The global silicone sealants market is expected to reach $3.5 billion by 2024, according to a recent report by Grand View Research Inc. The product reportedly is increasingly substituting various organic sealants and adhesives in construction, insulating glass, automotive, and industrial applications, due to their chemical characteristics including resistance to chemicals and corrosion and physical properties such as water repelling and elongation.
Growing use of thermoset and radiation curing technologies in the manufacturing of the product is expected to enhance the elongation and curing capabilities, which in turn is expected to propel demand over the forecast period. In addition, the presence of established raw material suppliers with superior additives as part of their product portfolio is expected to propel demand over the forecast period.
Growing demand for the product in the construction industry owing to the superior characteristics of silicone sealants as compared to organic sealants including polyurethane, polysulfide and acrylic are expected to be the key driver for the market over the next eight years. However, high volatile organic compound (VOC) emission associated with silicone sealants and growing consumer awareness for environment safety is likely to restrain growth over the next eight years.
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