Pune, India – The silicone sealants market size was valued at USD 4128.82 million in 2021, growing at a CAGR of 5.04 % during the forecast period according to ReportLinker.
The market is majorly driven by the surge in demand for electronics and stabilizing the construction and automotive market. Silicone polymers, including sealants, are finding applications in almost every delicate aspect of life. Be it used as an active pharmaceutical ingredient, medical device applications, or drug delivery systems. Silicone sealants offer greater protection for electronic applications to ensure longevity and better dissipation of heat to reduce damage and increase efficiency. The global silicone sealants market is consolidated. The top 6 suppliers hold an 80% market share in the silicone industry, while most of those vendors manufacture and supply silicone sealants.
The Asia Pacific is the largest market for silicone sealants among all the regions. The construction and automotive industry in the region will grow at a fast pace in the region given the increasing population. Electric vehicles use a significant amount of silicone sealants. Asia accounted for over half of the EV production in 2018 due to the rising trend of hybrid electric vehicles in Japan and mandates for EVs in China. This will drive the demand for silicone sealants in the region.