Developments in the Construction and Automotive Sectors Driving the Global RTV Silicone Market
The evolution in sealants and adhesives is an integral part of the advancements in the materials industry. Silicones are one of the widely used sealants. RTV is a kind of silicone elastomer made from one-part (RTV-1) or two-component (RTV-2) system, with its hardness range varying from very soft to medium. RTV silicone fulfills a wide array of properties that makes it ideal for various applications such as molding, printing and prototyping applications, textile coating, 3D or additive printing, cockpit instruments, potting of engine electronics, and gasketing.
BIS Research’s report titled “Global RTV Silicone Market- Analysis and Forecast, 2019–2029” projects the particular market to reach $1.72 billion by 2029. In an insightful compilation of 217 pages, including 74 market tables, and 97 figures, the report tracks the market, segmented by type of RTV silicones, applications, and regions.
The growth of the global RTV silicone market is majorly driven by the wide-ranging usage of RTV silicone in the automotive and construction sectors, owing to the unique properties of RTV silicone such as high temperature and chemical resistance. The rising demand for electric vehicles, growing electronic components in automotive, surge in disposable income in developing countries, and increasing demand for medical devices are some of the prominent factors promoting the growth of the RTV silicone market.
RTV-2 Silicone: The Largest Revenue Generating Type in the RTV Silicone Market
Currently, RTV-2 dominates the global RTV silicone market by types of various RTV silicones. The major reason for this dominance is RTV-2 silicone’s attribute of showing considerable stability in temperatures ranging from — 80°C to +250°C. Moreover, the RTV-2 segment is anticipated to generate the maximum revenue during the forecast period 2019–2029, followed by RTV-1 silicones.
Construction Sector Expected to Dominate the Global RTV Silicone Market During 2018–2029, by Application
In terms of applications of RTV silicone, the market is majorly classified into construction, automotive, electrical and electronics, aerospace, and others. In 2018, construction was the largest application segment, accounting for 28.78% share in the global RTV silicone market, in terms of value. RTV silicone has numerous applications in the construction industry due to its features such as high strength bond with glass and ceramics, water repellence, flexibility, and ultraviolet (UV) resistance. Companies such as Elkem ASA, The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd, and CHT Group are amongst the major providers of RTV silicone for various applications. Moreover, the automotive industry is currently the second-largest market of RTV silicone after the construction industry.
Asia-Pacific Expected to Dominate the Global RTV Silicone Market During 2018–2029, by Region
The RTV silicone market is well-established in the countries of North America, Europe, Asia-Pacific (APAC), Middle East and Africa, and South America. Presently, Asia-Pacific generates the highest revenue among all regions, contributing 41.82% share in the global RTV silicone market. China generates maximum revenue among all countries in Asia-Pacific and is followed by Japan.
Following are some of the prominent driving factors contributing to the growth of the RTV silicone market in the Asia-Pacific region:
· Huge investments dedicated to R&D facilities
· Flourishing electronics and electrical industry (LG Group, Mitsubishi Electric, and Sony are some of the leading electrical and electronics manufacturing companies in the region)
· An anticipated construction and infrastructure boom during the forecast period
· Encouraging government initiatives
Moreover, the RTV silicone market in Asia-Pacific is expected to grow at the highest CAGR of 4.79% in terms of value during the forecast period (2019–2029).
The Competitive Landscape
The RTV silicone market’s competitive landscape consists of the various strategies adopted by major RTV silicone manufacturers. These strategies include product launches, business expansions, mergers and acquisitions, partnerships, and collaborations. KCC CORPORATION, The Dow Chemical Company, Elkem ASA, Henkel AG & Co. KGaA and Wacker Chemie AG are some of the prominent players in the global RTV silicone market.