Construction Sector to Push the Silicone Sealants Market to $3.29 Billion by 2022
Bangalore, India, November 28, 2017 (Newswire.com) - With its recently published study “Silicone Sealants Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022”, Infoholic Research forecasts that the global market for silicone sealants will continue to expand. The growing disposable income among developing countries and the increasing penetration of silicone sealants in the application sectors are the key drivers of the market. In addition, the growing acceptance among consumers owing to better performance, wide operating temperature range, and high chemical resistance are also pushing the market. This pattern is expected to continue during the forecast period to increase silicone sealants market with a CAGR of 4.0% to reach $3.29 billion by 2022.
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Advancements in technology and growing concern over usage of non-eco-friendly products have added to the growth of the market. High manufacturing base in developed and developing countries coupled with the booming construction sector has further contributed to the market demand. Premium prices restrict the market of silicone sealants in the lower per capita income countries, yet it is expected to show a high growth rate during the forecast period in the developing and under developed countries.
The construction sector is one of the major contributors to the silicone sealants market. The high growth in economies and the increasing per capita income among consumers in the developing countries have increased the demand of construction. This trend is expected to continue with the construction sector leading the market during the forecast period. By curing method, alkoxy silicone sealants are dominating the market of silicone sealants. It has a huge market in the construction industry due to its superior performance over a wide range of temperature and better adhesion to various surfaces. The use of acetoxy sealants in glass insulation is pushing the demand for overall silicone sealants market.
Several alternatives, such as polyurethane, polysulfide, plastisol among others, are available in the market, which has led to intense competition in the silicone sealants market. Further, relatively cheaper price of few alternatives has also led to the increased usage of them in smaller economic countries. This restricts the usage of silicone sealants.
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“The construction sector constitutes a majority of the market share for silicone sealants. Green and environment-friendly chemical trend is driving the market growth. Asia Pacific currently dominates the silicone sealants market owing to the large export-oriented manufacturing facilities and the increasing acceptance among consumers, with maximum contribution coming from China. This lead from China is expected to continue in the near future with added advantages of cheap raw material and lower labor cost.” – Khushboo Pandey, Research Analyst.
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The study is classified based on end-users as:
The study has a classification based on curing method
Industry outlook: Market trends, drivers, restraints, and opportunities
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Source: Infoholic Research
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