iCrowd Newswire – Jun 10, 2020
The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Persistence Market Research conducted a study on the silicone sealants market for the historical period of 2014–2018 and forecast period of 2019–2029, which offers key inputs on the global silicone sealants market. The silicone sealants market is anticipated to register significant demand during the forecast period, due to growing investments in the construction industry, and the replacement of welding and mechanical fastening methods with adhesion. Increasing substitution of organic sealants by silicone sealants, miniaturization of electrical components, and rising trend towards the use of energy-efficient glass in construction are some of the factors that are expected to contribute toward the growth of the silicone sealants market over the estimated time period. The global silicone sealants market is anticipated to register a CAGR of around 4% over the forecast period.
Global Silicone Sealants Market: Dynamics
The global silicone sealants market is anticipated to be mainly driven by the construction, automobile, and electronics industries in the coming years. The construction industry is expected to create large volume sales of silicone sealants, owing to the large number of silicone sealant applications in the industry. Silicone sealants account for almost 8% of the total global construction chemicals market. With the growing influx of investments in the construction industry, the market is projected to witness a healthy rise in the demand for silicone sealants in the coming years. The automotive industry is also experiencing an increased demand for silicone sealants. The use of silicone sealants instead of welding and mechanical fastening methods is expected to be one of the key factors driving its demand in automotive as well as other industries. The global sales of automobiles accounted for around 104 million units in 2017, and this is projected to grow at a steady pace in the coming years. This provides a significant growth opportunity to the silicone sealants market over the forecast years.
Global Silicone Sealants Market: Segmentation Overview
- Segmentation on the basis of application: On the basis of application, the silicone sealants market is segmented into building & construction, semiconductors & electronics, automotive, glass, wood furniture, and HVAC. The building & construction segment is anticipated to hold a prominent position in the global silicone sealants market in terms of volume and value market share. The automotive segment is anticipated to register a robust growth rate, owing to the increasing demand from this industry to replace conventional welding and mechanical fastening with silicone sealants.
- Segmentation on the basis of product type: The general grade segment is projected to lead the silicone sealants market in terms of product type over the forecast period. Growing applications of general grade and curing period of general grade silicone sealants are considered to be the main factors contributing to the growth of this segment.
- 3M Company
- BASF SE
- Henkel AG & Co. KGaA
- RPM International Inc
- TKK D. O. O
- PPG Indiustries
- GCP Applied technologies
- Mapei S.p.A
- Wacker Chemie AG
- Sika A.G.
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