Global silicone sealant market forecast at $6.5 billion by 2030
Pune, India – The global silicone sealants market was valued at USD 3.78 billion in 2021 and is projected to reach USD 6.50 billion by 2030, registering a CAGR of 6.2% from 2022 to 2030 according to Strait Research. Asia Pacific region held the highest share of the silicone sealants market in 2020, up to 45 percent.
Silicone sealants are liquid adhesives used in architecture and construction, cars, and electronic gadgets, among other applications. Silicone sealants retain their flexibility at both high and low temperatures and are resistant to other chemicals, water, and elements. It serves as a connecting agent for engine components. It is utilised as cable and sensor sealants in electronic devices. RTV is a silicone rubber compound that is commonly used for bonding, sealing, potting, encapsulating, coating, and casting. According to the Japan Electronics and Information Technology Sectors Association, the total global output of the electronics and IT industries would expand by 2 percent in 2020 to reach $2,972.7 billion. It is anticipated that a yearly output rise of 3 percent will enhance demand in 2021. Consequently, the increasing number of electronic gadgets will stimulate the Silicone Sealants Market throughout the forecast period.
The market for silicone sealants is driven by the growing need for lightweight and electric automobiles. The use of silicone sealants to reduce vehicle weight and enhance thermal and mechanical qualities is driving the silicone sealants industry. The International Energy Agency reports that the number of electric vehicles has increased during the past decade. Vehicle registrations climbed by 41% in 2020, with 10 million electric vehicles on the road by the end of the year. Europe overtook China as the world’s largest market for electric vehicles in 2020, surpassing China’s market share by 4.6 percent. The number of electric cars sold in 2020 was around 3 million, a sales rise of 4.6 percent. Consequently, the increasing demand for electric vehicles would propel the Silicone sealants market throughout the forecast period.
Increasing environmental concerns resulting from the use of the eruptive organic component in silicone adhesives and sealants are impeding market expansion. Increasing need for eco-friendly sealants in many industries, including as construction, vehicle, Electrical & Electronics, and household appliances, restrains market expansion. The European Union, the United States, and others have enacted stringent rules for the use of silicone sealants due to safety concerns and to prevent health problems related with VOC emissions from chemical products. Consequently, increasing environmental awareness and the usage of biobased sealants will constrain demand for silicone sealants over the projection period.
Due to its great durability, weather resistance, shrink & crack resistance for vehicle and indoor air quality, and thermal comfort, silicone rubber sealants are commonly used in HVAC. In residential and commercial buildings, the modern HVAC control system is utilised to offer healthy indoor air to breathe and a comfortable environment for the occupants. According to Worldwide Construction Perspectives and Oxford Economics, the global construction sector would exceed US$ 15,5 trillion and account for 57 percent of global growth by 2030, led by China, the United States, and India. During the projection period, the growth in building construction will contribute to a rise in demand for HVAC from residents of parched environments and the tropics.
Key Companies Profiled/Vendors include 3M Company, BASF, B Fuller company, Dow Silicones Corporation, RPM International Inc., Henkel AG & Co, DuPont, Wacker Chemie AG, Shin-Etsu Silicones, I.du Pont de Nemours and Company
Due to the presence of massive Infrastructure projects in developing nations like as China, India, Indonesia, and others, the Asia-Pacific region held the highest share of the Silicone sealants market in 2020, up to 45 percent. Silicone sealants are in high demand in the architecture and construction industry because to their extensive use in the installation of glass indoors, windows, external and interior decorations. According to Invest India, 100 smart cities projects are now underway, 600 railway stations are slated for rehabilitation, the net office space absorption in 2020 was around 31.9 million square feet, and the construction industry is predicted to rise by 7.1% annually by 2025. Consequently, the expanding construction industry is boosting the Silicone sealants Market.