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The anticipated size of elastomeric sealants market by 2030 is projected to clock more than USD 6.68 billion with 6.22% CAGR throughout the forecast period from 2021 to 2030.
A number of significant issues impact the Elastomeric Sealants Market and this determines its dynamics and growth trajectory. One of the main factors influencing it is expanding construction sector where elastomeric sealants are widely applied. Urbanization, which continues to increase globally, results in an increase in construction activities thereby enhancing demand for flexible and durable sealants. Elastomeric sealants become crucial in ensuring longevity or robustness of structures since they have the ability to accommodate joint movements while enduring various weather conditions.
Furthermore, technological advancements and innovations in elastomeric sealants play a role in market expansion as well. Formulations that possess superior properties such as enhanced adhesion and chemical resistance have been continuously developed by manufacturers. This not only facilitates but also promotes competitiveness among players within this sector thus resulting into continuous introduction of new improved solutions that stimulate growth while providing customers with greater choices.
Besides that, automotive sector has influenced elastomeric sealants industry greatly. Sealant usage in areas such as bonding, sealing and gasketing are key applications for automotive industry. This leads to the increased global vehicle manufacturing coupled with rising need for high performance long lasting sealants drive market expansion furthered by stringent regulations on vehicle emissions and safety standards which necessitate development of advanced elastomeric sealant formulations.
Market dynamics are driven by environmental concerns as well as sustainability factors too. Increasing focus on eco-friendly practices is driving demand for adhesives that do not contain any harmful components neither do they pollute environment significantly. Consequently, manufacturers are developing bio-based or low VOC (volatile organic compound) elastomeric sealants reflecting changing preferences among green-conscious consumers.
Regional aspects also shape market dynamics, as different areas exhibit specific trends and preferences. For example, regions that experience extreme weather conditions might emphasize elastomeric sealants with superior resistance to temperature fluctuations. Conversely, in areas where there is a strong manufacturing sector, the demand for efficient bonding and sealing sealants in industrial settings may be higher.
Even though the elastomeric sealants market is hardly affected by economic forces like inflation rates, exchange rates and whether it is economically stable or not. Decreases in economic activities such as less construction and infrastructure projects can result in decreased demand for use of elastomeric sealants. In contrast, economic prosperity coupled with increased investments into housing and infrastructure developments will enhance market growth.
Another way this industry is evolving is through competitive landscape and industry collaborations which are important factors which have shaped its development over time. Market dynamics can change dramatically when major players form strategic partnerships or engage in mergers and acquisitions that influence product offerings. Leading firms focus on research & development so as to stay ahead of competition by providing innovative solutions for specific industry needs.
Elastomeric Sealants Market Highlights:
Elastomeric Sealants Market Overview: The elastomeric sealants market is expected to witness a growth of over USD 6.68 billion by 2030, with 6.22% CAGR during the forecast 2021-2030. Elastomeric sealants are the bonding materials, which are used for finishing, protecting surfaces, and sealing. They expand and seal the surface and create a waterproof barrier when applied to a crack or space. Elastomeric is the capability of a material and its ability to elongate the material when stress is applied to it and return to its original shape and size when stress is removed. Elastomeric sealants pose advanced properties to control moisture and water. An elastomeric sealant is used on various surfaces, which includes steel, cladding, windows, glass, roads, bridges, stones, metal, concrete, wood, and others. Elastomeric sealants are durable and easy to handle due to its elastic texture, which dries and maintains the flexibility of the material. The high demand for elastomeric sealants for applications in glass windows, cladding, bridges, roads, and highways, among others, in the building & construction industry, is a major factor driving the growth of the global elastomeric sealants market in the review period. These sealants are widely used in construction activities, apart from its applications in building and construction. Elastomeric sealants are gaining significant traction in the automotive