Kenneth Research recently added a report on ‘Silicone Sealants Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
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 Sealants Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Silicone sealant is a viscous material based on silicone polymers that can be used in various industries to block the passage of fluids by sealing and bonding. It is applied in many areas because of its excellent stability, both chemically and thermally. These sealants provide energy savings, which help in lowering the greenhouse gas emissions. Silicone sealants are flexible products used in many industries such as construction, electronics, automotive, aerospace, industrial assembly, and maintenance among others. The increasing industrialization and focus on usage of better and more efficient sealants in automotive vehicles have created opportunities for the silicone sealants market. Although many new chemicals have been introduced to the market providing the properties of sealants, yet silicone sealants have been able to create its market demand owing to superior properties in its cost.
The construction sector is one of the major contributors toward the silicone sealants market. High growth in economy and the increasing per capita income among consumers in the developing countries have increased the demand of construction. Thus, the increasing demand for silicone sealants in these regions. Rising demand for the silicone sealants in the construction industry due to the superior characteristics of the products as compared to other sealants, such as polyurethane, polysulfide, and acrylic, are anticipated to be the important factors to drive the market during the forecast years. This trend is expected to continue with the construction sector leading the market during the forecast period.
By curing method, alkoxy silicone sealants are dominating the market of silicone sealants, which has a huge market in the construction industry with better performance and adhesion to various surfaces. The use of acetoxy sealants in glass insulation is also creating demands for the overall silicone sealants market.
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Advancements in technology and the growing concern over the usage of non-eco-friendly products have added to the growth of the market. High manufacturing base in developed and developing countries coupled with the booming construction sector have further contributed to the market demand. Premium prices restrict the market for the silicone sealants in the lower per capita income countries. Yet it is expected to show a high growth rate during the forecast period in the developing and under-developed countries.
The study of the global silicone sealants market provides the market size information and market trends along with the factors and parameters impacting it in both short and long-term. The study ensures a 360° view, bringing out the complete key insights of the industry. These insights help the business decision-makers to make better business plans and informed decisions for the future business. In addition, the study helps the venture capitalists in understanding the companies better and take informed decisions.
There has been an intense competition among the manufacturers due to the presence of many big multinational companies with wide product profiles in silicone sealants. All the companies are focusing on R&D to develop new products with improved efficiency to attain more customers, thereby, increasing their market share. Some of the prominent companies operating in the silicone sealants market are Momentive Performance Materials Inc., Dow Corning Corporation, and Henkal AG, among many others.
Report Scope:
• End-users
o Construction
o Automotive
o Industrial Application
o Other• Curing method
o Acetoxy
o Oxime
o Alkoxy
o Others
• Regions
o Asia Pacific
o Europe
o North America
o Rest of the World
• Industry outlook: Market trends and drivers, restraints, and opportunities.
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