Building and Construction Is The Largest Segment by End User Industry

Sealants are widely used in the construction industry because of their applications, such as waterproofing, weather-sealing, and crack sealing. The global construction industry is expected to grow at 3.5% per annual up to 2030. Countries such as China, India, the United States, and Indonesia are expected to cover 58.3% of overall construction growth, due to which construction sealants cover the largest share of the global sealants market share by value.

Sealants are widely used in the automotive industry because of their applicability to surfaces, such as glass, metal, plastic, and painted surfaces, and their features are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting. These are used in engines and car gaskets. The electric vehicles segment of the automotive industry is expected to register a CAGR of 17.75% globally in the forecast period because of the increase in demand for the same in growing economies. This will increase the demand for automotive silicone sealants in the forecast period.

Different sealants are widely used in electronics and electrical equipment manufacturing. They are used for sealing sensors and cables. The electronics and household appliances industries are expected to register a CAGR of 2.51% and 5.77%, respectively, globally, which will lead to an increase in demand for silicone sealants during the forecast period (2022-2028).

Sealants are used in the healthcare industry for applications such as assembling and sealing medical device parts. The increase in healthcare investments globally will lead to an increase in their demand in the forecast period.