Global Structural Sealants Market Forecast to 2023
Bharat Book Bureau Provides the Trending Market Research Report on "Global Structural Sealants Market, Forecast to 2023" under Industry & Mfg category. The report provides information on industry overview, market size, latest developments, industry trends, Key Players, global presence, and their future prospects.
Global Structural Sealants Market Research Report: by Resin Type (Silicon, PS, PU, Acrylic, and Others), by end use industry (building & construction, automotive, marine and aerospace and general industry), and by Region– Forecast till 2023
Synopsis of Structural Sealants Market
Structural sealants are high performance sealants used to block the passage of fluids flowing in between the structures. The most common application of these sealants is in various high strength materials as an alternative to fasteners. According to the type of resins, various structural sealants are available in the market such as silicone, polyurethane, acrylic, polysulfide, and others. Silicone structural sealants is a prominent segment accounting for the highest market share of 34% in 2017 followed by polyurethane, acrylic, and polysulfide among others. Structural sealants exhibit superior properties such as thermal stability, excellent tensile strength and high tear strength. These properties pay way for structural sealants to be used in various industries including automotive, building & construction, marine & aerospace, and wind energy among others.
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The global structural sealants market is expected to reach USD 4.077.0 million by 2023 end with a 5.41% CAGR during the forecast period. The protuberant factors and trends driving the global structural sealants market are rising expenditure on construction and infrastructure development in the emerging economies coupled with light and green buildings in the residential as well as commercial sector. Moreover, growing trend of lightweight components in automotive industry to increase fuel efficiency is anticipated to drive the market growth. However, stringent regulation regarding VOC emission and volatility in raw material prices are expected to hamper the market growth. However, rising awareness of green infrastructure, low VOC content, and sustainable sealants in the end use industries provides lucrative opportunity for structural sealant market.
Among the application, construction and automotive industry is the leading application followed by marine & aerospace, general industry among others. The global construction industry witnessed the highest growth and is expected to reach USD 10 trillion by 2020. Rising construction activities in the developing as well as developed regions are anticipated to drive the market growth. On-going airport expansions and Smart city projects are likely to further fuel the market growth. Furthermore, rapid traction of sealants in assembly components are gaining high importance owing to ease of handling, low cost and ability to seal dissimilar substrate is expected to increase the demand of structural sealants in automotive industry.
Global Structural Sealants Market Share, by End Use Industry (2016-2023), (%)
The global structural sealants market is segregated into five regions namely, North America, Asia Pacific, Europe, Latin America and the Middle East & Africa. Asia Pacific is dominating region and is expected to grow at CAGR of 5.69% during the forecast period. China is the leading country in global automotive industry and offers a significant growth potential in the coming years. China accounted for 44.5% share of the market in 2016 and is slated to reach USD 201.5 million by 2023. Increasing demand of passenger cars in China and India owing the growing trend of carpooling is further anticipated to increase automotive production, thereby, driving the structural sealants market.
Europe and North America witnessed substantial growth and registered a CAGR of 5.05% and 5.30% respectively. Stringent regulations have been laid by the Corporate Average Fuel Economy (CAFE) in North America in order to seek alternative methods to reduce weight and further improve efficiency. Moreover, rising demand of composites and subsequent need for structural sealants is expected to boost the market.
The global structural sealants market is segmented on the basis of resin type, end use industry, and region. The resin type is further segregated as silicone, polysulfide, polyurethane, acrylic, and others. Based on end use industry, the market is divided into building & construction, automotive, marine & aerospace, and general industry. Additionally, based on region, the global market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the key players operating in the global structural sealants market are BASF SE (Germany), Asian Paints Limited (India), Pidilite Industries, Ltd (U.S.), Roberlo (Spain), AKEMI (Germany), Chemence Ltd. (UK), H.B Fuller (U.S), Dow Corning Corporation (U.S.), Henkel AG & Co. KGaA (Germany) and 3M (U.S.) among others.
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