Pune, March 06, 2023 (GLOBE NEWSWIRE) -- The global silicone adhesives and sealants market size to expand at a significant CAGR during the forecast period. Key factors such as increasing urbanization, rapidly expanding global population, and high usage of advanced silicone adhesives and sealants across various sectors such as building and construction, automobiles, medical, marine and aerospace, and electrical and electronics are expected to drive global market growth during the forecast period. The global silicone adhesives and sealants market size was USD 2009.81 million in 2021 and is expected to register a steady revenue CAGR of 3.50% during the forecast period. Read Sample PDF Copy of Report (Including Full TOC, List of Tables & Figures, and Chart): https://www.xcellentinsights.com/enquiry/sample/209221
Silicone adhesives and sealants have high degree of flexibility, and resistance to high temperatures, extreme weather, and moisture, making them suitable for indoor and outdoor applications. These have a high elongation at tear and are easy to handle and offer excellent adhesion and bond strength to wood, glass, natural and synthetic fiber, and painted surfaces. Silicone adhesives and sealants are widely used in packaging, building and construction, automotive, medical and healthcare, marine, aerospace, electrical, and electronics. Several manufacturers are also heavily investing in research and development activities to develop advanced sealants and adhesives with high productivity, fire resistance, corrosion resistance, and better design options.
Factors such as rising number of reconstruction and redevelopment activities across the globe, increasing sales of electric vehicles and passenger cars, rising disposable income, and rising investments in research and development activities are expected to drive global market growth going ahead.
However, excessive use of chemicals in the production of silicon adhesives and sealants, stringent regulations hampering the production, and rising availability of alternative adhesives and sealants are expected to hamper overall market growth during the forecast period.
Top Players Operating in the Market:
- Henkel
- 3M
- Shin-Etsu Chemical
- Wacker Chemie AG
- Momentive
- Bluestar
- TEMPO Chemical
- Honda
- ACC Silicones
- Dow Corning
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Silicone Adhesives and Sealants Industry Recent Developments:
- In July 2020, Dow announced the launch of DOWSIL VE-8001 flexible silicone adhesive for foldable and flexible displays, wearables, laptops, televisions, and smartphones.
- In December 2020, 3M announced the launch of 3M Hi-Tack silicone adhesive tapes with longer wear times and offer secure adhesion for heavier devices.
- In February 2021, Wacker Chemie AG announced the expansion of silicone portfolio with the launch of a silicon sealant, Elastosil based on renewable raw materials. Elastosil is Wacker’s first approach to encompass and compensate all fossil-based raw materials used in the formulation of the product using bio-based methanol.
- In October 2022, The Dow Chemical Company announced the launch of world’s first recyclable self-sealing silicon, SiLASTIC SST-2650.
The global silicone adhesives and sealants market has been segmented based on type, application, and region:
Market Segment by Type:
- Silicone Adhesives
- Silicone Sealants
- Others
Silicone Sealants Segment To Register Rapid Revenue CAGR:
The silicon sealants segment is expected to register rapid revenue CAGR over the forecast period. Factors such as increasing demand for silicon sealants across various industrial sectors due to better UV stability and temperature resistance, high workability, and adhesion to various construction surfaces, and increasing investments in developing more enhanced sealant technology are expected to drive segment revenue growth going ahead.
Market Segment by Application:
- Building and Construction
- Automobiles, Medical
- Marine and Aerospace
- Electrical and Electronics
- Others
Building and Construction Segment to Account for Largest Revenue Share:
The building and construction segment is expected to account for largest revenue share during the forecast period. This can be attributed to increasing global urbanization, rapidly expanding building and construction sector, and high preference for structural adhesives and sealants due to several advantages such as low curing time of upto 24 hours, UV stability, and resistance to extreme heat.
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Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of Middle East & Africa)
North America to Lead In Terms of Revenue Share:
North America is expected to lead in terms of revenue share during the forecast period owing to rising demand for advanced silicone adhesives and sealants across various sectors including automobiles, medical, marine, aerospace, construction, and electrical and electronics, rising building, and construction activities across the region, and rapid advancements in sealant technology. In addition, presence of various key players and rising investments in developing technologically advanced and long-lasting adhesives and sealants are expected to drive North America market growth during the forecast period.
Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global silicone adhesives and sealants market?
- What is the expected market size of the global silicone adhesives and sealants market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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