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The sealants market is projected to grow from US$ 10.45 billion in 2023 to US$ 14.17 billion by 2031; the market is expected to register a CAGR of 3.9% from 2023 to 2031. The development of renewable sealants is likely to remain a key trend in the market.
Sealants Market Analysis
The building & construction industry across the world is growing significantly owing to rising urbanization; an increasing number of government-supported infrastructure development projects; and surging private and government investments in the development of commercial spaces, offices, and highways. In the building & construction industry, sealants are used to 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 various applications such as roofing, glass bonding, fire barriers, crack repair, and deck coatings. Also, silicone sealants are used in the expansion, construction, connection, and movement of joints to ensure the stability of structural materials. Thus, the growth of the building & construction industry contributes to the growing sealants market
Sealants Market Overview
The global sealants market is experiencing substantial growth driven by increasing demand from end-use industries such as building & construction, automotive, energy & power, aerospace, marine, and others. Sealants are used to fill cracks; offer a barrier to air, water, and moisture; and seal joints. Technological advancements have led to the development of high-performance and efficient sealant formulations offering distinct properties. Furthermore, sustainability trends are influencing the sealants market, with manufacturers increasingly focusing on eco-friendly and low-volatile organic compound formulations. Regulatory authorities across the globe are imposing stringent environmental standards and regulations to encourage the production and utilization of green alternatives.
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Sealants Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Sealants Market: Strategic Insights
Shejal
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Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Sealants Market Drivers and Opportunities
Growing Demand in the Automotive Industry Favors Market Growth
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. Companies operating in the automotive sector invest heavily in automobile manufacturing to increase production and sales. According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and the sale is projected to grow by 35% in 2023 to reach 14 million.
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. Thus, the rising demand from the automotive industry drives the sealant market growth.
Rising Number of Product Launches by Market Players to Create Significant Opportunities
Key manufacturers operating in the sealants market invest significantly in strategic development initiatives such as product innovation, business expansion, and research and development to enhance their market position and attract a wide customer base. In March 2023, Dow expanded its product portfolio with silicone sealant products to offer photovoltaic (PV) module assembly materials, supporting the global movement toward renewable energy. The DOWSIL PV product line contains six silicone-based sealant and adhesive solutions that offer durability and performance for rail bonding, junction box bonding and potting, frame sealing, and building integrated photovoltaics (BIPV) installation materials.
In 2022, Bostik launched a comprehensive range of sealants developed for construction applications. The Bostik Pro Sealants range features high and low modulus formulations, and it offers high performance, made available in post-consumer recycled cartridges, reducing the net effect of plastic on the environment. In 2022, Evonik launched the sustainable liquid polybutadienes with POLYVEST eCO, used as a raw material for the production of adhesives and sealants for application in end-use industries such as automotive, electronics, construction, and others. Thus, rising product innovations are expected to create lucrative opportunities in the sealants market during the forecast period.
Sealants Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sealants market analysis are type, application, and end-use Industry.
- The sealants market, based on type, is segmented into silicone sealants, polyurethane sealants, acrylic sealants, polysulfide sealants, butyl sealants, hybrid sealants, and others. The hybrid sealants segment is further segmented into silane-modified polymer sealants, polyurethane-modified acrylic sealants, and others. The silicone sealants segment accounted for the largest market share in 2023.
- By application, the market is segmented 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 market is segmented into building & construction, automotive, electronics, healthcare, aerospace & defense, marine, energy & power, and others. The building & construction segment held a significant market share in 2023.
Sealants Market Share Analysis by Geography
Geographically, the sealants market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest market share in 2023 and is expected to register the highest CAGR during the forecast period. Europe held the second-largest sealant market share in 2023. In terms of revenue, China held the largest share of the market in Asia Pacific in 2023. The Chinese government has taken several initiatives to stimulate the annual production capacities of automobile manufacturers to 35 million units by 2025. According to the 2022 report by the International Energy Agency, China recorded electric vehicle sales of 3.3?million in 2021. Further, the country is the world's largest construction market, and it is highly supported by government initiatives. The Government of China invested US$ 1.9 billion in 13 public housing projects in 2019. Under the 14th Five-Year Plan, China aims to increase its urbanization rate to 65% during 2021–2025. Thus, government support for urbanization has the potential to bring developments in the construction and infrastructure sectors, thereby driving the demand for sealants. China is among the largest producers of electronic products in the world. The country is also a major supplier of intermediate electronics parts. The expansion of the electronics industry in the country contributes to the growth of the sealants market.
Sealants Market Report Scope
Sealants Market News and Recent Developments
The sealants market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
- Henkel signed an agreement to acquire the US-based Seal for Life Industries LLC ("Seal for Life") from Arsenal Capital Partners (USA). (Source: Henkel, Press Release, February 2024)
- Dow announced the expansion of its silicone sealant products to offer photovoltaic (PV) module assembly materials, furthering the global movement toward renewable energy. (Source: Dow, Press Release, March 2023)
- BASF announced that it will increase the production capacity for its medium-molecular weight polyisobutenes, marketed under the tradename OPPANOL B, at its site in Ludwigshafen, Germany, by 25%. The medium-molecular weight polyisobutenes comprise applications such as surface protective films, window sealants, binder material for batteries, and food packaging solutions. (Source: BASF, Press Release, August 2023)
Sealants Market Report Coverage and Deliverables
The “Sealants Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Sealants market size and forecast for all the key market segments covered under the scope
- Sealants market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter’s Five Forces and SWOT analysis
- Sealants market analysis covering key market trends, country framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the sealants market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The growing building & construction industry and rising demand from the automotive industry fuel the market growth.
The silicone sealants segment held the largest share in the global sealants market in 2023. Silicone sealants have excellent thermal resistance, dynamic movement capability, and adhesion. Silicone sealants are used to bind surfaces such as plastic, metal, and glass together.
Development of renewable sealants is expected to emerge as a future trend in the market.
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 are among the leading market players.
The market is expected to register a CAGR of 3.9% during 2023–2031.
In 2023, Asia Pacific held the largest share of the global sealants market. China is one of the high-skilled manufacturing hubs. In contrast, India, South Korea, and Taiwan are considered attractive business destinations for companies looking for medium-skilled manufacturing infrastructure and low labor costs. The growth in construction, electric vehicles, and the electronics industry in the region is driving the demand for sealants.
The List of Companies - Sealants Market
- 3M Co
- Sika AG
- Dow Inc
- BASF SE
- RPM International Inc
- Momentive Performance Materials Inc
- Arkema SA
- HB Fuller Co
- Henkel AG & Co KGaA
- ACTEGA DS GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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