In a recent published report, Kenneth Research has updated the market report for Silicone Sealant Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Silicone Sealant Market products.
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A report on Silicone Sealant Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. Further, the market is projected to grow on account of the growing trade in chemicals worldwide.
The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
Silicone sealant is used in the wide range of application includes residential and industrial. Silicone sealants is used as the key ingredient, in structural glazing systems for bonding glass to the structural frames of the building. In addition it also offer UV resistance to prevent surface corrosion by reducing the diffusions of fluids, and dirt pickup. Silicone sealants primarily holds the passive fillers and are being articulated in combination with an elastomer to provide the required flexibility.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The Silicone Sealant market size is witnessing growth due to the increasing demand for silicon sealants across various industries such as construction, automotive, and others. Silicone Sealant is adopted due to the superior characteristics such as thermal and chemical resistance, high bonding qualities, and non-corrosion that is expected to accelerate the Silicone Sealant market growth. In addition, with the growing technological advancement in the silicone sealant such as superior structural silicone glazing will enhance the efficiency of the product, which is likely expected to foster the product demand.
Additionally, with the low viscosity associated with the product via radiation curing aids the application of the product on even substrates are also expected to accelerate the Silicone Sealant market share growth. However, with the emission of volatile organic compounds (VOCs) and rising environmental concerns is anticipated to hinder the market growth over the coming years.
On the basis of technology, the Silicone Sealant market is segmented as pressure sensitive, room temperature vulcanizing (RTV), radiation curing and thermoset or heat curing. Among which RTV, is anticipated to dominate the market over the coming years, due to consumption in the construction industry. As, they provide longer protection against extreme environmental conditions, ultraviolet degradation, stress, and thermal and mechanical shock, thus are highly being adopted in the construction industry.
Pressure sensitive technology in Silicone Sealant market size is expected to grow with the highest CAGR during the forecast period owing to substantial use in the automotive industry, as the technology enables the ease in application and adhesion of silicone sealants. In the automotive industry, they are primarily helping the manufacturers to produce lighter weight vehicles and greater long-term reliability.
By Curing Method
On the basis of curing method, the Silicone Sealant market is categorized as Acetoxy, Oxime, Alkoxy, and Others. Among which, Aloxy silicon sealant is dominating the market with the huge market in the construction industry with adhesion to various surfaces, and better performance. In addition, acetoxy sealants are anticipated to grow with the highest CAGR during the forecast period owing to the rising adoption in glass insulation sector, as they cure at the room temperature and are compatible with a variety of materials.
By End-Use industry
On the basis of end-use industry, the Silicone Sealant market share is categorized as construction, automotive, industrial application, and others. The construction industry is dominating the market due to the characteristics of the products when compared with other sealants includes polyurethane, polysulfide, and acrylic. In addition, they are used for flexible, reliable, and waterproof joints in various applications that range from small domestic renovations to river-spanning bridges in the construction industry. This factor is expected to continue with the construction industry leading the Silicone Sealant market over the coming years.
In addition, Silicone Sealant market share in automotive segment is expected to grow with the highest CAGR during the forecast period. Silicone sealants are found to be productive for automotive industries. They prevent the components failures and also reduces the warranty repairs. Moreover, silicone sealants help in the optimization by preventing noise, vibration, and harshness (NVH), and even provide durability when it is applied to gaskets. For instance, Dow Corning HM-2510, an assembly sealant with green strength provides adhesion and offer air pressure leak testing, this helps in optimizing the lighting systems in automotive by reducing the cycle time of production.
The Asia Pacific is expected to dominate the Silicone Sealant market owing to the expansion of industries and growing consumer disposable income are accelerating the market growth. For instance, the disposable incomes in this region are expected to grow by 78.0% (in real terms) over the coming years, spurring growth in the middle-class countries to include Malaysia, the Philippines, China, Singapore, Taiwan, Indonesia, and Thailand. In addition, high demand for the physical & chemical characteristic in various applications is further expected to dominate the Silicone Sealant market size growth.
North America, is the second largest Silicone Sealant market, the U.S being the major. The market in the U.S is witnessing growth due to the increasing utilization of products to install firestop openings in the fire-resistance-rated wall and floor assemblies to decrease the impact of flames and smoke, which further boost the market growth over the forecast period.
In addition, Europe, is expected to grow with the highest CAGR during the forecast years due to the renewed and repaired of various old buildings and infrastructural projects in Germany, and UK by using advanced materials such as silicone sealants and industrial adhesives, which is further anticipated to foster the Silicone Sealant market over the coming years.
The players that are operating in the Silicone Sealant market globally include Dow Corning, 3M Company, Shin-Etsu Silicones, Bostik, H.B. Fuller, Wacker Group, RPM International, and Sika Group. The strategy most of the key players in the silicon sealant market adapt to grow include partnerships, mergers, new product, agreements, and procurement.
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For instance, in 2016, Henkel has introduced a new silicone adhesive sealant technology for electronics application to provide flexibility and high performance. The BERGQUIST TLB 400 SLT is a two-part silicone sealant that is used in automotive module applications. Its adaptable thermal cure profile makes it fully curable at temperatures from 77°F to 356°F.
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