Elastomeric Sealants Market is expected to reach a value of $5.4 billion by the end of the year 2026 after growing at a CAGR of 5.7% during the forecast period from 2021-2026. The increase in demand in construction and automotive industry, have eventually led to the market for elastomeric sealants, as it is one of the key use industries of elastomeric sealants. Elastomeric sealant is also extensively used in infrastructure industry, which has surged the demand for elastomeric sealants.
Various types of elastomeric sealants such as silicone emulsions, acrylate dispersion and silane modified polymer. Silicone emulsions are extensively used as release agents in food trays and plastic serving dishes, as it helps in improving protection, resistance, gloss and spread-ability. Acrylate dispersions are helpful in providing hardness, chemical resistance and corrosion inhibition. Further the increase in demand for elastomeric sealants from automobile industry is driving the elastomeric sealants market.
Covid-19 Impact
Before the Covid-19 pandemic, the elastomeric sealant market was showing tremendous growth. During the Covid-19 pandemic, the elastomeric sealants market saw a sharp decline in the market growth in terms of production, sales and distribution. The economic lockdown across the globe hampered the market opportunities of the elastomeric sealants, as there were many restrictions in inter-state and inter-country trades, imports/exports and labor exchanges. Though the pandemic has affected the elastomeric sealants market, it is expected to grow considerably over the coming months of the year 2021.
Elastomeric Sealants Market Segment Analysis – By User Type
The professional type segment held the highest share in the elastomeric sealants market in the year 2020. This is due to the obvious reason that professional sealant has comparatively better design and technology. Though there are many DIY sealants which can be done domestically with cottage industry resources, it is common for it to lack proper design, technology and installation which could be a hindrance to the performance of the sealant.
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Elastomeric Sealants Market Segment Analysis – By Substrate
Concrete held the highest share in the elastomeric sealants market in the year 2020. The main reason being, it gives flexibility and sturdiness. It also helps in filling the gaps between concrete and other materials. It can be used on any material, but concrete held the highest share since the end user industry building and construction held the largest share and therefore, the sealants are extensively used in concrete.
Elastomeric Sealants Market Segment Analysis – By Material Type
The silicon segment held the highest share in the elastomeric sealants market in the year 2020. Elastomeric sealant provides advantages such as paint compatibility, heat resistance and UV resistance, which is widely preferred in key end-use industries such as building & construction industry and automobile industry. These sealants are also wisely used in ventilation and air conditioning system.
Elastomeric Sealants Market Segment Analysis – By End-User Industry
The construction industry held the highest share in the elastomeric sealants market in the year 2020. Rising disposable income and the increase in construction activities are the major drivers for the increase in demand for elastomeric sealants in the construction industry. The investment in infrastructure is estimated to be around 100 million dollars in the upcoming year 2022 in the APAC region, which is expected to develop the construction sector which in turn will lead to an increase in the demand for elastomeric sealants. The automotive industry is also closely followed the construction industry in terms of demand for elastomeric sealants. This could be associated to the increase in demand for waterproof sealants for windscreen frames, and to seal & protect the interior of vehicles from cracks and leaks.
Elastomeric Sealants Market Segment Analysis – By Geography
Asia Pacific region held the highest share in the elastomeric sealants market in 2020. The Asia Pacific market is estimated to grow at a substantial rate in the upcoming years. The major factor contributing to the increased demand for elastomeric sealant in this region is the rapid rise in urbanization in emerging countries such as India and China. In addition to this, the increase in government investments in infrastructure development is also driving the market. North American region also closely followed the APAC region, the increase in demand for elastomeric sealants in this region is due to the rapid growth in aerospace and defense industry.
Elastomeric Sealants Market Drivers
Rapid growth in the automotive industry
The rapid growth in the automotive industry, which can be associated to the electrification of the sector and the introduction of self-driving cars is surging the demand for elastomeric sealants and is estimated to grow at a robust rate in the upcoming years. This has greatly expanded the scope for elastomeric sealants in the market.
Growing demand in Construction Industry
The increase demand for elastomeric sealants in construction industry has been growing in the recent years. The sealants have been used for various uses in construction activities such as air leakage, insulation, sealing cracks, etc. The construction industry is estimated to grow at a CAGR of 6% in the next few years and the recent development in construction industry has eventually increased the demand for elastomeric sealants and related products as well.
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Elastomeric Sealants Market Challenges
Replacement
There are certain replacements in the market for elastomeric sealants such as foam tapes, which has certain advantages over the sealants, such as cost advantage and easy installation which could pose as a major threat, since it could be easily used as an alternative. This could restrain the growth of elastomeric sealants in the market.
Government regulations
There are certain stringent government regulations in relation to the release of VOCs (Volatile Organic Compounds) from manufacturing the sealants, which could hugely hamper the growth of the elastomeric sealants market.
Elastomeric Sealants Market Landscape
Innovation, expansions, new product launches, acquisitions, and mergers are some of the key strategies adopted by players in the Elastomeric Sealants Market. Major players in the Elastomeric Sealants Market are H.B. Fuller Company, Tremco Incorporated, VCM Polyurethanes Pvt. Ltd, The Dow Chemical Company, Chemence, 3M Company, Arkema, Henkel, RPM International and KCC Corporation among others.
Acquisitions/Technology Launches
In September 2020, RPM International Inc. acquired Ali Industries LLC, which is a market leading innovator that offers emulsifiers products.
Key Takeaways
Asia-Pacific market is expected to hold the largest share in the elastomeric sealants market during the forecast period of 2021-2026 owing to the presence of export-oriented manufacturing capacities and intense domestic demand from various end-use industries.
Elastomeric sealants are extensively used in automobile and transportation industry due its high durability, excellent adhesive properties, super flexibility property, and high heat resistance.
The increase in elastomeric sealant is also driven by the increased demand from the infrastructure industry due to the properties such as durability and flexibility.
The elastomeric sealants market also witnesses continuous innovation in the product development and expansion which provides extensive scope for elastomeric sealants in the market.
Related Reports:
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https://www.industryarc.com/Report/1304/polyurethane-elastomers-market-analysis.html
B. Elastomers Market
https://www.industryarc.com/Report/18133/elastomers-market.html
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