According to ChemAnalyst report, “Polyurethane Sealants Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Polyurethane Sealants market has witnessed significant growth as it reached 9.32 million tonnes in 2020 and is expected to achieve a healthy global CAGR of 4.75% in the forecast period until 2030. Rapidly increasing demand of Polyurethane Sealants from the flourishing building and construction industry is anticipated to boost the Polyurethane Sealants market across the globe in the span of the next ten years. Furthermore, Polyurethanes are sustainable, affordable, and doesn’t contain any chemicals that can alter the endocrine and hormone systems, which can augment the demand of Polyurethane, further propelling the Polyurethane Sealants market in the future.
Polyurethane sealant is one of the most widely used technology for both new renovation and construction projects. Developments and advancements in Polyurethane Sealants have made it one of the most resilient and strongest adhesive and binding agents in the construction and building industry. Polyurethane Sealants are widely used in commercial, residential, and industrial applications including isolation joints, foundation, roofing, gutters, expansion and control joints, and others.
Polyurethane Sealants possesses dynamic properties such as excellent tear and abrasion resistance, good chemical and weather resistance, ability to be used in several joint sizes, adhesion compatibility with construction substrates like stone, metal and wood, and others. Several manufacturers are now mass-producing smart Polyurethane Sealants that offers tough and watertight seals, excellent joint movements, and aesthetic appeal characteristics, which is expected to drive the Polyurethane market in coming years. An exponential increase in the demand of Polyurethane Sealants by the major end-user industries including construction, automotive, and packaging is likely to boost the global Polyurethane Sealants market in the next few years. Surging demand for Polyurethane Sealants to insulate buildings and protect it from extreme weather conditions as PU-based Sealants prevent moisture and air penetration when used in building materials, is expected to fuel the global Polyurethane Sealants market in upcoming years.
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Global Polyurethane Sealants Market is segmented on the basis of type, application, end, sales channel and region. Based on the type, the global Polyurethane Sealants market is distributed into one component and two-component.
On the basis of end-use industries, the global Polyurethane Sealants market is segmented into building & construction, general industries, automotive, marine, and others. Building and Construction segment dominates the Polyurethane Sealants market across the globe followed by the automotive industry. Substantially increasing demand of Elastomeric Sealants by the construction industry due to the massive growth in the building and construction activities propelled by the rapid urbanization and rising per income in the Asia Pacific region is likely to boost the Polyurethane Sealants market over the next ten years.
Many leading players are merging with new companies in order to strengthen the R&D department and improve the market footprint. For example, Hodgson Sealants produced a new extremely elastic hybrid sealant in 2020 known as HY-SPEC® 25 for interior and exterior perimeter sealing of windows and doors applications.
On the start of COVID-19, in 2020, the global Polyurethane market was drastically affected. Leading authorities in emerging and industrialized economies caused countrywide lockdowns and strict social distancing norms, leading to the severe decline in the demand for Polyurethane Sealants in the first half of 2020. Major end-use industries including building & construction, marine, automotive and others halted their operations in order to curb the spread of deadly coronavirus. As the lockdown restrictions are gradually uplifting, operations may resume from early 2021, which will boost the demand of Polyurethane Sealants by the end of the year.
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Among different regions, Asia Pacific region dominated the global Polyurethane Sealants market in 2020 and is expected to maintain its dominance until the next ten years. Rapid industrialization, increase in construction activities and significant economic growth led to the dominance of the Polyurethane sealants market in the Asia Pacific region. Continuously rising demand of Polyurethane Sealants for building and construction activities owing to increasing urbanization and rising per capita income in emerging countries like China, India, Singapore and others, is likely to accelerate the global Polyurethane Sealants market in the upcoming years. As China owns the world’s largest construction market, the initiatives for the construction and renovation of industrial, commercial, and residential buildings, is expected to influence the market growth of polyurethane sealants in the Asia Pacific region.
Major players for Polyurethane Sealants include BASF SE, The 3M Company, Arkema S.A., Sika AG, The DOW Chemical Company, H.B. Fuller, Henkel AG & Company, KGaA, Mapei S.P.A., Asian Paints limited, Itw Polymer Sealants North America Inc., Soudal N.V., Hodgson Sealants, Pidilite Industries Limited., and Others.
“Rapidly increasing demand of Polyurethane sealants from the blooming construction industry is expected to accelerate the global Polyurethane market in upcoming years. The number of initiatives for the construction and renovation of the commercial, industrial and residential buildings in the Asia Pacific region propelled by the increasing population and growing per capita income is likely to boost the overall demand of Polyurethane Sealants in the next few years. leading players are expanding their manufacturing units and merging with new companies in order to strengthen their R&D department and improve the market footprint. Increasing prices of raw materials for the manufacturing of polyurethane sealants can somehow hamper the market growth in the future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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