(MENAFN- GlobeNewsWire - Nasdaq) Global Sealants market Experiences Growth Due to Growing Building & construction Industry, full analysis by Product, Application, Source, Manufacturing, and Geography.
US & Canada, Oct. 30, 2024 (GLOBE NEWSWIRE) -- According to a new market research by The Insight Partners, the Global Sealants Market is observing significant growth owing to the growing building and construction industry and rising demand in the automotive industry. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the sealants market comprises a wide range of industrial applications that are expected to register strength in the coming years.
Regional Analysis:
By North America - Was valued at US$ 9,271.17 million in 2022 and is expected to reach US$ 12,828.82 million by 2030; it is estimated to grow at a CAGR of 4.1% from 2022 to 2030.
By Europe - Was valued at US$ 13,235.67 million in 2022 and is expected to reach US$ 17,512.87 million by 2030; it is estimated to grow at a CAGR of 3.6% from 2022 to 2030.
By Asia Pacific - Was valued at US$ 28,693.14 million in 2022 and is expected to reach US$ 41,225.02 million by 2030; it is estimated to grow at a CAGR of 4.6% from 2022 to 2030.
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Overview of Report Findings
Market Growth: The sealants market is expected to reach US$ 14.17 billion by 2031 from US$ 10.49 billion in 2023; it is anticipated to record a CAGR of 3.9% during the forecast period. The global sealants market has been experiencing substantial growth driven by increasing demand from various end-use industries such as construction, automotive, energy and power, aerospace, and marine. Sealants are used to fill cracks, offer a barrier to air, water, moisture, and seal joints. The market expansion is attributed to rapid urbanization, particularly in emerging economies. In the automotive sector, the transition toward lightweight and fuel-efficient vehicles has propelled the demand for high-performance sealants.
Growing Building & Construction Industry: Silicone sealants are used in the expansion, construction, connection, and movement of joints to ensure the stability of structural materials. Sealants add flexibility to building structures, allowing materials to absorb stress and movement caused by uncertain climatic conditions. They also offer energy efficiency to the buildings and provide a barrier against air, dust, and sound. Structural sealants are used for several applications such as roofing, glass bonding, fire barriers, crack repair, and deck coatings.
Rising Demand in Automotive Industry : The automotive industry is experiencing robust growth owing to technological advancements and an upsurge in preference for SUVs, crossovers, and other light trucks. As per the European Automobile Manufacturers' Association (ACEA) report published in January 2023, car production in North America has increased by 10.3%, reaching 10.4 million units in 2022 compared to 2021. Similarly, passenger car production in South Korea reached 3.4 million units in 2022, an increase of 7.6% compared to 2021. The report published by the ACEA stated that passenger car production worldwide accounted for 68 million units in 2022, recording a rise of 7.9% compared to 2021.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
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Sealants Segmentations:
Based on type, the sealants market is segmented into silicone sealants, polyurethane sealants, acrylic sealants, polysulfide sealants, butyl sealants, and hybrid sealants. The silicone sealants segment held the largest share of the market in 2023. In terms of application, the sealants market is categorized into waterproofing, insulation, bonding and sealing, soundproofing, and others. The waterproofing segment held the largest share of the market in 2023. In terms of end-use industry, the sealants market is segmented into building and construction, automotive, electronics, healthcare, aerospace and defense, marine, energy and power, and others. The building and construction segment dominated the market in 2023. The sealants market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
Key Players: A few major companies operating in the sealants market are Henkel AG and Co KGaA, HB Fuller Company, Sika AG, 3M Co, Huntsman International LLC, Dow Inc, BASF SE, RPM International Inc, and Momentive Performance Materials Inc. Trending Topics: Silicone sealants, high performance adhesives, silicone adhesives, and bio adhesives and sealants, among others.
Global Headlines on Sealants
"ACTEGA Launched PVC-free ACTEseal Heat Seal Coatings-A Breakthrough Solution For The Coffee Capsule Market" "Henkel Relaunched Its Bonding and Sealing Portfolio For Consumers and Craftsmen in Europe" "H.B. Fuller Company Acquired Adhesion Biomedical-A Privately Held US Medical Adhesives Company" "Arkema Acquired Polimeros Especiales-Strengthening The Group's Offering Of Solvent-Free Solutions"
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The report from The Insight Partners, therefore, provides several stakeholders-including raw material suppliers, manufacturers, distributors, and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Conclusion
The rising demand from building & construction and automotive industries drives the sealants market. As per the US Census Bureau, during the first five months of 2023, the total construction spending in the US was US$ 740.8 billion. The investment was spent on the development of commercial spaces, offices, highways, transportation, and streets. The spending on private and public construction was US$ 585.7 billion and US$ 133.8 billion, respectively, during the first five months of 2023. According to the US Census Bureau, the number of privately-owned houses (at a seasonally adjusted annual rate) was 1.56 million units in November 2023, a rise of 9.3% compared to 1.43 million units in November 2022. Further, sealants are used in different automobile components and induction systems and aid in sealing moisture, dust, and contaminants. In exterior automotive applications, sealants are used for structural bonding, lamp assembly, and glass bonding. Sealants are utilized in the sealing of vehicle body joints and seams, stationary vehicle glass such as windshields, and quarter glass. The sealant applications across the automotive industry include aluminum vehicle doors, hydrogen cars, vehicle sensors, vehicle lighting systems, and powertrains.
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