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% from 2016 to 2023. Properties such as excellent thermal & weather stability, oxidation & ozone resistance, physiological inertness, high gas permeability and extreme low temperature flexibility favor silicone sealants to cater end-use industries such as construction, automotive and packaging.
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.
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China silicone sealants market follows its construction industry, which dominated Asia Pacific with an estimated spending of approximately USD 1.78 trillion in 2013, making it the largest. Also, India and Indonesia construction spending was estimated at USD 427 billion & USD 267 billion respectively in 2013. Total Asia Pacific construction spending amounted to approximately USD 3.59 trillion and accounted for close to 44% of the total revenue share in 2013.
Increasing automobile production coupled and growth witness in automobile aftermarket are factors expected to drive automotive silicone sealants market growth over the forecast period. Shift of automobile manufacturing bases to emerging countries such as China, India, Indonesia and Thailand owing government incentives & cheap labor wages is expected to make Asia Pacific an important market for industry participants.
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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 & beverages and cosmetics particularly in Germany, France and UK 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 increase in construction spending in countries such as Saudi Arabia, UAE, Qatar and Bahrain.
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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.
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