Segmentation By Components (One Component, Two Component and UV Cured); By Composition (Alkoxy Silicones, Acetic Silicones, Oximinics Silicones and Amino Silicones); By End-User Industries (Construction, Automotive, Marine, Aerospace, Electrical & Electronics, Healthcare, Packaging and Others) - Global Demand Analysis & Opportunity Outlook 2027
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Our-in depth analysis of the global Silicone Adhesives and Sealants market includes the following segments:
Global Silicone Adhesives and Sealants Market is further classified on the basis of region as follows:
Silicone adhesives and sealants market is anticipated to record a CAGR of 5.9% over the forecast period. Silicone adhesives and sealants market is expected to reach USD 4.02 million at the end of the forecast period. The many advantageous properties of silicone adhesives and sealants are exploited in the field of appliances and automotive now and then. New uses for silicone adhesives and sealants are discovered for various appliances on regular basis which is expected to drive the silicone adhesives and sealants market rapidly.
Currently the global silicone adhesives and sealants market is observing steady growth on account of increasing demand of corrosion resistant adhesives in the market. Advances in automotive industry in the past few years and growing technological explorations are projected to drive the silicone adhesives and sealants market besides the wide range of functions of silicone adhesives and sealants in an immense variety of products such as plastic, metal and glass surfaces in home repairs and maintenance during the forecast period. On the basis of regional platform, global Silicone Adhesives and Sealants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a precursor to gluing agent for attaching various components in automotive industry, North America is panned to observe substantial silicone adhesives and sealants market growth due to rising silicone adhesives and sealants usage. North America is expected to be followed by Asia-Pacific in terms of consumption due to expanding requirements of silicone adhesives and sealants in various end user industries across the region. On account of multiplying uses of silicone adhesives and sealants in growing end-use market on the back of increasing industrialization and application of these adhesives in construction industry, Asia Pacific is budding as a regional market for silicone adhesives and sealants consumption. Europe is expected to drive demand and positively impact silicone adhesives and sealants market growth over the forecast period owing to increasing silicone adhesives and sealants application in home and appliance repair and maintenance processes. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the silicone adhesives and sealants market across the region over the forecast period.
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The rising demand for silicone adhesives and sealants for various processes in construction, automotive, aerospace, marine, medical appliances, and packaging industries are expected to drive the market rapidly over the forecast period. The growing R&D activity associated to silicone adhesives and sealants applications is further expected to increase the market growth on account of discovery of new uses in diverse end-user industries. Increasing urbanization has resulted in an increase in construction activities indirectly impacting the silicone adhesives and sealants market for home repairs and building applications such as sealing cracks and joints, filling holes and blocking off gaps and seams. Rapid industrialization leading to economic development with thriving manufacturing sector is expected to boost the silicone adhesives and sealants market further across the developing and the developed regions around the world. Properties such as excellent insulation with high dielectric strength, water resistivity, temperature resistivity, and durability makes them an appealing choice to manufacturers for using them in car gaskets, seal cables and sensors, glass tanks, and as glazing and bathroom sealants.
However, cost constraints associated with rise in raw material prices is anticipated to serve as a market restraint in the growth of the silicone adhesives and sealants market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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