A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Sealants – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 16456
Companies: 638– Players covered include Henkel Ag & Co. KGaA; H.B. Fuller Company; ITW Polymers Sealants; 3M; Sika AG; Wacker Chemie AG; Dow Chemicals; Carlisle Companies Inc.; BASF SE; Avery Dennison Corporation; Illinois Tool Works Inc.; RPM International Inc.; Solvay; Bostik; Mapei; Alfa International; Benson Polymers; Franklin International; Paramelt B.V; Yokohama Industries and Others.
Coverage: All major geographies and key segments
Segments: Type (Silicone, Polyurethane, Acrylic, Latex, Polysulfide, Other Types); End-Use (Automotive, Building & Construction, Packaging, Electronics, Healthcare, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global Sealants Market to Reach $11.2 Billion by 2026
A sealant is a chemically prepared formula-based substance, which is used to fill voids and prevent passage of solids, gases, liquids, dust and noise, and is used to block small gaps that are difficult to fill with drywall and concrete. The global market for sealants is expected to head for strong gains on account of rising demand from major end-use industries such as construction, automotive, furniture, packaging and electronics. Sealants are extensively used in tiling, molding, drywall attaching, wall fixture, ceiling and bathroom flooring applications within the construction industry. The expansion of the industry, mainly across emerging economies such as India and China, is anticipated to present new growth avenues for the sealants market. The automotive application of sealants is expected to be favored by increasing focus on lightweight passenger cars with low emissions and high fuel economy, creating strong demand for high-performance sealants in exterior and interior applications. Other megatrends inciting long term growth prospects include ongoing urbanization drive, escalating demand for energy and water.
Amid the COVID-19 crisis, the global market for Sealants estimated at US$8.4 Billion in the year 2020, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Silicone, one of the segments analyzed in the report, is projected to record a 5.8% CAGR and reach US$4.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polyurethane segment is readjusted to a revised 5.3% CAGR for the next 7-year period. The use of advanced technologies such as radiation cure to develop silicon sealants is likely to augment the demand in construction chemicals and automotive industries that are gaining from increasing investments. Excellent adhesion and stress recovery make polyurethane sealants a perfect option for automotive applications. In the post COVID-19 period, anticipated Increase in construction activity, improvement in manufacturing sector and subsequent rise in demand for and production of a range of machinery, rise in fabrication of metal goods, and renewed demand for and production of transportation solutions, in line with improvement in global economy, will therefore drive demand for sealants.
The U.S. Market is Estimated at $2 Billion in 2021, While China is Forecast to Reach $2.3 Billion by 2026
The Sealants market in the U.S. is estimated at US$2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2026 trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR. Europe and the US are the two major sealants markets owing to increasing construction and automotive manufacturing spending and the presence of sizeable end-use industries. The markets are anticipated to retain their strong positions due to ongoing strategic initiatives from companies that are bound to generate demand coupled with easy access to raw materials as a result of shale gas activity in the US region. Led by India and China, Asia is estimated to exhibit a lucrative revenue growth in the coming years due to favorable macroeconomic scenario, rapid industrialization and rising manufacturing output. The market growth is attributed to favorable government policies to drive construction activity.
Acrylic Segment to Reach $808.6 Million by 2026
Acrylic sealants are used to bind various substrates including ceramics, glass, plastics and steel. Demand for acrylic sealants is driven by increasing demand from the construction industry and product innovations. The acrylic sealants market is also fueled by increasing demand from other industries including consumer goods and transport. In the global Acrylic segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$528.1 Million in the year 2020 will reach a projected size of US$731.3 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$78.2 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.