Key Market Overview:
The silicone sealants market is expected to grow at a CAGR of 6.5% during the forecast period 2023-2030, with a market size of USD 2.50 billion in 2022. By 2030, the market is projected to reach USD 4.14 billion. The growth of the market can be attributed to the increasing demand for silicone sealants in various end-use industries, including construction, automotive, and electronics, due to their excellent adhesion, durability, and resistance to weathering and chemicals.
Silicone sealant is a type of liquid adhesive which is referred to as silicone glue, often used to craft a watertight or airtight seal at the joint between two surfaces. The common term caulk or mastic is often applied to many types of products including silicone sealant, along with numerous other popular sealants and adhesives. The product is mostly utilized to bind surfaces such as plastic, metal, and glass together.
Silicone sealants are essential components in a wide range of applications such as architecture and construction, engineering, electrical, automotive, and others. The products are used to bond glass, ceramics, metals, plastic, concrete, and bricks. Sealants are designed to meet specific requirements for reliability, performance, and safety, as well as compliance with medical standards and regulations. Such products provide a consistent, clean, and stable elastic bond. They are highly efficient, and reliable, as they are often used in critical applications.
Silicone Sealants Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||4.14|
|CAGR (2023-2030)||6.5 %|
|By Type||Acetoxy Cure Sealants, High-Temperature Sealants, Low-Temperature Sealants, Neutral Cure Sealants, and Others|
|By Application||Medical Appliances, Electrical Appliances, HVAC, Waterproofing, Roofing, and Plumbing|
|By End use industry||Waterproofing, Residential, Commercial, Industrial, Automotive, Aviation, Semiconductor, Construction, Healthcare, and Others|
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||Elkem ASA, ASTRAL ADHESIVES, Vitcas, Chengdu Guibao Science and Technology Co., Ltd., Sika AG, ITW Performance Polymers, Dow, ADFAST CORP, 3M|
The increasing demand for silicone sealants is due to the growing infrastructure. The increasing demand is owing to the superior chemical & physical properties such as resistance to chemicals, different temperatures, and weathering, along with durability and strength. Silicone sealants market is growing alongside the demand for portable diagnostic equipment, surgical equipment, and patient monitoring devices. As a result, the need for highly efficient, reliable, and quality silicone sealants is in high demand.
Furthermore, silicone sealants used in the construction industry are viscous and can tolerate shear force is driving demand for the product. The phenomenal properties of silicone are further enhanced by additives that help in improving electrical, thermal, and mechanical resistance, and enhance characteristics such as UV resistance, improved adhesion, and pigmentation is driving the need for highly efficient, reliable, and compact silicone sealants. Also, silicone sealants retain their elasticity at both high and low temperatures and are resistant to other chemicals, water, and elements.
This presents a significant opportunity for silicone sealant manufacturers to innovate and develop advanced solutions. Moreover, silicone sealants manufacturers gain a competitive benefit and position themselves for long-term growth in the silicone sealants market.
The growth of silicone sealants market is limited due to the increased restrictions on their use such as sealants do not adhere to moist substrates well. Sealing joints in damp weather (rain, freezing rain, snow, or fog) with silicone may not be durable. These factors make it difficult for smaller players or those with limited resources to enter the market. Secondly, silicone sealants products do not adhere to wood because of their long curing time.
Volatile organic compounds (VOC) emissions are released from adhesives and sealants. Upon curing, these adhesives actively react with the air around them. Therefore, the above-mentioned factor impacts the growth of the market, limit competition, and make it difficult for manufacturers to develop innovative and cost-effective products.
Increasing focus on developing new technologies such as RTV (room temperature vulcanizing) is expected to offer opportunities for market growth during the forecast period. Another opportunity lies in the transformational impact of Regulatory agencies such as the environment protection agency (EPA) has set rules to reduce volatile organic compound (VOC) emissions from consumer products. Manufacturers are likely to develop innovative products to meet market demands. This would enhance the reliability and efficiency of the product while reducing the need for manual intervention, thereby creating ample opportunities for the market over the forecast period.
