Glass Sealant Market: The revenue is expected to ascend further to $2.6 bn
The glass sealant market is expected to grow at a CAGR of 6.5% during the forecast period 2017–2023 owing to a high demand growth from emerging economies. The market has been analyzed based on product segments – silicone, polyurethane, polysulfide glass sealants, and others. The study has also been classified based on end-user applications – commercial construction, non-commercial construction, transportation, and others.
Why is silicone based glass sealant so popular?
Increasing construction projects, both commercial and non-commercial are increasing the market demand for glass sealants. Along with this, the implementation of stringent government regulations for low VOCs and increasing disposable income are the market drivers for glass sealants, especially for the silicone based ones. Silicone based sealant is the most widely used glass sealant globally. This popularity is due to its wide application areas. Silicone dominates the glass sealants market, contributing to more than 64% of the market share.
What is restricting the growth of this market?
Fluctuation in raw material prices is limiting the growth of the glass sealant market in the lower economic countries. Also, the underdeveloped economies in the Asia Pacific region have far less penetration and smaller economic affordability. This has been restricting the increase of glass sealants adoption in the global market. However, the advantages of using glass sealants are being understood by the construction sector and hence, this market is showing an upward trend. Even though glass sealant is a premium product, it is creating a niche market owing to qualities such as water resistance and better longevity.
Reasons for a steady growth of the glass sealant market
The transportation sector along with the commercial construction sector has made the highest contribution to the glass sealant market. This trend is because of the rapid industrialization and improving standard of living among the global population. The booming private construction industry is also a major factor in the market growth. The focus of multinational companies on developing economies to attain benefits from low production cost and increased demand of products have also played a major role in the continuous growth of the glass sealant market.
Asia Pacific dominates the glass sealant market mainly because of its increasing standard of living and growing acceptance of advanced building features among end-users. This region is among the fastest growing markets due to the increasing penetration and expansion of the manufacturing industry in developing countries such as China and India. Increase in per capita income and the introduction of government policies, especially in the developing and underdeveloped countries in the coming years are expected to change the present scenario. In North America, the US still dominates the regional market and is expected to continue to do so during the forecast period as well. China is expected to grow with the highest growth rate during the forecast period, owing to increasing FDI in the country.
A thorough market study by Infoholic Research
The research study by Infoholic Research provides drivers, restraints, and opportunities with current and emerging market trends. Further, it covers an in-depth analysis of each product and end-user application along with forecasting and trend analysis in the global high temperature silicone market. Major companies covered in the study include big multinational players such:
- Henkel AG & Company
- Wacker Chemie AG
- Sika AG
- Momentive Performance Materials Inc.
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