High-Temperature Sealants Market to Be Worth $3.56 Billion by 2022
The high-temperature sealants market is witnessing moderate growth suggested to be due to their extreme temperature resistant properties, the increasing production of automobiles, and increasing demand from emerging economies.
The market was valued at $2.71 billion in 2016 and is projected to reach $3.56 billion by 2022, at a compound annual growth rate (CAGR) of 4.6% from 2017 to 2022, according to the report "High Temperature Sealants Market by Chemistry (silicone, epoxy), Application (electrical and electronics, transportation, industrial, construction), and Region (Asia Pacific, Europe, North America, Middle East and Africa) - Global Forecast to 2022" published by MarketsandMarkets™. The high-temperature sealants market is witnessing moderate growth, suggested to be due to their extreme temperature resistant properties, the increasing production of automobiles, and increasing demand from emerging economies.
The electrical and electronics segment reportedly accounts for the largest share in the global high-temperature sealants market, and is expected to be the fastest-growing segment for the forecast period. Increasing usage of electrical components in automobiles and growing usage of electronics in modern life are reportedly driving the growth of electrical and electronics industry.
The report shows that silicone chemistry is projected to be the largest segment in the high-temperature sealants market. This is suggested to be due to acceptability across industries and superior temperature resistance properties in comparison to other chemistries.
The Asia Pacific region led the high-temperature sealants market in 2016. The presence of a high end-use industry base, growing construction and electrical and electronics industry, and favorable policies and initiatives, are expected to drive the high-temperature sealants market in the region. Moreover, the increasing production of automobiles and rising demand for electric vehicles is expected to lead to a significant growth in the demand for high-temperature sealants.
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