Silicone Sealants Market Size, Share & Trends Analysis Report By Type (Acetoxy, Amino, Oximinics, Acetic, Others), By Technology (Room temperature vulcanizing (RTV), Thermoset or Heat cured, Radiation cured, Pressure-sensitive, UV Cured, Others), By Application (Glass, HVAC, Paperboard & Packaging, wood & Furniture, Plastic, Plumbing, Sound Damping, Gasketing, Others), By End-Use Industry (Transportation (Automotive, Aerospace, Marine, Railway and Others), Building & Construction (Residential Construction, Commercial Construction, Infrastructure and Others), Electrical & Electronics, Household Appliance, Textile Industry, Healthcare, Packaging, Industrial, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global silicone sealants market was valued at USD 3.78 billion in 2021 and is projected to reach USD 6.50 billion by 2030, registering a CAGR of 6.2% from 2022 to 2030.

Liquid silicone sealants are a type of glue that is used as a bonding agent in a variety of industries, including the building and construction industry, vehicle manufacturing, the electronic appliance industry, and others. Silicone sealants are resistant to a wide variety of chemicals, as well as moisture and the elements, and they maintain their flexibility even when exposed to high or low temperatures. It functions as a connecting agent for the various components of an automobile engine.

Sealants for electronic devices' cables and sensors are among the many applications for the substance. RTV stands for room temperature vulcanizing, which refers to a silicone rubber compound that can be utilized for a variety of applications including coating, casting, bonding, and sealing.

The Japan Electronics and Information Technology Industries Association forecasts that the combined global production of the electronics and information technology industries would expand by 2 percent in the year 2020 to reach a total of $2,972.7 billion US dollars. It is anticipated that this will raise demand in 2021 with a production rise of 3% on an annual basis. As a result, the increasing number of electronic devices will serve to enhance the Silicone Sealants Market during the duration of the forecast.

Market Dynamics

Market Drivers

The Growing Trend of Lightweight Vehicle in The Automotive

The market for silicone sealants is being propelled forward by the rising interest in lightweight and electric automobiles. The market for silicone sealants is being driven by the application of silicone sealants in the reduction of the overall weight of a vehicle as well as the improvement of its thermal and mechanical qualities. The International Energy Agency reports that the number of electric vehicles on the road has been rising steadily over the past decade. In the year 2020, there was a 41 percent rise in the number of vehicles that were registered, and there were 10 million electric vehicles on the roads of the world by the end of the year. With a growth in sales of around 4.6 percent, the number of electric cars sold in the year 2020 was almost 3 million, and for the first time, Europe overtook China as the largest market for electric vehicles in the world. As a result, the increasing demand for electric vehicles will serve as a primary driver of the silicone sealants market during the time covered in the estimate.

 Market Restraints

Growing Environmental Concern

The market for silicone sealants is being propelled forward by the rising need for automobiles that are both lightweight and electric. The market for silicone sealants is being driven by the increasing prevalence of the use of silicone sealants in the automotive industry to improve thermal and mechanical qualities as well as reduce overall vehicle weight. The International Energy Agency reports that the number of electric vehicles on the road has been growing steadily over the past decade. In the year 2020, there was a 41 percent increase in the number of vehicles that were registered, and by the end of the year, there were 10 million electric vehicles on the roads around the world. With a growth in sales of around 4.6 percent, the number of electric cars sold in the year 2020 was almost 3 million, and for the first time, Europe surpassed China as the largest market for electric vehicles in the world. As a result, the increasing demand for electric vehicles is going to be a primary driver of the silicone sealants market during the period included in the estimate.

