Global Elastomeric Sealants Market is expected to reach US$ 5.60 Bn by 2024 from US$ 3.61 Bn in 2016 at a CAGR of 6.5 %.
Increase in construction activities in the emerging countries such as India, China, South Korea, and others, coupled with continuous modification in the area of building construction is driving the elastomeric sealants. Fluctuation in raw material prices and low awareness of acoustic sealants in emerging economies is restraining the market. The high demand for elastomeric sealants for various applications such as cladding, glass windows, bridges, roads, highways in building & construction is the major factor driving the global elastomeric sealants market. However, the threat of substitution from construction foam tapes and regulations concerning VOC emission may challenge the market growth in the coming years.
Global Elastomeric Sealants Market
Elastomeric sealants market based on type is segmented into polyurethane (PU), polysulfide (PS), polybutadiene (PB), acrylic, silicone, silyl modified polymer (SMP) and others. Among these silyl modified polymer (SMP) type segment is held a major share of elastomeric sealants market due to the large demand for silyl modified polymer elastomeric sealants from the automotive & transportation and marine end-use industries. This can be attributed to the fact that they have an advantage for weather resistance due to their inorganic chemistry.
In terms of end-user industry, the construction category is anticipated to hold the largest share in the overall market, due to the increasing use of these sealants in different applications including parking areas, cladding, marble works, roads and highways, and others. Additionally, the rise in construction projects in emerging countries such as China and India are further fueling the elastomeric sealants market growth.
Geographically, the Elastomeric Sealants market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to be the largest market for elastomeric sealants during the forecast period. The growth of this segment is attributed to the increased investment and economic development taking place in different countries of the Asia Pacific region.
Some of the key players in the elastomeric sealants market are 3M, The Dow Chemical Company, Henkel AG & Co. KGaA, Arkema, Sika AG, H.B. Fuller Company, RPM International Inc., PPG Industries, Inc., VCM Polyurethanes Pvt. Ltd., Wacker Chemie AG, Mapei SpA, KCC CORPORATION, and others.
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