Numerous old buildings and infrastructural projects are being refurbished and renovated in UK and Germany using advanced materials such as silicone sealants and industrial adhesives, which in turn is expected to drive the market demand over the forecast period.
Growing utilization of the product in buildings in U.S. to install firestop openings in the fire-resistance-rated wall and floor assemblies to reduce the impact of flames and smoke is expected to aid the demand over the forecast period.
The industry is highly competitive owing to the presence of a large number of established manufacturers and suppliers and new entrants in the market. Major players such as Dow Corning Corp., Shin-Etsu Chemical Company, and Wacker Chemie AG are actively involved in the market, with numerous strategic alliances and product innovations, which are being emulated by other players as well. Wacker Chemie AG and Dow Corning AG signed a joint venture contract to establish the largest manufacturing facility of silicone in China to meet the growing demand in Asia Pacific.
Key players in the industry include Dow Corning Corp., Shin-Etsu Chemical Company and Wacker Chemie AG, Tremco Incorporated, 3M Company, H.B. Fuller, Bostik Company, Sika Group, Henkel AG & Co. KGaA, Huntsman International LLC, Mapei U.K. Ltd., Dow Automotive Systems, Royal Adhesives & Sealants, Gardner-Gibson Inc., American Sealants, Inc.
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