Among regional segments, Asia-Pacific accounts for the major share of the overall silicone adhesives market.
The silicone adhesives market size is estimated at $2.18 billion in 2017 and is projected to reach $2.95 billion by 2022, at a compound annual growth rate (CAGR) of 6.24% between 2017 and 2022, according to a recent report from Research and Markets. The market is driven by the widespread use of silicone adhesives in different end-use industries, namely building and construction, transportation, medical, and others. The high demand for silicone adhesives in Asia-Pacific reportedly also drives the silicone adhesives market.
Among regional segments, Asia-Pacific accounts for the major share of the overall silicone adhesives market, in terms of both value as well as volume, according to the report. The silicone adhesives market has been witnessing high growth, owing to the growth in end-use industries such as building and construction, transportation, and medical. Many research institutions and manufacturers are reportedly taking initiatives and investing heavily in technological developments of silicone adhesives to improve the properties and enhance their use in various applications.
Growing use of silicone adhesives in diverse end-use industries along with high demand for these adhesives in Asia-Pacific are some of the factors driving the market. High temperature resistance, excellent UV stability, long durability, and excellent gap filling capabilities are the major factors driving the silicone adhesives market, however, rise in raw material prices is a major restraint.
The silicone adhesives market, by type consists of one-component and two-component segments. The one-component segment has a larger market share due to its high flexibility and strong adhesion to a range of substrates, such as glass, plastics, metals, rubbers, etc. Due to this, it finds applications in building and construction and transportation industries.