Global Sealants Market: Industry Analysis and Forecast (2020-2026)
Global Sealants Market size was valued at US$ xx Bn in 2019 and the total revenue is expected to grow at 4.8 % through 2020 to 2026, reaching nearly US$ 76.52 Bn.
As per MMR, 2019 is considered as the base year to anticipate the market from 2021 to 2026 because 2020’s figures are on the real return of the companies showing COVID-19 pandemic impact on overall businesses across the globe. So, 2020 is the year of abnormal for the global market.
The global Sealants Market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Sealants Report also provides trends by market segments, Product, and investment with a competitive landscape.
Global Sealants Market Overview:
The global Sealants market size was valued at US$ 57.73 Bn. in the year 2020, and it is expected to reach US$ 76.52 Bn. by 2026, at a CAGR of .8 % during the forecast period.
Sealant is used to jam the entrance of fluids through the surface or link or hole in materials. It can be temporary or permanent, rigid or flexible, and strong or weak. The effective use of sealants is in waterproofing in which helps to keep away moisture from the component.
After the COVID-19 pandemic, the market across the globe is anticipated to boost with respect to the construction industry. Thus, the use of sealants is increasing on large scale with the help of advanced polymers and formulations respectively. For instance, recently in May 2020, a reputed company named Creative Materials, Inc. successfully bring out a product named a new gold conductive ink 128-24 sealant that provides high potent reducing the requirement of gold.
COVID–19 Influence on the Sealants Market:
Due to the COVID-19 pandemic, the logistics industry faced less presence of employees and raw material to some range. A few raw materials like alcohol has been transferring to different industries for the production of sanitizers and cleaning products. In the second quarter of 2020, due to the lack of consumers in the market, the business of reputed companies went down drastically. For example, reputed company H.B. Fuller Co. registered depreciation in business by 10.5 % in the second quarter in 2020 in comparison to the same period in 2019.
On the other hand, specific sealants observe strong need because of their use in the healthcare, paper, and packaging industry respectively. Strict rules and regulations on construction activities led to a reduction in the consumption of sealants in the market. For example, a key manufacturer of sealants, Sika AG, has seen a fall of 5.9 % during the pandemic condition.
Global Sealants Market Dynamics:
The huge growing economies in the region of the Asia Pacific have dominated regions and thus are expected to boost the growth of the market. The continuous growth in the population and rapid urbanization in various regions like Vietnam, India, Brazil, and New Zealand are boosting construction and infrastructure activities in this region, which is directly boosting the need for products in the Asia Pacific. As well as Asia Pacific is fascinating for investments in local manufacturing and research and development (R&D) activities to meet consumer needs and to secure long-lasting competition in the market. The Asia Pacific holds the largest share of 49.50 % in the market thanks to rising construction activities.
In the U.S., the market for construction sealants are impacted by key factors like the rising income of an individual, fast urbanization, developing housing sectors, and helpful policies of the government that has uplifted the need for advanced home décor and architecture. The other factors like investments of government into new as well as existing infrastructure and increasing needs from the residential and commercial sector respectively are boosting the growth of the construction market in the North America region. The rising demand from the medical and pharmaceutical sectors for organic sealants is expected to boost the development of the global sealants market.
The use of these sealants in various activities releases a bulk amount of hazardous chemical gases which may result in respiratory issues for human beings. Therefore, the laws for the usage of these products are becoming stricter day by day in the regions of Europe and North America. The production of these solvent-based products is regulated by reputed agencies like the European Commission (EC) and Epoxy Resin Committee (ERC) due to which the manufacturing potential of manufacturers is being disturbed in the North American and European regions respectively. Also, strict rules and regulations with respect to emissions of VOC are forcing reputed companies to develop organic sealants. These mentioned key factors are expected to be limitations for the growth of the global Sealants market.
The reputed regulatory officials like Leadership in Energy and Environmental Design (LEED), Europe’s Registration, Evaluation, Authorisation, and Restriction of Chemicals (REACH), The United States Environmental Protection Association (USEPA), and other regional governing officials have applied strict rules and regulations to manufacture organic sealants with no or low VOC levels. This has given manufacturers vital chances of growth due to changes in sustainable products. The rising need for organic and eco-friendly buildings are giving opportunities to build up organic and green sealant mixtures. These mentioned key factors are the opportunities for the growth of the global Sealants market.
