The global silicone adhesives market is expected to witness a surge in demand in the coming years, and particularly owing to rising production of electric vehicles (EVs) in Europe, China, and the U.S. Glass bonding, exterior trim, interior trim, structural metal bonding, and structural fiber reinforced plastic bonding are a few applications of silicone adhesives in the automotive industry.
Construction industry also will continue exhibiting high demand for silicone adhesives through the assessment period, from 2021 to 2031. Silicone adhesives are popular due to their excellent conductive properties, which paves scope for increasing application in the electronics sector.
According to new findings from Fact.MR, the silicone adhesives market is expected to reach close to U.S.$770 million by 2022.
The latest report by Fact.MR on global silicone adhesives market presents in-depth analysis of various factors such as drivers and restrains that are expected to determine the future of the market.
The report also divulges into compelling insights about regional outlook and trends prevalent globally that will shape consumer demand through the assessment period.
Despite consistently rising demand from diverse industries, sales of silicone adhesives plummeted amidst restrictions imposed to contain COVID-19 outbreak. Suspension of operation across construction and automotive industries, besides various manufacturing units had adverse impact on silicone adhesives market.
However, the market is expected to recover post COVID-19, driven by increasing production of electric vehicles. According to the International Energy Agency, sales of EVs reached 2.1 million in 2019, which showcased a 6% hike as compared to the year before.
“Some developed markets are inching closer to saturation. Consequently, leading silicone adhesives manufacturers are focusing on uncovering growth prospects across emerging economies. The booming construction sector of these countries offer lucrative prospects for sales of silicone adhesives,” says the Fact.MR analyst.
Overall, despite any stagnancy, the growth projections for the silicone adhesives market remain positive. This is because the application of silicone adhesives will consistently rise as a result of their excellent conductive properties — especially in the electronics sector.
With production of EVs picking up pace in the automotive sector, the silicone adhesives market will have lucrative prospects to capitalize on.
Government funding will continue creating growth opportunities for the market. Time and again, policy-makers from different countries have prioritized technological advancements. Stimulus and incentives allotted to various industries have helped them gain momentum, which have subsequently aided the overall expansion of the silicone adhesives market size.
Any initiatives undertaken to create a conducive environment for industrial growth are expected to create opportunities for the expansion of the silicone adhesives market, as well.
Based on type, the silicone adhesives market can be segmented into one-component and two-component adhesives. Among these two varieties, the one-component segment is forecast to register growth at a higher rate. Strong adhesion, high flexibility, and applications in glass, metals, plastic, rubbers, and others will drive growth of the segment.
In terms of technology, the silicone adhesives market can be bifurcated into pressure sensitive adhesives (PSAs) and non-PSAs. Demand for pressure sensitive adhesives will continue rising through the forecast period, due to applications in safety labels for power equipment. Rising demand from the electrical and electronics industry will continue aiding growth of this segment.
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