The Global Sealants Market is expected to register a CAGR of 6.29%. Key Highlights. Large Segment by Industry End Users – Building and Construction : The building and construction industry is the leading end user due to the wide range of applications for metal cladding, including joint cladding, insulation, curtain wall, facade, 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 & FORECASES TO 2028” – https://www.reportlinker.com/p06381324/ ?utm_source=GNW
Largest Resin Segment – Silicone : Silicone sealants have the largest share due to their extensive use in the building and construction industry as well as automotive, especially exterior applications.
Largest Segment by Region – Asia-Pacific : Asia-Pacific, mainly driven by India, China, South Korea, and Japan, is the largest consumer of sealant due to the use of sealants in various end-user industries, including building and construction, cars. , and aerospace.
Fastest growing segment by Region – Asia-Pacific : Asia-Pacific is expected to be the fastest growing region in the sealants market due to population growth and rapid urbanization in countries such as China, India, South Korea and Japan.
Trends in the Sealants market
Building and Construction is the largest segment by end user sector.
Sealants are widely used in the construction industry because of their applications, such as waterproofing, weatherproofing, and sealing. The global construction industry is expected to grow by 3.5% annually until 2030. Countries such as China, India, the United States, and Indonesia are expected to account for 58.3% of total construction growth, as construction materials account for the largest share. of sealants market share by value.
Sealants are widely used in the automotive industry due to their performance on surfaces, such as glass, metal, plastic, and painted surfaces, and their properties are useful in the automotive industry, such as extreme weather resistance, durability, and durability. These are used in engines and car gaskets. The electric vehicle segment in the automotive industry is expected to register a CAGR of 17.75% globally over the forecast period due to the increasing demand for the same in emerging economies. This will increase the demand for automotive silicone sealants over the forecast period.
Different sealants are widely used in the manufacture of electrical and electronic equipment. They are used to cover sensors and cables. The electrical and home appliances industries are expected to register a CAGR of 2.51% and 5.77%, respectively, globally, which will lead to increased demand for silicone sealants during the forecast period (2022-2028).
Sealants are used in the healthcare industry in applications such as joining and sealing parts of medical devices. Increasing investment in healthcare globally will lead to an increase in their demand over the forecast period.
Asia-Pacific is the largest segment in terms of Region.
Asia-Pacific, Europe and North America are the most important 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, in all major regions of the world. However, the demand for sealants decreased in 2020 due to various operational restrictions due to the COVID-19 pandemic. In 2021, as restrictions eased, the global market for sealants began to stabilize. It is now expected to grow above pre-pandemic levels.
Asia-Pacific is the largest region in terms of the consumption of sealants, due to the growth of the building and construction industry and the automotive industry in the region. About 45% of the world’s total construction-based investment comes from this region. China is the largest construction industry in the world, and is expected to register a CAGR of 8.6% from 2022 to 2030. In Japan, the number of housing construction in 2021 was 856.48 thousand units, which was 4.8% more than the number of 2020. Asia-Pacific’s growing construction industry will drive the demand for sealants in the coming years.
Europe is the second largest region in terms of consumption of sealants due to the growing demand in the automotive industry. As part of the European Commission’s climate goals to reduce pollution by at least 55% by 2030, the ”Fit for 55” law has set targets to reduce CO2 emissions from cars by 55% and vans by 50% by 2030. This Act has increased 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 electric vehicles.
Sealants Market Competitive Analysis
The Global Sealants Market is fragmented, with the top five companies accounting for 26.94%. The major players in this market are 3M, Henkel AG & Co. KGaA, RPM International Inc., Sika AG and Soudal Holding NV (in alphabetical order).
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