Silicone Adhesives Market to Reach $2.95 Billion
By 2022, the medical segment is forecast to be the most dominant end-use industry.
The market size of silicone adhesives was 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% from 2017 to 2022, according to Report Buyer. Two-component is reportedly the fastest-growing type segment of silicone adhesives because of its high flexibility and strong adhesion to a range substrates.
By 2022, the medical segment is forecast to be the most dominant end-use industry, driven by the rising incidences of wound infections and the increasing awareness regarding the advanced technologies in the market. Government initiatives in the form of grants and funds, along with technological advancements in medical procedures are predicted to lead to new and innovative products being launched.
In 2016, Asia-Pacific reportedly accounted for the largest market share, in terms of both volume and value. It is projected to register the highest CAGR of 7.4% during the forecasted period, in terms of value. The Asia-Pacific silicone adhesives market is driven by the high economic growth and heavy investments in industries such as transportation, building and construction, and manufacturing.
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