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The silicone adhesives market will gain traction in response to surging demand for sealants with superior chemical and physical properties in construction, automotive, electrical & electronics, and other industries. While growth in the near-term assessment period is likely to be hampered amid the COVID-19 crisis, Fact.MR maintains a positive outlook for the market for 2020 to 2030.
According to the report, rising use of silicone adhesives for structural metal bonding, exterior interior trim, and glass bonding is expected to help the market gain momentum in the near future. Silicones also offer excellent adhesion to wrappings and films in vehicles. Their excellent properties of adhesion ensure that films and wrappings adhere tightly to substrates, allowing car owners to change the color of their vehicles as per their requirement.
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Against this backdrop, Fact.MR has projected sales in the silicone adhesives market to accelerate. The automotive research agency J.D. Power recently discussed about resurgence in car sales post COVID-19 in the U.S. Tesla already has reported a spike in orders for new car registrations in China. Volkswagen has announced a cash incentive of 2000 Yuan for new vehicles in China. With operations in the automotive sector gradually reviving, sales of silicone adhesives in the industry are likely to pick up.
Key Takeaways from Silicone Adhesives Market Study
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Innovations Remain Crucial to Growth
From cellars to roofs, silicone adhesives are used for a plethora of applications by craftsmen and contractors around the world. Despite their applications, not all grades of silicone are harmless to health. For instance, oxime silicones based on methyl ethyl ketoxime (MEKO) are considered carcinogenic. Stringent regulations implemented across the globe are restricting application of such silicones, especially in the medical and healthcare sectors.
To address this challenge, some of the leading names in the silicone adhesives market have launched innovative offerings. For instance, Henkel launched Pattex FUSIONXLT, which is an innovative and oxime-free technology. The company is touting it as an all-in-one solution, covering both, interior and exterior applications.
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Who is Winning?
Competition within the silicone adhesives market is likely to get fiercer over the coming years. In order to gain a competitive advantage, some of the leading names in the market are taking positive steps towards ensuring sustainability.
Some of the other leading companies operating in the silicone adhesives market are Momentive Performance Materials, Sika AG, and Wacker Chemie AG, among others.
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