Most end users in the construction industry prefer organic sealants in order to reduce their upfront project costs as silicone sealants are expensive. Sealants play a vital role in sealing gaps between joints to prevent leakages. Hence, the selection of cheaper variants of sealant can degrade the overall durability of the construction and require more expenditure over the maintenance costs. There is an increased awareness among distributors and customers regarding the benefits offered by silicone sealants in exterior applications, which in turn is leading to higher demand for the overall market. The chemical and physical properties of silicone sealants are anticipated to improve on account of increased investments by key players in the research and development of the product to attain a competitive advantage in the market.
Manufacturers are increasingly pushing the development of bio-based sealants, which is expected to provide new opportunities for the growth of global silicone sealants market. The demand for low volatile organic compounds and green & sustainable sealants is expected to create lucrative growth opportunities for the market in the world over the forecast period. However, the market growth is restrained by harmful environmental effects of sealants. Products, such as sealants, coatings, and paints, emit volatile organic compounds owing to the chemical composition and chemicals that are utilized to make them water repellent. These chemicals engage in photochemical reaction with the atmosphere. The carbon compounds are harmful to the environment and contribute toward atmospheric changes and instability.
The global construction silicone sealants market is segmented based on sector, application, and geography. Based on type of sector construction silicone sealants are classified as, residential, commercial, and industrial. Based on applications, construction silicone sealants market is segmented as interior and exterior. Exterior emerged as the largest application segment in 2017 and is estimated to grow substantially over the forecast period. This segment is projected to grow at a CAGR of 5.6% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for construction silicone sealants over the forecast period from 2018 to 2024.
Based on geography, the global construction silicone sealants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Currently, the Asia-Pacific region is the largest consumer of construction silicone sealants is estimated to grow at the highest CAGR. The countries such as China, Japan, and India is expected to lead the Asia-Pacific market, with China having the largest share in the regional volumetric consumption of construction silicone sealants. The market volume of construction silicone sealants is comparatively low in the RoW region, but the estimated growth for the region is second highest after Asia-Pacific.
The global construction silicone sealants market is concentrated with leading manufacturers such as 3M Co. (U.S.), Bostik (France), Dow corning (U.S.), DAP products (U.S.), Franklin International (U.S.), Henkel (Germany), ITW (U.S.), SIKA (Switzerland), Wacker Chemie (Germany), H.B. Fuller (U.K.), and so on.