 Market Opportunity

Increasing Demand for Hvac

Due to their excellent durability, weather resistance, shrink and crack resistance for vehicle and indoor air quality, and thermal comfort, silicone rubber sealants are particularly useful for HVAC applications. Silicone rubber sealants are also utilized in unique applications. People who are inside residential and commercial buildings need modern HVAC management systems to ensure that the air they breathe is healthy and that they are able to maintain a pleasant temperature within the structure. Global Construction Perspectives and Oxford Economics predict that by the year 2030, the global construction industry will have reached US$ 15.5 trillion and will account for 57 percent of all global growth. China, the United States, and India will be the countries that will lead the charge in this industry. As a result, the rise in the construction of new buildings will contribute to an increase in the demand for heating, ventilation, and air conditioning (HVAC) systems among individuals who live in arid environments or tropical regions throughout the period covered by the prediction.

Regional Analysis

The market is split into North America, Europe, Asia-Pacific, and LAMEA.

Due to the existence of substantial infrastructure projects in developing nations such as China, India, Indonesia, and others, the Asia Pacific region held the highest share of the silicone sealants market in 2020, up to 45 percent. The need for silicone sealants in the building and construction industry is increasing as a result of the widespread application of silicone sealants in the process of attaching glass indoors, windows, and external and interior decors. According to Invest India, work is currently being done on 100 smart city projects, redevelopment of 600 railway stations is in the works, the net office space absorption in 2020 was approximately 31.9 million square feet, and the growth of the construction industry is projected to average 7.1% annually by the year 2025. As a result, the expansion of the construction industry is driving up demand in the silicone sealants market.

Renovation of existing structures has been rising in Europe, making up a sizable portion of the overall construction industry. Additionally, due to Europe's transition to 5G technologies, the electronic industry was one of the few that comfortably withstood the adverse effects of COVID-19. The market will experience a spike in demand for the most recent gear and technologies. The market for silicone sealants in the area will gain from all of this.

Over the forecast period, North America is projected to experience a volume CAGR of ~5.2%. Consumption of the product is also anticipated to increase as a result of the usage of silicone sealants in buildings to attempt to seal holes inside fire-resistance certified wall and floor assemblies and prevent the spread of flames and smoke from one room to another. Throughout the period, the market expansion is anticipated to be aided by silicone sealants in various cosmetic items and food-grade sealants in food packaging in the region.

Segmental Analysis

By Type

In 2020, the acetoxy type category accounted for over 32 percent of the market share and is projected to increase at a substantial compound annual growth rate (CAGR) throughout the forecast period. Building and construction in windows and door frames, kitchens-backsplashes, countertop sealing, bathrooms & bathtubs, and other applications are a factor that is contributing to the expansion of acetoxy-type silicone sealants. Other applications include: The Associated General Contractors of America (AGC) estimates that the annual value of structures produced by the construction sector was close to $1.4 trillion. Furthermore, the business is comprised of more than 733,000 companies and over 7 million workers. As a result, the expanding demand for sealants in the construction and building industries is driving up demand for insecticides and silicone sealants throughout the course of the forecast period.

By Technology

It is anticipated that the Room temperature vulcanizing (RTV) type segment will increase at a substantial compound annual growth rate (CAGR) over the forecast period. In 2020, this segment accounted for around 28 percent of the market share. Room temperature vulcanizing (RTV) is used to assemble the engine, which seals all kinds of leaks in the automotive sector to allow for smooth driving even in extreme environments. This is possible due to several properties of the materials, such as their adhesiveness, water-repellency, and bonding, which make them ideal for sealing. According to the Organisation Internationale des Constructeurs d'Automobiles, the cumulative sales of automobiles from January to June in 2020 are projected to be 2,77,79,932 and in 2021 they are projected to be 3,56,03,479. Therefore, over the projected period, the Room temperature vulcanizing type segments are driven by the increased demand for automobile sales.

In terms of revenue, thermoset or heat-cured is predicted to experience the fastest growth. Throughout the predicted period, a growth rate of 6.5% is anticipated. Cross-linked polymeric resins used in Thermoset silicone sealants are cured at high temperatures. They can be used in equipment and assembly applications in various industries, including aerospace and automotive, due to their capacity to endure high temperatures.