sector for its wide range of usage in the installation of windscreen frames, water shield sealing to protect the interior from moisture, shock vibration, corrosion, and thermal stress. Additionally, the demand for sophisticated bonding products from high-tech electronics manufacturers to protect sensitive electrical equipment such as capacitors, sensors, and ICs is expected to propel the market growth over the review period. Furthermore, the growing use of elastomeric sealants in aerospace & defense for escape slides, life rafts, fuel tank sealing, and other applications is expected to add considerable value to the market during the forecast period. According to a World Bank Study, in 2018, the organized furniture industry is expected to grow by 20% every year, and a significant part of this growth is likely to come from growing consumer markets in Asia-Pacific, which may further fuel the market growth. The shifting trend towards the renovation of houses coupled with the high disposable income is likely to propel the elastomeric sealants market growth during the forecast period. However, the threat of substitution from construction foam tapes and regulations concerning VOC emission may challenge the market growth during the forecast period. Regional Analysis: Asia-Pacific is the fastest-growing region in terms of both value and volume in the elastomeric sealants market, owing to the increasing infrastructural activities in this region, especially in India and China. Furthermore, the growing demand for automotive and electronics due to the changing lifestyle is expected to fuel market growth. Additionally, the growth of the furniture industry and woodworks in this region is anticipated to boost the market growth over the forecast period, 2019–2025. North America accounts for a considerable market share due to the leading aerospace & defense sector. The US is one of the leading military powers, and the demand from this sector for elastomeric sealants drives the market growth. The automotive sector drives the European elastomeric sealants market due to the high production, sales, and exportation of the automobile in this region. According to the European Automobile Manufacturers Association (ACEA), the European automotive export revenue stood at USD 135.4 billion in 2016. Though, Latin America is currently witnessing a moderate growth and is poised to grow substantially over the coming years owing to the upcoming infrastructural projects in the region. The Middle East & Africa is projected to showcase a considerable growth on account of the high demand from the building & construction industry in countries such as Saudi Arabia, the UAE, and others. Segmentation Analysis: The global elastomeric sealants market has been segmented based on type, end-use industry, and region. Based on type, the global elastomeric sealants market has been categorized as silicone, polysulfide, polyurethane, silane-modified polymers, and others. By end-use industry, the global elastomeric sealants market has been divided into building & construction, automotive, electrical & electronics, aerospace & defense, marine, and others. The global elastomeric sealants market, by region, has been segregated into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Key players: Some of the key players operating in the global elastomeric sealants market are 3M (US), The Dow Chemical Company (US), Henkel AG & Co. KGaA (Germany), Arkema (France), Sika AG (Switzerland), H.B. Fuller Company (US), RPM International Inc. (US), PPG Industries, Inc. (US), VCM Polyurethanes Pvt. Ltd (India), Wacker Chemie AG (Germany), Mapei SpA (Italy), and KCC CORPORATION (South Korea).Recent DevelopmentJuly 2021 : Bostik reveals its latest range of Polyurethane sealants for the sealing and bonding construction sector. With large-scale manufacturing units across Asia Pacific and Europe, along with advanced technologies, Bostik, a renowned firm is working on creating an extensive line of elastomeric sealants with significant technical characteristics as well as impressive performance including solvent-free formulations, low isocyanates, easiness, and bubble-free. This launch is expected to bolster the company’s position in the construction market, especially across developing countries. October 2021 : Dana Inc., an eminent manufacturer of sealing technology, has launched Victor Reinz Reinzosil room-temperature vulcanizing (RTV) silicone in North America. The silicone-based sealant, Reinzosil offers outstanding resistance to various types of fluids as well as adverse temperatures. Reinzosil is a fast-curing, easy-to-apply, and a highly durable sealant, which remains thermally stable even in extreme temperatures while its quality remains intact in rough and uneven surfaces. Target Audience:
- Elastomeric sealants manufacturers
- Traders and distributors of elastomeric sealants
- Research and development institute
- Potential investors
- Raw material suppliers
- National laboratory
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