LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global silicone adhesives market to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.
The increase in demand for customizable automobiles is one of the major trends being witnessed in the global silicone adhesives market 2018-2022. Silicones are expected to play a major role in facilitating the adhesion of films and wrappings in vehicles during the forecast period. Silicone adhesives with their excellent bonding properties ensure that the films adhere tightly to the substrate. Silicones adhesive films can be used to create full or partial car coverings. They can stretch up to 40% beyond their original size and can be molded to fit snugly around curves, providing a perfect finish, with no bubbles or wrinkles. This allows the car owners to change the color of their vehicles quickly and customize them based on the requirements without having to go through the hassle of redoing the entire coatings task. Therefore, the growing demand for self-repairing films is expected to drive the demand for automotive silicones.
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According to Technavio analysts, one of the key factors contributing to the growth of the global silicone adhesives market is the rising demand from the automotive industry:
Global silicone adhesives market: Rising demand from the automotive industry
Silicone adhesives are used for structural metal bonding, structural fiber-reinforced plastic bonding interior trim, exterior trim, and glass bonding in automotive applications. They are commonly used during the production process of wire wheels to the engine control modules. Silicone adhesives help in eliminating the rivets and welds of external body panels. These adhesives help in reducing the vehicle weight, thereby improving the fuel efficiency. A 10% reduction in vehicle weight is expected to reduce the fuel consumption by 5%-7%.
According to a senior analyst at Technavio for research on additives, adhesives, and sealants, “The increasing fuel prices and rise in environmental concerns such as pollution, are expected to drive the use of silicone adhesives in the automotive industry. Rising sales of automobiles across the globe, which is estimated to grow during the forecast period, which, in turn, will drive the demand for silicone adhesives.”
Global silicone adhesives market: Segmentation analysis
The global silicone adhesives market research report provides market segmentation by end-user (building and construction, transportation, medical, and electrical and electronics), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The building and construction segment held the largest market share in 2017, accounting for nearly 36% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 50%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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