Silicone Sealants Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global level. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
• Elkem ASA
• ASTRAL ADHESIVES
• Chengdu Guibao Science and Technology Co., Ltd.
• Sika AG
• ITW Performance Polymers
• ADFAST CORP.
• Henkel Corp., USA
• In May 2022, ITW Performance Polymers announces the distributor partnership of PREMA SA for the DEVCON Brand in Poland which provides maintenance and repair products that effectively rebuild equipment to original specification or prevent failures from occurring in a preventive maintenance program.
• In October 2022, Dow announced the launch of the world\'s first recyclable SiLASTIC SST-2650 self-sealing silicone tire solution. The solution has been successfully utilized in Bridgestone\'s newly released B-SEALS, a recyclable tire sealant technology.
Silicone Sealants Market Segmentation:
The types of silicone sealants are categorized into acetoxy cure sealants, high-temperature sealants, low-temperature sealants, neutral cure sealants, and others. Acetoxy cure sealants hold the largest market share in the year 2022. This is attributed to the common usage of high modulus acetoxy cure sealants in interior and electrical applications and low modulus acetoxy cure sealants are suitable for a wide variety of general building, sanitary (when they contain a fungicide), glazing interior and exterior applications and adhere to building material.
However, the high-temperature resistance sealants are expected to witness the fastest CAGR over the forecast period. Silicone sealants are applied while bonding and positioning power battery cells and thermal management of lithium batteries in the automotive industry. Thus, the main factor attributed for such segmental growth is typical usage in bonding the parts in the automotive, medical, and electrical industries.
The application segment is classified into medical, electrical, waterproofing, roofing and plumbing, and HVAC systems. The roofing, waterproofing, and plumbing segment holds the largest market share in the year 2022. This is due to the increase in demand for quick-drying sealants, weather sealing, crack sealing, and other sealants in the construction industry. This has led to a higher demand for efficient, reliable, durable, and high-resistance sealants that support a range of applications such as installations of doors & windows, sealing gaps or cracks around windows, sealing various gaskets, cable insulation, and ductwork.
However, the electrical segment is anticipated to witness the fastest CAGR growth over the forecast period. This is due to the increasing prevalence of electronic products in the Asia Pacific and North America region, silicone adhesives are utilized while assembling and sealing electrical and medical devices. This has led to a higher demand for electrical and medical equipment, which require reliable and efficient sealants. As a result, there is a growing need for advanced adhesion solutions that meet the specific requirements of related equipment.
By End User Industry
Based on the end-user industry, the silicone sealants market is divided into automotive, aviation, semiconductor, construction, healthcare, and others. The construction industry holds the largest market share in the year 2022. The largest market share of this segment is due to the growing infrastructural development in the Asia Pacific region. Furthermore, silicone sealants are often used in applications where the sealing of joints is required, such as an aquarium, window installations, and more.
However, the automotive segment is expected to witness the fastest CAGR over the forecast period. This is attributed to the usage of high-temperature resistance, durability, and quick curing time. Silicone is applied in a wide variety of medical devices due to its biocompatibility and bio-durability, which can be expressed in terms of hydrophobicity, low surface tension, and chemical and thermal stability.
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest market share in the year 2022. This is due to the presence of massive architectural and construction projects in China, Indonesia, Singapore, Thailand, South Korea, Japan, and India. The region is witnessing significant developments in infrastructure, electronics industry which is leading the demand for silicone sealants in the architectural and construction industry owing to its usage in exterior and interior décor, furniture fixations, waterproofing, plumbing, and installation of glass and windows.
However, North America is expected to witness the fastest CAGR over the forecast period. This is attributed to the growing medical, and electronic applications in countries such as U.S., Canada, and Mexico. In addition, advancement of technologies is boosting the market due to the increasing demand for durable and weather-resistant sealants. Moreover, numerous companies in the region are focusing on improving their infrastructure and providing access to affordable products, which is further driving the demand for sealants.