Global silicone sealants market size was estimated at over 550 kilo tons in 2015 and is likely to exceed 820 kilo tons by 2023 and is expected to grow at over 4.5% from 2016 to 2023. Properties such as excellent thermal & weather stability, oxidation & ozone resistance, physiological inertness, high gas permeability and extreme low temperature flexibility favor silicone sealants to cater end-use industries such as construction, automotive and packaging.
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China silicone sealants market follows its construction industry, which dominated Asia Pacific with an estimated spending of approximately USD 1.78 trillion in 2013, making it the largest. Also, India and Indonesia construction spending was estimated at USD 427 billion & USD 267 billion respectively in 2013. Total Asia Pacific construction spending amounted to approximately USD 3.59 trillion and accounted for close to 44% of the total revenue share in 2013.
Increasing automobile production coupled and growth witness in automobile aftermarket are factors expected to drive automotive silicone sealants market growth over the forecast period. Shift of automobile manufacturing bases to emerging countries such as China, India, Indonesia and Thailand owing government incentives & cheap labor wages is expected to make Asia Pacific an important market for industry participants.
These products are used for numerous automobile bonding applications such as sealing joints, gaps & cracks, low temperature gasket and replacing windscreens. They are also used for bonding headlamps, fog lamps, tail lamps, lamp covers & cap and bulb mounting sockets.
Growth in end-use industries such as pharmaceuticals, cosmetics and food & beverages is expected to drive silicone sealants demand for packaging applications. However, stringent government regulations over environmental concerns are likely to hamper industry profitability. Investments in research to develop the product for niche applications are likely to open new avenues of growth for industry participants. MEA is likely to witness significant gains over the forecast period owing to increase in construction spending in countries such as Saudi Arabia, UAE, Qatar and Bahrain.
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This latest Global Silicone Sealants Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Global Silicone Sealants industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Silicone Sealants Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2016 – 2023.” in detail along with the table of contents:
Key Insights in this Report
- Global Silicone Sealants Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Global Silicone Sealants Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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