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Global Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Sealants Market is projected to register a CAGR of 6.29%. Key Highlights. Largest Segment by End User Industry - Building and Construction : Building and construction is the dominant end-user industry due to the wide range of sealant applications, including joint sealing, insulation, curtain wall, façade, and glazing.
New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Sealants Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381324/?utm_source=GNW
Largest Segment by Resin - Silicone : Silicone sealants have the largest share due to their wide applications in the building and construction and automotive industries, specifically for exterior applications.
Largest Segment by Region - Asia-Pacific : Asia-Pacific, driven mainly by India, China, South Korea, and Japan, is a major sealant consumer due to the usage of sealants in various end-user industries, including building and construction, automotive, and aerospace.
Fastest-growing Segment by Region - Asia-Pacific : Asia-Pacific is projected to be the fastest-growing region for the sealants market due to the increasing population and rapid urbanization in countries such as China, India, South Korea, and Japan.
Sealants Market Trends
Building and Construction is the largest segment by End User Industry.
Sealants are widely used in the construction industry because of their applications, such as waterproofing, weather-sealing, and crack sealing. The global construction industry is expected to grow at 3.5% per annum up to 2030. Countries such as China, India, the United States, and Indonesia are expected to cover 58.3% of overall construction growth, due to which construction sealants cover the largest share of the global sealants market share by value.
Sealants are widely used in the automotive industry because of their applicability to surfaces, such as glass, metal, plastic, and painted surfaces, and their features are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting. These are used in engines and car gaskets. The electric vehicles segment of the automotive industry is expected to register a CAGR of 17.75% globally in the forecast period because of the increase in demand for the same in growing economies. This will increase the demand for automotive silicone sealants in the forecast period.
Different sealants are widely used in electronics and electrical equipment manufacturing. They are used for sealing sensors and cables. The electronics and household appliances industries are expected to register a CAGR of 2.51% and 5.77%, respectively, globally, which will lead to an increase in demand for silicone sealants during the forecast period (2022-2028).
Sealants are used in the healthcare industry for applications such as assembling and sealing medical device parts. The increase in healthcare investments globally will lead to an increase in their demand in the forecast period.
Asia-Pacific is the largest segment by Region.
Asia-Pacific, Europe, and North America are the most significant regions in the global sealants market. Combined, these three regions account for 90.2% of the global sealants market. Sealants registered growth rates of 2.35% and 3.52% in 2018 and 2019, respectively, across all the major global regions. However, the demand for sealants declined in 2020 due to various operational restrictions because of the COVID-19 pandemic. In 2021, as the restrictions eased, the global market for sealants started recovering. It is now expected to outgrow the pre-pandemic levels.
Asia-Pacific is the largest region in terms of the consumption of sealants, owing to the rising building and construction industry and the automotive industry in the area. Around 45% of the total construction-based investment in the world comes from this region. China is the world’s largest construction industry, and it is expected to register a CAGR of 8.6% from 2022 to 2030. In Japan, the number of housing constructions in 2021 was 856.48 thousand units, which was 4.8% more than the number in 2020. The growing Asia-Pacific construction industry will drive the demand for sealants in the coming years.
Europe is the second-largest region in terms of the consumption of sealants due to the rising demand from the automotive industry. As part of the European Commission’s climate goals to reduce greenhouse emissions by at least 55% by 2030, the ’’Fit for 55’’ legislation has set targets to reduce CO2 emissions from cars by 55% and vans by 50% by 2030. This regulation has boosted the demand for electric vehicles, which is expected to increase the demand for PU, acrylic, and silicone-based sealants during the forecast period, as they can also be used in automotive electronics.
Sealants Market Competitive Analysis
The Global Sealants Market is fragmented, with the top five companies occupying 26.94%. The major players in this market are 3M, Henkel AG & Co. KGaA, RPM International Inc., Sika AG and Soudal Holding N.V. (sorted alphabetically).
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