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The exterior silicone caulk market size is forecast to increase by USD 399.66 million, at a CAGR of 4.91% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing residential and commercial construction activities, the rise in the number of smart cities, and the growing demand from developing economies. It also includes an in-depth analysis of drivers, trends, and challenges.
The report offers extensive research analysis on the Exterior Silicone Caulk Market, with a categorization based on Type, including neutral cure silicone caulk and acid cure silicone caulk. It further segments the market by Application, encompassing commercial, residential, and industrial. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
Silicone caulk is a type of adhesive sealant that is used for construction and household applications. Most exterior silicone caulks are highly resistant to extreme weather, temperature, water, and chemicals, thus making them versatile for outdoor use. Given that silicone caulk is resistant to moisture or extreme temperatures, it is used around windows, doors, and gutters, along with filling gaps around pipes and other objects that penetrate through the exterior walls.
One of the key factors driving the exterior silicone caulk market growth is the increasing residential and commercial construction activities. In developing economies, including India, the 100% foreign direct investment (FDI) for construction projects is likely to fuel the demand for construction solvents like exterior silicone caulk during the forecast period. In addition, in India, government initiatives such as the Smart Cities Mission, the Pradhan Mantri Awas Yojana (PMAY), and the Sardar Patel National Urban Housing Mission are estimated to increase the number of people living in urban areas, which will fuel the growth of the global exterior silicone caulk market.
Moreover, the rising demand for construction equipment is complemented by the increase in the number of renovation and modification projects across key countries such as China and India. In addition, the rise in the number of multinational companies, as well as technology and business parks due to favorable trade relations between countries and government policies, such as FDI relaxation is positively impacting the market. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the exterior silicone caulk market growth is the expansion of manufacturing facilities by market players. Expansion of production and storage facilities is one of the positive trends in the global exterior silicone caulk market, which helps companies increase their market share. In addition, the growing industry has encouraged major vendors to opt for expansion of their manufacturing and storage facilities globally. For example, in February 2020, Henkel AG and Co. KGaA (Henkel) announced the expansion of a manufacturing facility in Pune, India.
Moreover, the expansion of the manufacturing facility aims to serve the growing demand of Indian industries for high-performance solutions in adhesives, sealants, and surface treatment products. Therefore, such developments are expected to strengthen the market presence of vendors by enabling them to offer a diverse portfolio of products in the global exterior silicone caulk market. Hence, such factors are driving the market growth during the forecast period.
The availability of substitutes for exterior silicone caulk is one of the key challenges hindering the exterior silicone caulk market growth. The increasing demand for other types of sealants, including polyurethane, plastisol, butyl, polysulfide, emulsion, and others, is expected to hamper exterior silicone caulk market growth. In addition, the high cost of exterior silicone caulk, as compared to other sealants, is negatively impacting the market.
Moreover, the growing innovation and product development in other types of sealants are expected to impede market growth. For example, the ongoing research to develop soy-based polyurethane (PU) foam products augmented with carbon nanotubes is expected to drive the demand for polyurethane bio-based sealants. Furthermore, Bio-based polyols made with RENUVA Renewable Resource Technology built by Dow Polyurethanes can be used in lots of sealant applications. Hence, such factors are hindering the market growth during the forecast period.
The neutral cure silicone caulk segment is estimated to witness significant growth during the forecast period. The neutral cure silicone caulk segment of the global exterior silicone caulk market is expected to grow due to factors such as the growing adoption of sealants in the construction industry due to its various features, including non-corrosivity and subtler odor. In addition, such features ensure that natural cure silicone caulk does not damage metals or other materials over time, and it is more weather-resistant, thus making it an ideal choice for exterior areas where metal surfaces are present, such as around doors and windows.
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The neutral cure silicone caulk segment was the largest segment and was valued at USD 936.20 million in 2017Moreover, another advantage of neutral cure silicone caulk is that it has a longer shelf life. In addition, this type of caulk is made from a combination of latex and silicone and is a good choice for occasionally wet areas such as windows, doors, and trim. Furthermore, it is also suitable for applications where concrete, brick, and bare metals are used. Therefore, the growing construction sector, especially industrial and commercial, is expected to drive the adoption of neutral cure silicone caulk for sealant purposes. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the application, the segment is classified into commercial, residential, and industrial. The commercial segment will account for the largest share of this segment. The commercial segment comprises commercial buildings, including shops, hotels, restaurants, office spaces, industrial buildings, schools, and hospitals. In addition, the commercial construction industry is expected to show robust growth fuelled by rapid industrialization and urbanization in emerging economies such as China, Thailand, Malaysia, and Indonesia. Furthermore, foreign investment in the commercial construction sector has significantly increased in India as major US, European, and Japanese companies see the country as a potential market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The tremendous growth of the exterior silicone caulk market in the region is fuelled by the growth of the construction industry. In addition, exterior silicone caulk manufacturers are targeting this region, as it continues to be the fastest-growing region. Moreover, China, India, Vietnam, South Korea, Indonesia, and Thailand are investing significantly in various construction projects, which is likely to influence the growth of the exterior silicone caulk market in the region. Furthermore, the construction investment share among residential, industrial, and infrastructural projects is almost evenly distributed, and all APAC countries are expected to increase their budgets for infrastructure. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
3M Co: The company offers exterior silicone caulk namely 3M Marine Grade Silicone sealant.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ARDEX GmbH, Bostik Ltd., Dow Chemical Co., Franklin International, General Electric Co., Henkel AG and Co. KGaA, Illinois Tool Works Inc., Innovative Chemical Products, LATICRETE International Inc., McCormick Paints, Oatey Co., Oldcastle BuildingEnvelope, Red Devil Inc., RPM International Inc., Sashco Inc., Sika AG, Sumitomo Rubber Industries Ltd., The Sherwin Williams Co., and Wacker Chemie AG
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Exterior Silicone Caulk Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.91% |
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Market Growth 2024-2028 |
USD 399.66 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.51 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., ARDEX GmbH, Bostik Ltd., Dow Chemical Co., Franklin International, General Electric Co., Henkel AG and Co. KGaA, Illinois Tool Works Inc., Innovative Chemical Products, LATICRETE International Inc., McCormick Paints, Oatey Co., Oldcastle BuildingEnvelope, Red Devil Inc., RPM International Inc., Sashco Inc., Sika AG, Sumitomo Rubber Industries Ltd., The Sherwin Williams Co., and Wacker Chemie AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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