The Silicone Adhesives Market size is projected to grow at a CAGR of 6.1% during the forecast period 2022-2027 and reach US$3.8 billion by 2027. Silicone adhesives composed of nanocomposite, silica and more have various performance benefits, including higher flexibility, excellent environmental resistance and more. These benefits make silicone adhesives ideal for various applications, including fabric, metal, plastics and more. The flourishing building & construction and transport industries are the prominent factors propelling the growth of the silicone adhesives market. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the global production of passenger cars was 55,908,989 units and in 2021, it was 57,054,295 units - an increase of approximately 2% over 2020.
Silicone Adhesives Market: The One Component Segment Leads the Market
On the basis of the type, the Silicone Adhesives Market can be segmented into one component and two component. The one component type is evaluated to be the leading segment in the silicone adhesives market in 2021. In 2021, the one component segment held around 60% share of the total revenue earned by the market globally. A humidity range of 5% to 95% and a temperature range of 40°F to 100°F (5°C and 40°C) are needed to cure one component silicone adhesive. Silicone adhesive with one component is frequently used in aerospace and aviation applications. Its high flexibility and effective adhesion to a variety of substrates, including metal, plastic and others. It is because of the aforementioned advantages, the adoption of one component silicone adhesive is increasing and the market's growth is consequently accelerating.
Silicone Adhesives Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Silicone Adhesives Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 43.5% share of the total revenue earned by the market globally. The key factors propelling the growth of the building and construction industry in Asia-Pacific are the steadily rising construction of retail store buildings, ongoing development of commercial centers and other factors of a similar nature. As of October 2022, the construction of 466 trillion Indonesian rupiahs ($32.3 billion) in Indonesia's new capital is in progress. The capital city's construction would be completed by the end of 2024. Therefore, the growth of the building & construction industry in Asia-Pacific is fueling the demand for silicone adhesives. This, in turn, is propelling the market growth.
Major Players in this Market
The major companies in the Silicone Adhesives market include 3M, Arkema (Bostik), Avery Dennison Corporation, Delo Industrial Adhesives LLC, Dow, DuPont, General Sealants Inc., H.B. Fuller Company, Henkel AG & Co. KGaA and Illinois Tool Works Inc.
The key focus of the companies has shifted towards product launches. In October 2021, DAP launched a line of four hybrid sealants to combine the best features of silicone and polyurethane with a unique formula for a variety of applications. The primary goal of this product launch was to increase its market share in the Silicone Adhesives industry.