Expanding Construction Sector Fueling Silane Market Growth

The silane market generated sales worth $1,577.9 million in 2017, and it is expected to reach $2,047.0 million by 2023. The market is projected to demonstrate a CAGR of 4.3% during the forecast period (2018–2023). The market growth is driven by the expansion of the construction sector and high demand for paints and coatings. Currently, the market is observing the rapid consolidation of the competition through mergers and acquisitions.

In recent years, the demand for silane has increased tremendously in the paints and coatings sector, as it can offer excellent adhesion. Moreover, its high resistance to water, ultraviolet (UV) radiation, and chemicals makes it suitable for paints. Thus, the increasing demand for silane-based paints and coatings from the automobile sector will support the silane market growth in the coming years. The growing automobile production in developing nations, such as Thailand, India, Brazil, Indonesia, and Malaysia, will propel the demand for this chemical in the forecast period.

Another factor driving the silane market growth is the expansion of the construction sector in emerging economies across the globe. The improving living standards, escalating disposable income, and booming population in developing countries have increased the requirement for better housing, transportation, and civic infrastructure. Silane is used as a raw material in the production of paints for buildings. Thus, the development of smart cities, airports, and commercial facilities across the globe will supplement the market growth in the coming years.

Thus, the expansion of the construction sector and automobile sector is expected to fuel the demand for silane in the coming years.

Read More: https://www.psmarketresearch.com/market-analysis/silanes-market

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