Global silicone sealants market forecast to grow at over 4.5 percent from 2016 to 2023
Tuesday, August 30, 2016
Dover, DE - The 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 percent from 2016 to 2023, according to Global Market Insights Inc. The construction sector represents the dominant segment for silicone sealants demand. Increasing in construction spending over the last few years, particularly in Asia Pacific and MEA, is likely to drive silicone sealants market growth over the forecast period. Countries such as China, India, Indonesia, Saudi Arabia and UAE have witnessed an increase in investments and government sanctions to construct residential and commercial buildings. Increasing automobile production coupled with growth witnessed in the automobile aftermarket are factors expected to drive automotive silicone sealants market growth over the forecast period. The shift of automobile manufacturing bases to emerging countries such as China, India, Indonesia and Thailand owing to government incentives and cheap labor is expected to make Asia Pacific an important market for industry participants. The China silicone sealants market follows its construction industry, which dominated Asia Pacific with an estimated spending of approximately $1.78 trillion in 2013, making it the largest. Also, India and Indonesia construction spending was estimated at $427 billion and $267 billion, respectively, in 2013. Total Asia Pacific construction spending amounted to approximately $3.59 trillion and accounted for close to 44 percent of the total revenue share in 2013. One-part room temperature vulcanizable (RTV) products are used in construction applications such as weatherproofing of nonporous and porous substrates, sealing expansion joints, sanitary joints in bathroom and kitchen fixtures, electrical conduits, fire-rated joints on pipes, ducts and electrical wiring in ceilings and within buildings. These products are used for numerous automobile bonding applications such as sealing joints, gaps and cracks, low temperature gaskets and replacing windscreens. They are also used for bonding headlamps, fog lamps, tail lamps, lamp covers, and cap and bulb mounting sockets. Asia Pacific has been the dominant region over the past few years and is also likely to witness significant gains over the forecast period. Growth in end-used industries such as automobiles and construction is likely to favor regional demand. North America is likely to witness moderate growth over the forecast period. Post recession recovery in the U.S. has prompted an increase in consumer spending coupled with government initiatives to increase infrastructure spending. Europe is likely to witness below average gains over the forecast period. This region is expected to witness an increase in demand owing to growth observed in end-use industries such as food and beverages, and cosmetics, particularly in the Germany, France and U.K. silicone sealants market. This end-use industry growth is expected to boost packaging applications in the region. MEA is likely to witness significant gains over the forecast period, owing to the increase in construction spending in countries such as Saudi Arabia, UAE, Qatar and Bahrain. The global silicone sealants market share is moderately consolidated with companies competing on the bases of product differentiation and prices. Key companies operating in this market include BASF, DuPont and Henkel. Other prominent companies include Dow Corning, RPM International, 3M Company, H.B. Fuller, Shin-Etsu Silicones, Bostik, Wacker Group and Sika Group.