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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