Global silicone adhesive and sealants market forecast at $12 billion by 2032
Pune, India – The global silicone adhesives and sealants market, valued at US$ 6.5 billion in 2022, is projected to witness significant growth with a CAGR of 6.5% over the forecast period, reaching a value of US$ 12 billion by 2032 according to Future Market Insights. Silicone adhesives and sealants find extensive applications in various industries due to their beneficial properties such as UV stability, thermal tolerance, flexibility, and adherence to different surfaces. Key end-user sectors include industrial, automotive, biomedical, aviation, and packaging industries.
Versatile Applications: Silicone adhesives and sealants offer unparalleled flexibility, durability, and performance, making them suitable for diverse applications in electronics, aerospace, construction, automotive, healthcare, and packaging industries.
Market Growth Drivers: The market growth is primarily driven by the rising use of UV curing technology and thermosets, which enhance production speed, improve scratch resistance, and provide superior bonding. Additionally, the growing demand for adhesives in the construction industry due to their superior properties compared to other sealants fuels market growth.
Regional Analysis: The European region is expected to be the fastest-growing market due to increasing usage in automobile, medical equipment, and related industries. Furthermore, the Asia-Pacific region, being the largest market, contributes significantly to the market’s growth. However, concerns regarding volatile organic compounds (VOCs) and rising consumer awareness of environmental safety may restrain market growth.
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The demand for silicone adhesives and sealants is higher in industrial economies, with the European region expected to witness rapid growth. The evolving automobile, medical equipment, and related industries in Europe are driving the adoption of silicone adhesives and sealants. Moreover, the Asia-Pacific region, comprising developing nations, is emerging as a significant producer and consumer of silicone adhesives and sealants.
In the packaging sector, water-borne silicone adhesives hold the majority market share, representing 70% of the market in 2022. This technology is preferred for its affordability and flexibility, meeting the specific needs of the packaging industry.
Despite the dominance of top market players, the market is witnessing fragmentation with the entry of new regional players and the proliferation of online business channels. This dynamic landscape reflects the growing opportunities and competition within the silicone adhesives and sealants market.
Examples of some of the key players identified in the global silicone adhesives and sealants market include 3M, Henkel Corporation, ALSTONE, Mc Coy Soudal, Dow Corning Corporation, Momentive, Aerol Formulations Private Limited, Wacker Chemie AG, MASTERBOND, AVERY DENNISON, Sika AG, ACC Silicones Ltd., American Sealants, Inc., Novagard Solutions, NITTO DENKO CORPORATION. Companies are largely focusing on product innovation for providing exceptional performance of the silicone adhesives and sealants.