13th February 2020 – According to new research study available with Million Insights, market
report on Silicone Sealants is foretold to provide a robust
support for industry players to lay a solid foundation for their business
growth. It includes a comprehensive evaluation of the market’s growth status
and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
Global Silicone Sealants Market is
anticipated to reach USD 3.50 billion by 2024 due to its growing applications
in construction, automotive and insulating glass industry by replacing several
materials like sealants and organic adhesives. Silicone sealant is an adhesive
available in liquid form (looks like gel). The adhesive maintains elasticity
and stability in different temperatures. A silicone sealant can potentially
resist moisture, chemicals which makes it ideal for multiple application in
construction industry.
The major factor driving silicone
sealants market is the growing use of silicone sealants in composite joints
that are progressively increasing its applications in industries like
aerospace, consumer packaging and automotive. Moreover, economic growth and
increase in spending power of consumers is encouraging the growth of silicone
sealants industry. However, unstable prices of raw materials that drastically
affect silicone sealants profit margins is predicted to hamper market growth of
the silicone sealants. The developments in automotive industry, growing demand
for electric vehicles and developing construction of Europe are the trends
witnessed by silicone sealants market.
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Silicone sealants industry is
categorized on the basis of cure type, components, modulus, production form,
end user and geography. On the basis of cure type, the market is divided into
acid cure, acetone cure, alkoxy, neutral cure and amine cure. Alkoxy silicone
sealants segment is predicted to register significant growth in near future
owing to its features like excellent shear strength and swift skin formation.
On the basis of modulus, silicone sealants market is classified into low
modulus and high modulus. Low modulus is expected to lead the market owing to
increasing applications due to features like better elasticity and others.
In terms of end user, silicone sealants
industry is split into aerospace, automotive, construction, consumer products,
electronics, marine, industrial assembly and maintenance and others.
Construction industry is anticipated to dominate the market of silicone
sealants in the forecast period due to increasing infrastructure in the
emerging economies.
Geographically, silicone sealants market
is segmented as North America, Latin America, Europe, Asia Pacific and Middle
East & Africa. Asia Pacific and Europe are expected to lead the market of
silicone sealants owing to the developments in end use industries like
construction, automobiles, cosmetics and food and beverages in packaging
applications. The key players in silicone sealants industry are 3M Company,
BASF, H.B. Fuller, DuPont, Henkel, Dow Corning, Shin-Etsu Silicones, Bostik,
RPM International, Sika Group and Wacker Group.
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