Sealants Market is expected to reach US$ 14.17 Billion by 2031

PRESS RELEASE BY The Insight Partners 19 Jun 2024

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Growing Demand from Various End-Use Industries to Bolster Sealants Market Growth

According to our latest market study on “Sealants Market Forecast to 2031 – Global Analysis – by Type, Application, and End-Use Industry,” the market was valued at US$ 10.45 billion in 2023 and is projected to reach US$ 14.17 billion by 2031; it is anticipated to record a CAGR of 3.9% from 2023 to 2031. The report includes growth prospects owing to the sealants market trends and their foreseeable impact during the forecast period.

The sealants market report emphasizes the key factors driving the market. The sealants market in Asia Pacific is largely driven by the growth of end-use industries such as building & construction, automotive, aerospace, marine, and electrical & electronics. According to a report published by the China Passenger Car Association, Tesla Inc. delivered 83,135 made-in-China electric vehicles (EVs) in 2022, indicating an upward trend in EV sales from 2021. According to the International Organization of Motor Vehicle Manufacturers report, in 2021, the countries in Asia Pacific produced ~46.73 million units of motor vehicles. The growing automotive industry in the region propels the demand for sealants used for automotive applications.

Global Sealants Market Breakdown – by Region

Global Sealants Market Breakdown – by Region

Sealants Market Drivers and Opportunities [2021-2031]

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Sealants Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type [Silicone Sealants, Polyurethane Sealants, Acrylic Sealants, Polysulfide Sealants, Butyl Sealants, Hybrid Sealants (Silane Modified Polymer Sealants, Polyurethane Modified Acrylic Sealants, and Others), and Others], Application (Waterproofing, Insulation, Bonding and Sealing, Soundproofing, and Others), End-Use Industry (Building & Construction, Automotive, Electronics, Healthcare, Aerospace & Defense, Marine, Energy & Power, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

Sealants provide a strong bond during electronics assembly while protecting components against potential damage. The growing construction industry globally creates a massive demand for different sealants.  Sealants are significantly used in medical equipment manufacturing and device assembly. Healthcare is one of the significantly growing sectors in Asia Pacific, boosting the demand for sealants. The Malaysian government has identified medical device manufacturing as a high-growth sector and formulated supportive policies in its 11th Malaysian Plan. The government allotted US$ 7,368.5 million to the Health Ministry under Budget 2022 in October 2021. Thus, the growing demand from various end-use industries, such as construction, healthcare, automotive, and electronics sectors, propel the growth of the sealants market across the globe.

Europe accounted for the second-largest sealants market share in 2023. The rise in investments by European governments and private companies in infrastructure building and construction projects is driving the sealants market growth in Europe. According to the European Construction Industry Federation, the European Union (EU) invested US$ 1.4 trillion in the construction industry in 2020, and the investment was increased by 4.2% in 2021. According to Eurostat, the EU infrastructure volumes have shown moderate growth in 2022 (2.4%) and 2023 (3.2%), supporting total construction volumes. Germany, France, the UK, Italy, and Spain accounted for more than 70% of the total investments by the EU in the construction of buildings and other structures.

The sealants market players operating in Europe are focusing on adopting new product launches and strategies to expand their business and stay competitive in the market. In July 2021, Bostik announced the launch of its new polyurethane sealants line for the sealing & bonding construction markets. The growing efforts from the manufacturers and increased demand for sealants from different industries contribute to the growing sealants market size in Europe.

Global Sealants Market: Trends

Renewable materials are environmentally friendly and are the subject of extensive research in various fields. Renewable materials exhibit sustainability, thereby driving their use in commercial applications. The easy availability of natural raw materials for the production of eco-friendly polymers is an added factor fueling its supply and demand. Further, due to rising concerns and awareness about the social and environmental impacts of synthesized chemicals, customers are shifting toward the utilization of renewable sealants. As a part of FOSROC Inc’s sustainability pledge for 2023, the company announced the shift of its sealant product range offered in plastic cartridges to foil packs.

Stringent government regulations pertaining to the utilization of toxic chemicals across the world have encouraged many market players to develop nontoxic alternatives and green products, aiding global sustainability goals. The rising demand for renewable materials has prompted manufacturers to develop renewable sealants for various applications. In 2020, WACKER Chemie AG introduced biomethanol-based silicone sealing compounds under the brand name—ELASTOSIL eco. The nonrenewable raw materials required for production are replaced by sustainable biomass, thereby making this product the first generation of sealant manufactured without petrochemical compounds. In 2022, Dow announced the launch of a recyclable silicone self-sealing tire solution. The company aims to meet the self-sealing tire manufacturers’ demands for high performance and sustainability through its new SiLASTIC SST-2650 self-sealing silicone. The global transition toward sustainability and circular economy, leading to research and development for novel sustainable sealants, can be one of the significant trends. Thus, the replacement of petroleum-derived polymers with renewable materials, otherwise sourced from natural sources, is expected to become a significant trend in the sealants market during the forecast period.

Based on type, the sealants market is segmented into silicone sealants, polyurethane sealants, acrylic sealants, polysulfide sealants, butyl sealants, hybrid sealants, and others. The silicone sealants segment accounted for the largest sealants market share in 2023. Silicone sealants are used to bind surfaces such as plastic, metal, and glass together. These sealants are used to seal joints in various construction applications. Polyurethane sealant adheres well to most surfaces with minimum substrate preparation. They have excellent resilience to abrasion and shear forces as well as strong adhesion and movement capability.

Henkel AG and Co KGaA, HB Fuller Company, Sika AG, 3M Co, Huntsman International LLC, Dow Inc, BASF SE, RPM International Inc, and Momentive Performance Materials Inc are among the key players profiled in the sealants market report. The market players offer innovative products at affordable prices that attract a large number of consumers, which would open new opportunities for them in the coming years.

The sealants market involves the segmentation of the market based on:

The sealants market analysis is based on type, application, and end-use Industry. By type, the market is segmented into silicone sealants, polyurethane sealants, acrylic sealants, polysulfide sealants, butyl sealants, hybrid sealants, and others. The hybrid sealants segment is further segmented into silane modified polymer sealants, polyurethane modified acrylic sealants, and others. By application, the sealants market is segmented into waterproofing, insulation, bonding and sealing, soundproofing, and others. In terms of end-use industry, the market is segmented into building & construction, automotive, electronics, healthcare, aerospace & defense, marine, energy & power, and others. The scope of the size focuses on North America (the US, Canada, and Mexico), Europe (Germany, France, the UK, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

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