Radiation-cured products are expected to experience a sales increase of 6.1% over the forecast period. UV light or an electron beam is used to cure radiation-cured sealants. Utilizing UV light or electron beam technologies for curing enhances product quality while lowering production costs. Additionally, these sealants provide rapid curing at low temperatures. Over the projected period, it is anticipated that these qualities will accelerate segment expansion.

By Application

More than 18 percent of the market share was held by the glass sector in 2020, and it is anticipated that this segment would experience considerable growth over the course of the forecast period. The market for silicone sealants is being fuelled by the rise in demand for glass in a variety of industries, including building & construction, aerospace, automobiles, and others. Sealing gaps or cracks around windows, door frames, baseboards, decorative glass walls, molding, glazing joints, and glazing applications in kitchens and bathrooms are some of the many uses for silicone sealants in the building and construction industries. These sealants are also used to seal glass windows in buildings. According to Glass for Europe, eighty percent of flat glass is used in building and construction, fifteen percent in transportation, and five percent for other sectors like electronic appliances and solar panels, with a total annual production of ten million tonnes in Europe. This figure accounts for the majority of the continent's production of glass. As a result, during the time period under consideration, there will be a rise in demand for silicone sealants due to the expanding use of glass.

By End-Use Industry

In 2020, the Construction industry accounted for more than 35 percent of the market share, and it is anticipated that this sector will experience considerable growth over the course of the forecast year. The phenomenal properties of silicone sealants, such as resistance to UV rays as well as electric, thermal, and mechanical properties, have led to their widespread application in the construction industry. These properties are contributing to the expansion of the silicone sealants market over the period covered by the forecast. The water resistance quality that sealants provide is what is driving the industry, and these products are used to fill gaps, install fittings in kitchens and bathrooms, seal floors, make long-lasting paints and varnishes, and wire buildings and ceilings. The British Columbia Construction Association (BCCA) estimates that there is approximately 125 billion dollars worth of construction projects underway in Canada, with an additional 220 billion dollars worth of projected projects. By the year 2030, demand for silicone sealants will be driven higher by the expansion of the building industry.

Impact of covid-19

Covid-19 had some profound adverse impacts on the global advanced ceramics market.

COVID-19 spread across the world from China, making the whole world stand still and to a complete lockdown situation. Covid-19 is an infectious disease that was caused by a newly discovered coronavirus. During the time, the fatality rate among the population above 40 was also high globally. The disease causes severe illness for people suffering from medical conditions like diabetes, cardiovascular disease, chronic respiratory disease, etc.

Considering the situation during that time, it was declared a pandemic which led to numerous countries, including the major economies like China, the United States, India, and others, implementing lockdowns which adversely affected the global economy.

In the first two quarters of 2020, the economic and industrial operations temporarily halted. Almost every manufacturing unit where advanced ceramics is used, such as electrical and electronics, transportation, industrial, chemical, and other End-user Industries (except medical), reduced their manufacturing capacities due to the lack of workers. The lockdown implemented put a halt to global supply chains. This resulted in repercussions in terms of both production and demand for advanced ceramics.

Market Recovery Timeline and Challenges

With time the lockdowns were uplifted, and relaxation was made to the public. Gradually, the economy picked up the pace and started its operations, bringing the demand in the global advanced ceramics market and increasing among various industries. As the situation improved during the initial months of 2021, the economies also strengthened their fiscal policies and initiated their development process; the end-user industries began their activities, bringing the overall ceramics market back on track.

Recent Developments

• In January 2023, Ice Baby! Packed sustainably by BASF using Styropor® CcycledTM.4
• In December 2022, Dow and USA Luge renewed their long-standing partnership.
• In January 2022, Team Rubicon and DuPont Personal Protection Announce an Expanded Partnership.
• In January 2023. Shin-Etsu Chemical has created new equipment for Micro LED displays, including transfer parts.