Sealants market frequently passes through changes in the rules and regulations about standards. The reputed authority in Europe named, The Construction Products Regulation (CPR) applied new rules like rule (EU) No. 305/2011 to market the products in European countries. With the application of new rules the additional load, regarding paperwork, labeling of products, illustrating consent and extra external cost of testing products to be carried by manufacturers. These mentioned key factors are going to be challenges for the global Sealants market during the forecast period.
Global Sealants Market Key Trends:
The characteristics of Sealants are as follows flexibility, resistance to thermal expansion, UV light, corrosion, saltwater, and other weathering circumstances having significant applications in construction and building sectors respectively. The key purpose of sealants is to restrict the entrance or exit of air, water, and other factors. In the last few years, the worldwide building and construction industry has settled down and it is expected to grow in the regions like the Asia Pacific and the Middle East in upcoming years. In the upcoming 15 years, the construction and building industry is expected to be the leading industrial sector and it is significant to the development of wealthy societies across the globe. By 2030, the capacity of the construction and building industry is anticipated to rise by 84%, to US$ 15.5 billion due to contribution from three major economies India, China, and the United States, guiding the way and holding 56% of all worldwide development.
Global Sealants Market Segment Analysis:
On the basis of Resin Type, the global Sealants market is segmented into Polyurethane, Silicone, Acrylic, Polyvinyl Acetate, Polysulfide, Plastisol, and Others. As per the MMR report, in the year 2019, Polyurethane was dominant in the market holding XX % of overall market shares. It is anticipated to carry on its dominance during the forecast period due to its benefits such as better fixing and resistance to corrosion in comparison to silicone sealants.
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On the basis of End-user industry, the global Sealants market is segmented into Building and Construction, Electrical and Electronics, Automotive, Pharmaceutical, Packaging, and Others. As per the MMR report, the automotive sector is expected to grow at CAGR of xx% during the forecast period. A factor like the increasing need for structured and lightweight vehicles due to continuous growth in the population is boosting demand for this segment.
Global Sealants Market Regional Insights:
Due to huge utilization in the countries like China and India, Asia Pacific influenced the global market holding more than 49.50 % of market shares. The economy of India is growing and it holds possibilities for market opportunities in the future. The elements like growth in public investment, and vigorous urban utilization of sealants have directed the development of the Indian economy. The market in India is growing because of rising industrial production, government investments, private investments, and foreign investments. Thus, these all elements are showing a significant impact on the growth of the sealants market in India. During the forecast period, the construction sector of China is anticipated to rise by 5.8 %. The global economies including China were totally disturbed due to continuous trade controversy. The resident officials took support to raise the investments in the infrastructure zone. All these mentioned elements are anticipated to grow the utilization of sealants in the regions of Asia Pacific, during the forecast period.
Global Sealants Market 1
Recent Developments:
In February 2020, one of the leading reputed companies named Henkel has established its new manufacturing unit at Kurkumbh near Pune in India. The total investment made by the company was US$ 0.055 billion. The goal of establishing a new manufacturing unit was to meet growing needs for high efficient sealant products of Indian industries. The new unit is smartly designed with advanced technology allowing a range of 4.0 industrial operations and meeting the highest standards for safety.
In November 2020, one of the leading reputed companies named H.B. Fuller has established a product Full Care 5885 to link up with the rising need of industries for organic-based purity items. This product adds significant value at low utilization cost with a high operating 100% cotton bond.
Profits of reputed key players across the globe:
As per the data plotted below on the graph, it is observed that reputed company 3M, was dominant in the earnings in the year 2019 before the start of the COVID-19 pandemic. The detailed description of 3M dominance is also covered and analyzed in the report.
Global Sealants Market 2
The objective of the report is to present a comprehensive analysis of the global Sealants market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Sealants market dynamics, structure by analyzing the market segments and project the global Sealants market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Sealants market make the report investor’s guide.
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Global Sealants Market 3
Global Sealants Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Sealants Market Key Players
• Dow Corning Corp.
• ITW Performance Polymers
• General Sealants, Inc.
• Uniseal, Inc.
• Arkema SA
• Sika AG
• Avery Dennison Corporation
• H.B. Fuller Company
• RPM International, Inc.
• BASF SE
• Henkel AG & Co. KGaA
• 3M Company
• Huntsman Corporation
• Pidilite Industries Limited
• Wacker Chemie AG
• LINTEC Corporation
• Dow Automotive Systems
• MAPIE
• LORD Corp.
• Royal Adhesives & Sealants
• Jowat Corp.
• Franklin International
• The Reynolds Co.
• Yokohama Industries Americas Inc.
• Others
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