Elastomeric Sealants Market Size – USD 4.19 Billion in 2019, Elastomeric Sealants Market Growth – CAGR of 6.6%
NEW YORK CITY, NEW YORK, UNITED STATES, March 27, 2020 /EINPresswire.com/ — According to the current analysis of Reports and Data, the Global Elastomeric Sealants Market was valued at USD 4.19 Billion in 2019 and is forecast to reach USD 7.04 Billion by the year 2027, at a CAGR of 6.6%. The increasing application of the product in the construction industry, coupled with the growing demand for automobiles and electronics products across the globe, is likely to create lucrative growth opportunities for the elastomeric sealants market. Moreover, the rising adoption of silicon for structural glazing of new construction or renovation of existing buildings is also expected to stimulate industrial demand. Elastomeric sealants are also extensively used in the automotive & transportation industry owing to their high durability, excellent adhesion, and thermal resistance properties. In addition to this, the growing demand for lightweight electric vehicles fuels the growth of the elastomeric sealants market.
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Elastomeric sealants such as silicone contribute to the growth of the market as they have various advantages such as weather resistance, easy availability, low cost, and easy application. The growing manufacturing base in developed and emerging economies, along with the increasing application of the product in various industries such as construction, automobile, aerospace, and solar, among others, is likely to boost industrial growth.
North America is projected to be a key revenue-generating region for the elastomeric sealants market in the forecast period. The turnaround in construction activities, coupled with the expanding use of adhesives and sealants in manufacturing and assembly, is expected to underpin demand gains. Along with this, increasing demand for insulating glass owing to rising concerns pertaining to energy consumption is also likely to drive demand for the product, particularly silicone.
Further key findings from the report suggest
• In 2019, North America accounted for 25.7% of the global market share, owing to the growing automobile sector in the region. Additionally, the presence of a large number of end-use industries and rising construction spending in the U.S is also likely to create significant growth opportunities for the elastomeric sealants market. However, growing concerns regarding health issues associated with VOC emissions from chemical products is likely to hinder growth.
• Silicon sealants are forecasted to reach nearly USD 1.85 Billion by the year 2027. Benefits associated with the product, such as improved UV resistance and superior thermal, electrical, and mechanical resistance, are anticipated to have a positive influence on the demand. The increasing adoption of these sealants across a wide range of applications, including construction, sanitary applications and fittings, and DIY sectors, among others, is expected to drive demand for the elastomeric sealants market.
• Construction end-use segment is expected to witness lucrative growth at CAGR of 7.4% due to increasing employment of elastomeric sealants in various applications such as roads & highways and marble works, among others. Moreover, the increasing number of construction activities, especially in the BRIC region, is expected to drive the growth of the elastomeric sealants market. Sealants ensure the durability of exterior paints & coatings, reinforcement of natural strength, and improve the energy efficiency of the building.
• Latin American regional segment is expected to grow at a CAGR of 6.4% during the forecast period on account of increasing infrastructural projects in the region.
• Key participants for the elastomeric sealants market include The Dow Chemical Company, 3M Company, H.B. Fuller Company, Henkel AG, among others. The 3M Company is a US-based company that offers an extensive line of polyurethane, and silane-modified polymer sealants, primarily in North America, Europe, and Asia. The sealants provided by the company are suitable for bonding and sealing a wide variety of substrates, including glass, wood, composites, and plastics.
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For the purpose of this study, Reports and Data has segmented the Elastomeric Sealants market on the basis of type, end-use, and region:
Type (Revenue, USD Million; 2017–2027)
• Polysulfide (PS)
• Polyurethane (PU)
• Polybutadiene (PB)
• Silyl Modified Polymer (SMP)
End-Use (Revenue, USD Million; 2017–2027)
• Automotive & Transportation
• Furniture & Woodworks
• Aerospace & Defense
Regional Outlook (Revenue in USD Million; 2017–2027)
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Middle East & Africa
• Latin America
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Source: EIN Presswire