Driven by the Rise in Demand for Construction Silicone Sealants in the Infrastructure and Residential Housing Sectors, the Global Silicone Sealants Market is forecasted to cross US$ 7 Bn by 2030 says Ken Research Study.
Silicone sealants are widely and frequently used in building projects for panels, expansion joints, weatherproofing, and other applications. These substances are a sort of adhesive that is found in a liquid or gel-like state and that must be cured or dried to get the best adherence. Silicone exhibits exceptional resistance to moisture, weathering, and other chemicals, and unlike other adhesive types, it can maintain its stability and elasticity at both low and high temperatures which is propelling the demand for the product in markets across the globe.
Ken Research shares 5 key insights on this high opportunity market from its latest research study.
1. Increasing Demand for Lightweight Vehicles to Propel the Demand for Silicone Sealants
According to Research estimates, the Global Silicone Sealants Market – valued at around US$ 3 Bn in 2019, is estimated to reach a revenue of US$ 5 Bn in 2022 – and is expected to grow further to more than US$ 7 Bn opportunity by 2030.
The demand for lightweight vehicles and electric cars is driving the market for silicone sealants to improve their thermal and mechanical properties. According to the International Energy Agency, with 2 million electric vehicle sales in the first quarter of 2022, a 75% increase over the same time in 2021, the market for electric vehicles has continued to grow rapidly.
In 2020, Europe surpassed China as the region with the largest market for electric vehicles, outpacing China’s share by 4.6%. Following the 2020 boom, sales in Europe continued to expand strongly (up 65% to 2.3 million), and after two years of decline, sales in the United States also increased (to 630,000).
Similar patterns emerged in the first quarter of 2022, with sales in China more than doubling compared to the first quarter of 2021 (accounting for the majority of worldwide growth), rising by 60% in the US and by 25% in Europe, according to the International Energy Agency. As a result, the market for silicone sealants is experiencing growth and is expected to rise rapidly over the course of the forecast period due to the rising demand for electric vehicles.
2. Increased Demand for Low Volatile Organic Compounds, Green and Sustainable Sealants to Boost the Product Demand
The need for green sealants or those with low volatile organic compounds is rising as green or environmentally friendly products are becoming more popular in a variety of applications. Manufacturers are now required to produce environmentally friendly sealants with low VOC emissions due to strict regulations implemented by the US Environmental Protection Agency (EPA), Europe’s Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH), Leadership in Energy and Environmental Design (LEED), and other regional regulatory authorities.
The industry offers a substantial possibility for expansion as a result of the transition to a more sustainable product line. Green and more sustainable sealant solutions have a lot of room to grow because there is a growing tendency in the construction industry to utilize eco-friendly or green structures.
3. Increased Adoption in Glass Insulation Manufacturing to Propel the Market
Silicone sealants are increasingly being employed in the production of glass insulation for autos and commercial equipment. In emerging economies, these industries have shown consistent growth throughout the years, which has positively impacted the sealants market. RTV sealants, which can endure pressure and extreme temperatures, are used to fill the need for electronic components and frame assembly in the aviation and aerospace industries.
One of the most popular building materials in both residential and commercial structures is insulated glass. Insulated glasses manage the temperature indoors and maintain air quality and humidity. Because they are made of two glass panes separated by an inert gas, insulated glasses are effective at reducing heat transfer. As a result, insulated glasses are useful for a variety of applications since they diffuse the transfer of heat.
China’s construction and transportation sectors are currently expanding quickly and fundamentally shifting to energy-efficient, secure, and lightweight products. 60 billion m2 of current floor space are being added each year through green building, of which 90% are in high-energy buildings that urgently require renovation. As a result, there will be a quick increase in the processing of products including tempered vacuum glass, energy-saving insulating glass, electrochromic glass, and flameproof glass.
4. Changing Standards and Shifting Rules to Limit the Market Growth
The frequent changes being made to the laws governing the use of construction sealants present challenges for manufacturers. The Building Products Regulation (CPR) requirements and standards, for instance, are of concern to manufacturers of building sealants as they determine the minimum (or maximum) performance levels of the construction products.
For example, in 2020, The European Commission initiated a public consultation titled “Assessment and possible amendment of the Construction Products Regulation No. 305/2011 (CPR)” to gather input on the future of this regulation.
The currently available building sealants are not very technologically advanced, and the new products would require labels and paperwork to demonstrate compliance, in addition to additional costs for outside tests.
5. Asia Pacific Holds the Largest Market Share in the Global Silicone Sealants Market
The continued expansion of the building sectors, as well as the rising demand from the Asia Pacific’s thriving packaging sector, are projected to remain the main drivers of the market for silicon additives.
In the region, China is expected to continue to hold the lead over the forecast period due to rising demand from end-user sectors, such as the packaging industry and the building & construction industry, and is predicted to see the quickest growth rate among others.
Furthermore, during the anticipated period, the introduction of bio-based adhesives and sealants is predicted to present opportunities for market expansion.
For More Information, refer to below link:-
Global Thermoset Silicone Sealants Market Size
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