New York, United States, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Adhesives and sealants have been used since the dawn of time. They are primarily used to join two different substrates. Thanks to polymer and chemical technology developments, adhesives and sealants have reached the next level of industrial solutions. Silicone has better adhesion qualities than other materials because of its unique chemical makeup. Conditions of extreme pressure, stress, and temperature have no impact on the stability of silicone bonds. Silicone adhesives and sealants are flexible, dependable, and long-lasting on various substrates, including glass, metals, and plastics.
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Rising Demand from Construction Industry Drives the Global Market
According to Straits Research, “The global silicone adhesives and sealants market size was valued at USD 5.20 billion in 2022. It is expected to reach USD 8.44 billion by 2031, growing at a CAGR of 5.53% during the forecast period (2023–2031).” The construction industry is one of the largest markets for silicone adhesives and sealants worldwide. Silicone sealant or adhesive is frequently used in commercial and residential construction on materials exposed to adverse weather conditions, such as direct sunlight, rain, strong winds, or freezing temperatures. Silicone sealants are elastomeric sealants with superior tensile strength, weather resistance, and adhesion. For instance, silicone sealants are adaptable enough to move with buildings and structures during earthquakes and typhoons. In sealing applications like high-rise buildings and housing, civil engineering, clean rooms, and aquarium joints, they are thus frequently used. Silicone adhesives are widely used in the construction sector due to their advantages, which include long-lasting performance, UV stability, weather resistance, and flexibility over a wide temperature range.
Growing Demand from Global Electronics Market Creates Tremendous Opportunities
Due to their organic and inorganic properties, silicone compounds are more advantageous and beneficial than any other organic rubber compound. Due to their excellent electrical properties, these compounds are frequently used in electrical appliances. These traits unmistakably show silicone's importance in electronic applications. Expanding the global electronics market may increase silicone demand in the future, creating a sizable commercial opportunity. Silicones have a wide range of uses in medical adhesives. These include bandages, tapes, transdermal patches, dressings, and ostomy bags. To help patients using wearable medical devices, 3M recently unveiled a new generation of silicone adhesive in the form of adhesive tape. These were designed with comfort and the length of time that these medical wearables could be worn in mind. The healthcare industry is proliferating, particularly in light of the global pandemic. With more healthcare opportunities available, it is anticipated that silicone adhesive use will increase.
Regional Analysis
Europe Silicone Adhesives and Sealants Market Share is anticipated to expand at a CAGR of 5.24% over the forecast period. The largest economy in Europe and the fifth largest in the world is that of Germany. Germany has the most extensive construction market in all of Europe. Although the number of new residential construction projects has increased, the construction industry in the country has only been growing slowly. Germany is the most prominent auto manufacturer in Europe. Germany dominates the European auto industry and produces one-third of the cars on the continent with its 41 assembly and engine production facilities. Germany, one of the top manufacturing hubs for the automotive industry, is home to companies from various segments, including equipment manufacturers, suppliers of materials and components, and integrators of complete systems. Aside from equipment makers, Germany is also home to suppliers of materials and components, makers of engines, and integrators of entire systems. One of the top manufacturing hubs for the aviation sector is Germany.
Asia-Pacific is anticipated to grow at a CAGR of 5.96% during the forecast period. Regarding GDP, China has the largest economy in the Asia-Pacific region. The Chinese government wants at least 5,000 fuel-cell electric cars on the road by 2025 and 1 million by 2030. Due to the government's promotion of electric, hybrid, and fuel-cell vehicles during the forecast period, electric vehicles are expected to dominate the market under study. Volkswagen stated in May 2020 that it would invest roughly USD 2.48 billion in the Chinese market for electric vehicles to reduce pollution. This is expected to fuel the market for electric vehicles during the forecast period and increase demand for silicone adhesives and sealants.
Key Highlights
- Based on type, the global silicone adhesives and sealants market is bifurcated into one-component and two-component. The one-component segment is the highest contributor to the market and is expected to grow at a CAGR of 5.61% during the forecast period.
- Based on the end-user industry, the global silicone adhesives and sealants market is bifurcated into transportation, building and construction, electrical and electronics, healthcare, and packaging. The building and construction segment is the highest contributor to the market and is expected to grow at a CAGR of 5.93% during the forecast period.
- Europe is the most significant revenue contributor and is expected to grow at a CAGR of 5.24% during the forecast period.
Competitive Players
The global silicone adhesives and sealants market’s major key players are 3M, Arkema (Bostik), Avery Dennison Corporation, Delo Industrial Adhesives LLC, Dow, Dupont, General Sealants Inc., HB Fuller Company, Henkel AG and Co. KGaA, Illinois Tool Works Inc., Momentive Performance Materials, Pidilite Industries Ltd, RPM International, Shin-Etsu Chemical Co. Ltd, Sika AG, and Wacker Chemie AG.
Market News
- In November 2022, a new generation of high-bonding adhesives for EV batteries was introduced by Dow. Improved safety, sustainability, and integrated assembly of EV battery packs are achieved with the help of new, creative thermal elastic high-bonding adhesive solutions.
Global Silicone Adhesives and Sealants Market: Segmentation
By Type
- One-Component
- Two-Component
By End-User Industry
- Transportation
- Building and Construction
- Electrical and Electronics
- Healthcare
- Packaging
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
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