The elastomeric sealants market is projected to grow from USD 3.77 billion in 2017 to USD 5.19 billion by 2022, at a CAGR of 6.6% during the forecast period. Elastomeric sealants are primarily flexible materials that have a rubbery liquid texture, which dries upon their application. These sealants are used to seal or fill gaps. Elastomeric sealants are used in various industries such as automotive & transportation, construction, electronics, furniture & woodworks, aerospace & defense, and marine, among others.
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The construction end-use industry segment accounted for the largest share of the elastomeric sealants market in terms of both, value and volume in 2017. The growth of the construction end-use industry segment of the elastomeric sealants market can be attributed to the increasing use of elastomeric sealants in various applications such as cladding, marble works, parking areas, and roads & highways, among others. Moreover, rising number of construction projects in emerging economies such as India and China and continuous innovations in carrying out the construction of buildings in mature markets is expected to drive the growth of the elastomeric sealants market across the globe.
The increasing use of elastomeric sealants in the construction industry and automobiles is fueling the growth of the elastomeric sealants market across the globe. The key companies operating in the elastomeric sealants market have adopted various growth strategies such as acquisitions, new product launches, mergers, expansions, agreements & contracts, partnerships, and joint ventures to strengthen their foothold in the market. The Dow Chemical Company (US), Henkel AG (Germany), 3M Company (US), Arkema (France), and Sika AG (Switzerland) are the leading players operating in the elastomeric sealants market.
New product launches, expansions, and acquisitions were the key growth strategies adopted by industry players between 2015 and 2017 to enhance their business prospects, increase their global reach, and widen their distribution networks.
3M Company (US) develops various types of elastomeric sealants such as polyurethane, silicone, and silyl modified polymers for use in various industries such as marine, construction, and furniture & woodworks. The company manufactures and supplies elastomeric sealants through its industrial business segment. It is continuously carrying out R&D activities for the development of new and advanced elastomeric sealants to cater to the requirements of different industries such as marine and furniture & woodworks, among others.
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The Dow Chemical Company (US) is one of the leading innovation-driven companies, which develop innovative elastomeric sealant technologies. The company has adopted the strategy of new product launches, contracts, and mergers to strengthen its position in the elastomeric sealants market. For instance, in 2016, the company launched three new elastomeric sealants, namely, Dow Corning 750, Dow Corning HM-2600, and Dow Corning 2400 for industrial machine assembling, construction, and electronics industries. B. Fuller Company (US), Franklin International (US), Wacker Chemie AG (Germany), RPM International (US), and MAPEI S.p.A. (Italy) are some other key manufacturers of elastomeric sealants.
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