FELTON, California, Feb. 4, 2019
FELTON, California, Feb. 4, 2019 /PRNewswire/ -- Global Silicone Sealants Market is anticipated to reach USD 3.50 billion by 2024 due to its growing applications in construction, automotive and insulating glass industry by replacing several materials like sealants and organic adhesives. Silicone sealant is an adhesive available in liquid form (looks like gel). The adhesive maintains elasticity and stability in different temperatures. A silicone sealant can potentially resist moisture, chemicals which makes it ideal for multiple application in construction industry.
The major factor driving silicone sealants market is the growing use of silicone sealants in composite joints that are progressively increasing its applications in industries like aerospace, consumer packaging and automotive. Moreover, economic growth and increase in spending power of consumers is encouraging the growth of silicone sealants industry. However, unstable prices of raw materials that drastically affect silicone sealants profit margins is predicted to hamper market growth of the silicone sealants. The developments in automotive industry, growing demand for electric vehicles and developing construction of Europe are the trends witnessed by silicone sealants market.
Silicone sealants industry is categorized on the basis of cure type, components, modulus, production form, end user and geography. On the basis of cure type, the market is divided into acid cure, acetone cure, alkoxy, neutral cure and amine cure. Alkoxy silicone sealants segment is predicted to register significant growth in near future owing to its features like excellent shear strength and swift skin formation. On the basis of modulus, silicone sealants market is classified into low modulus and high modulus. Low modulus is expected to lead the market owing to increasing applications due to features like better elasticity and others.
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In terms of end user, silicone sealants industry is split into aerospace, automotive, construction, consumer products, electronics, marine, industrial assembly and maintenance and others. Construction industry is anticipated to dominate the market of silicone sealants in the forecast period due to increasing infrastructure in the emerging economies.
Geographically, silicone sealants market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific and Europe are expected to lead the market of silicone sealants owing to the developments in end use industries like construction, automobiles, cosmetics and food and beverages in packaging applications. The key players in silicone sealants industry are 3M Company, BASF, H.B. Fuller, DuPont, Henkel, Dow Corning, Shin-Etsu Silicones, Bostik, RPM International, Sika Group and Wacker Group.
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