(MENAFN- GlobeNewsWire - Nasdaq) Construction elastomers market growth is largely fueled by the increasing demand for durable, flexible, and sustainable materials in the construction industry.Austin, Oct. 17, 2024 (GLOBE NEWSWIRE) -- “ According to the SNS Insider report, The construction elastomers market is projected to experience substantial growth, reaching USD 9.5 billion by 2032, with a compound annual growth rate of 5.8% from 2024 to 2032. ”
Trends Impacting the Construction Elastomers Market
A significant driver of growth in the construction elastomers market is the rising need for high-performance materials that offer flexibility, resilience, and longevity. As construction practices evolve towards more sustainable and innovative solutions, elastomers, which are rubber-like materials known for their elasticity and durability, are increasingly being integrated into various construction applications.
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Key Players:
Raw Key Manufacturers
Arkema S.A (Pebax) Dynasol Elastomers (Calprene) BASF SE (Elastollan) Evonik Industries AG (Vestamid) Dow (ENGAGE) SIBUR (SIBUR TPE) Covestro AG (Desmopan) DuPont (Hytrel) Huntsman Corporation (Irogran) Mitsubishi Chemical Company (Thermoplast) Teknor Apex Company (Monprene) China Petroleum and Chemical Corporation (Sinopec TPE) Lubrizol Corporation (Estane) Kraton Corporation (Kraton G) Tosoh Corporation (Nipol) ExxonMobil (Vistalon) LG Chem (LUPOY) Wacker Chemie AG (Elastosil) LANXESS AG (Therban) SABIC (Lexan)
The demand for elastomers is particularly high in the production of sealants, adhesives, and coatings, essential for ensuring the integrity and longevity of buildings and infrastructure. The global construction industry has witnessed a paradigm shift, with many countries prioritizing sustainable building practices and adopting advanced materials that minimize environmental impact. This trend is reflected in government initiatives aimed at promoting energy-efficient buildings and reducing carbon footprints, further boosting the construction elastomers market.
Recent statistics reveal a significant increase in global construction activity, with the International Monetary Fund (IMF) projecting a growth rate of 7.5% for the construction sector in emerging economies. This upsurge in construction activity directly correlates with the heightened demand for elastomeric materials that can withstand varying climatic conditions and provide superior performance.
Opportunities in the Construction Elastomers Market
Emerging Markets and Technological Innovations
The rapid urbanization and industrialization in emerging markets, particularly in regions like Asia-Pacific and Latin America, are creating lucrative opportunities for the construction elastomers market. Countries such as India, China, and Brazil are investing heavily in infrastructure development, driven by increasing population and urbanization rates. This investment is propelling the demand for high-quality construction materials, including elastomers, to support residential, commercial, and industrial projects.
In addition to urbanization, technological advancements in elastomer manufacturing and processing are significantly enhancing the performance characteristics of these materials. Innovations such as bio-based elastomers and smart materials that respond to environmental stimuli are gaining traction in the market. These developments not only improve the sustainability of construction projects but also reduce reliance on traditional materials that may have adverse environmental impacts.
According to a recent report by the Global Construction & Infrastructure Commission, the construction industry is expected to reach USD 15 trillion globally by 2030, further highlighting the immense potential for elastomers in diverse construction applications.
Construction Elastomers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.7 Billion |
| Market Size by 2032 | US$ 9.5 Billion |
| CAGR | CAGR of 5.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| DRIVERS | . Rising demand from the construction sector |
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Which Region Held the Highest Market Share in the Construction Elastomers Market?
In 2023, the Asia-Pacific region dominated the construction elastomers market, accounted for approximately 42% of the total market share. This dominance is primarily attributed to the region's rapid infrastructure development and a growing preference for advanced construction materials. The increasing awareness of sustainable construction practices has led many contractors and builders in countries like China and India to adopt elastomers as a solution to enhance building performance and durability.
North America and Europe also play significant roles in the market, driven by stringent regulations regarding building materials and an emphasis on eco-friendly construction. The U.S. Green Building Council (USGBC) has reported a growing number of green building certifications, which incentivize the use of sustainable materials like elastomers. Furthermore, Europe's commitment to reducing greenhouse gas emissions and promoting sustainable practices has led to increased investments in innovative construction technologies.
Which Chemistry Segment Dominated the Construction Elastomers Market in 2023?
The styrene block copolymers (SBCs) segment held a market share of about 38% in 2023. This is because of their investment of a vital proportional extent. SBCs gain popularity in the construction industry for their excellent combination of properties, which results from combining different elastomers into triblock or other structures. The Copolymers are extremely flexible and resilient, but also adhesive and processable. This explains why SBCs are being actively used in various construction applications, such as sealants, adhesives, and coatings. Besides, the use of SBCs allows builders and contractors to create materials that can resist extremal temperatures and other environmental conditions while also excelling in performance. The adhesive and adhering properties of SBCs along with their compatibility with various substrates guarantee a safe attachment of two objects. The construction industry is increasingly taking advantage of SBCs because they are incredibly strong and sustainable.
Which Application Segment Dominated the Construction Elastomers Market in 2023?
The residential construction segment has dominated in the construction elastomers market. Nowadays, the growing population, as well as urbanization and altered lifestyle choices, leads to the ever-growing demand for new housing and renovation projects. In the modern world, an increasing number of people and households search for modern homes that are energy efficient, aesthetically pleasing, and durable. A growing number of builders turn to elastomeric materials to add new features to residential structures, for instance, roofing, insulation, and sealants. These materials yield high flexibility, weather resistance, and thermal performance, raising the emphasis on elastomers to assure a long life and energy efficiency of the buildings.
Key Segments:
By Type
By Chemistry
Styrene block copolymers (SBC) Thermoplastic Polyurethanes (TPU) Styrene-butadiene (SBR) Ethylene-propylene (EPM/EPDM) Natural Rubber (NR) Thermoplastic polyolefin (TPO) Butyl Elastomer (IIR) Acrylic (ACM) Elastomer Thermoplastic vulcanizate (TPV) Silicon (Q) Elastomer Others
By Application
Residential Non-residential Civil Engineering
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Recent Developments
In 2023 , BASF SE launched a new line of bio-based thermoplastic elastomers designed specifically for construction applications. This innovative product aims to reduce the environmental impact of construction while maintaining high performance and durability. In 2023 , Wacker Chemie AG announced the expansion of its production facility in China to meet the growing demand for elastomers in the Asia-Pacific region. This strategic move underscores the company's commitment to enhancing its presence in emerging markets and catering to the increasing need for sustainable construction solutions.
Conclusion
The construction elastomers market is poised for robust growth, driven by the increasing demand for high-performance materials in the construction industry and the rising focus on sustainability. Companies that prioritize product innovation, technological advancements, and expansion into emerging markets are well-positioned to capitalize on the significant opportunities within this sector. With ongoing developments in construction practices and growing consumer awareness, the construction elastomers market is expected to thrive in the coming years, contributing to the evolution of modern building solutions.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter's Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Construction Elastomers Market Segmentation, by Type
8. Construction Elastomers Market Segmentation, by Chemistry
9. Construction Elastomers Market Segmentation, by Application
10. Regional Analysis
11 . Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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