(MENAFN- America News Hour) Silicone Adhesives And Sealants Market Report is segmented by components into one component, two component and UV cured; by composition into alkoxy silicones, acetic silicones, oximinics silicones and amino silicones; by end-user industries into construction, automotive, marine, aerospace, electrical & electronics, healthcare, packaging and others and by regions. Silicone Adhesives and Sealants Market is anticipated to mask a CAGR of 5.9% during the forecast period i.e. 2018-2027 .
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 silicone adhesives and sealants market besides the wide range of functions of silicone adhesives and sealants in an immense range of products such as plastic, metal and glass surfaces in home repairs and maintenance during the forecast period.
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As a precursor to gluing agent for attaching various components in automotive industry, North America is panned to observe substantial growth of silicone adhesives and sealants market 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 for silicone adhesives and sealants in various industries across the region. Europe is expected to drive the 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.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Major players include in the global Silicone Adhesives And Sealants market:
Alstone, Dow Corning Corporation, Momentive, Mc Coy Soudal, Wacker Chemie AG, Aerol Formulations Private Limited, Masterbond, Henkel Corporation, Avery Dennison 3M.
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Growing Applications in Construction 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.
Increasing Use in End-User Inventories
The rising demand for silicone adhesives and sealants for various processes in construction, automotive, aerospace, marine, medical appliances, and packaging industries are expected to lead the market rapidly over the forecast period. 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.
The report titled
“Global Silicone Adhesives and Sealants Market: Global Demand Analysis & Opportunity Outlook 2027”
delivers detailed overview of the global Silicone Adhesives and Sealants market in terms of market segmentation by components, by composition, by end-user industries and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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