Silicone In Construction Industry Market Outlook - 2021–2030
The silicone in construction industry market size was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Silicones are a broad category of synthetic materials that include silicone adhesives, coatings, sealants, and other products, which improve the performance and longevity of structures. Silicones are a long-lasting building material that withstand the effects of extreme weather, rain, and sunlight. Silicones properties allow for creative design and engineering structures, such as spectacular glass facades or curved and suspended structures.
Silicone sealants are used in construction, expansion, movement joints, and connection to ensure important structural materials stay in place. These sealants also provide building structures with more flexibility, allowing materials to absorb stress and movement from wind or earthquakes. Silicone sealants in buildings also make buildings more energy efficient by preventing humidity and hot or cold air from coming inside through joints and cracks. Furthermore, silicone adhesives and structural silicone glazing are used to safeguard and maintain the building's long-term quality and aesthetic, allowing commercial and industrial buildings to survive repeated exposure to the weather. Silicone chemistry aids renovation professionals to restore a structure without jeopardizing the original material's appearance or integrity.
The use of silicone in the construction industry has grown in recent years, due to increase in activities related to construction, such as maintenance and repair, owing to a variety of factors, including government rules and developments, as well as increase in government initiatives aimed at increasing infrastructural activities and restoring existing buildings and facilities. For example, construction activities in India increased by 12% in 2020 as compared to the previous two years. The Indian government has approved projects worth Rs.750 billion. These factors drive the demand for silicone in the construction industry. In addition, increase in demand silicone in the construction industry from North American countries, specifically the U.S. owing to increase in repair and maintenance activities drives the demand for silicone in the construction industry.
However, fluctuating price of silicone and government regulation hampers the market. Increase in construction activities in Asia-Pacific is expected to provide lucrative opportunities for the silicone in construction industry market.
The silicone in construction industry market is segmented into form, type, application and region. On the basis of form, the market is segmented into fluids, elastomers, resins, and gels. By type, the market is categorized into sealants, adhesives, and coatings. By application, the market is segmented into roofing, flooring, sealing, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The silicone in construction industry market share is analyzed across all significant regions and countries.
The key players operating in the global silicone in construction industry market include, Silchem Inc., ICM Products, Inc., Speciality Silicone Products Incorporated, Wacker-Chemie GmbH, Evonik Industries AG, Hutchinson, Kemira Oyj, Quantum Silicones, Kaneka Corporation, and The Dow Corning Corporation.
Other players in the value chain of the silicone in construction industry market include, Mesgo S.P.A., Zhejiang Xinan Chemical Industrial Group Co., Ltd., Reiss Manufacturing Inc., KCC Corporation, Shin-Etsu Chemical Co., Ltd., Momentive Performance Materials Inc., Ashland Incorporated, CRI-SIL Silicone Technologies, LLC, CSL Silicones Incorporated, and Elkay Silicones.
By Form
Elastomer is projected as the most lucrative segment.
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Silicone In Construction Industry Market, By Form
By form, the elastomer segment is estimated to garner highest market share i.e. 44.3% during the forecast period. Silicone elastomer is rapidly gaining popularity due to scalability, long-term stability, and biocompatibility.
By Type
Sealants is projected as the most lucrative segment.
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Silicone In Construction Industry Market, By Type
The sealants segment held the significant share in the silicone in construction industry market in 2020 and is estimated to grow with a CAGR of 7.1% during the forecast period. Higher elongation and lower strength characteristics make silicone ideal for sealing joints and assemblies, thereby increasing the demand for silicone sealants in the construction industry.
By Application
Sealing is projected as the most lucrative segment.
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Silicone In Construction Industry Market, By Application
The sealing segment held the significant share in the silicone in construction industry market in 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. Increase in maintenance and repair activities in the construction industry increases the demand for sealing works.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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Silicone In Construction Industry Market, By Region
Asia-Pacific garnered the highest share in the silicone in construction industry market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to increased construction activities in the region
Maintenance and repair activities have increased in the construction industry in these regions owing to increase in government maintenance activities and initiatives, which further contributes significantly in the growth of silicone sealants in the construction industry in the region.
Key Benefits For Stakeholders
- The report includes in-depth analysis of different segments and provides silicone in construction industry market estimations between 2021 and 2030.
- The silicone in construction industry market size is provided in terms of revenue and volume.
- A comprehensive analysis of the factors that drive and restrict the growth of the silicone in construction industry market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the silicone in construction industry market growth, in terms of $million and kilotons.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current silicone in construction industry market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
Silicone in Construction Market Report Highlights
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Analyst Review
Increase in construction activities, especially in Asia-Pacific is expected to boost the demand for silicone in construction industry, especially, fluids, elastomers, and gels, which are widely used for various applications, including roofing, sealing, and flooring. The silicone fluids segment is anticipated to register a significant growth during the forecast period owing to rise in expenditure toward infrastructure improvement. In addition, silicone’s excellent properties such as shear stability, low volatility and surface tension, and induce maximum water repellency make it ideal for the construction industry. However, fluctuating prices of silicone is a major hindrance for the market.
The Asia-Pacific silicone in construction industry market offers promising opportunities for silicone manufacturers, owing to growth in infrastructure and rapid industrialization. In addition, increase in disposable incomes in developing economies, such as China, India, and Japan majorly fuel the market. However, many construction projects have been halted or postponed due to the COVID-19 pandemic, which hinder the demand for silicone in construction industry.
Increasing construction industry in developing region like Asia-Pacific is boosting the demand for silicone in construction industry market.
The silicone in construction industry market size was valued at $1.0 billion in 2020, and is projected to reach $1.9 billion by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Silchem Inc., Wacker-Chemie GmbH, Evonik Industries AG, Hutchinson, Kemira Oyj, Quantum Silicones, Kaneka Corporation, and The Dow Corning Corporation.
By Form Fluids Elastomers Resins Gels By Type Sealants Adhesives Coatings By Application Roofing Flooring Sealing Others
Increase in activities related to construction, such as maintenance and repair, owing to a variety of factors, including government rules and developments, as well as increase in government initiatives aimed at increasing infrastructural activities and restoring existing buildings and facilities is driving the silicone in construction industry market.
Sealing application is expected to drive the adoption of silicone in construction industry market owing to increase in maintenance and repair activities in the construction industry increases the demand for sealing works.
Covid-19 will have the negative impact on silicone in construction industry market in 2021 owing to lockdown in many countries and halted construction activities due to lockdown.
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