Overview:
The global market report on the elastomeric sealants had a noteworthy discussion of all the factors that can improve the market standard. Elastomeric sealants use in sealing cracks and providing support to resist water are getting noticed in the building and construction sector. In fact, it is also getting substantial traction from the automotive sector, where its application in protecting the windscreen is surging substantially. The elastomeric sealants market is expected to witness a growth of over USD 6.68 billion by 2030, with 6.22% CAGR during the forecast 2021–2030.
Segmentation:
The global market report on the Elastomeric Sealants Market includes a detailed discussion of segments like type and end-use industry to facilitate studies that can be used to explore various possibilities and increase profit margin.
By type, the report on the global elastomeric sealants market includes segments like polysulfide, silicone, silane-modified polymers, polyurethane, and others. The polyurethane segment is getting notable traction from several quarters. Silicone is also emerging as a preferred choice for many.
By end-use industry, the report discussing the challenges of the global elastomeric sealants market includes a proper analysis of segments like automotive, electrical & electronics, building & construction, marine, aerospace & defense, and others. The building and construction sector would record substantial growth as many countries are investing in the sector to develop their infrastructure.
Regional Analysis:
Asia Pacific is the fastest-growing region as China and India are providing ample thrust to the global elastomeric sealants market. This is mainly due to rising construction activities and the booming automotive sector. In North America, this growth would depend on marine and aerospace industries.
Competitive Landscape:
Henkel AG & Co. KGaA (Germany), 3M (US), The Dow Chemical Company (US), H.B. Fuller Company (US), Arkema (France), Sika AG (Switzerland), VCM Polyurethanes Pvt. Ltd (India), RPM International Inc. (US), PPG Industries, Inc. (US), Mapei SpA (Italy), Wacker Chemie AG (Germany), and KCC CORPORATION (South Korea) are companies getting involved in transforming the global market for elastomeric sealants. They are relying on their strategic brilliance to initiate changes that would secure their market position. Their attempts to improve the market stand involves moves like merger, acquisition, tie-up, innovation, branding, and other methods. MRFR tracked its recent initiatives to understand how the market has evolved.
Industry News:
In July 2020, Huntsman declared its plan to expand the advanced materials business by forming a bond with its long time partner Azelis Americas CASE in the US and Azelis Canada in Canada. This partnership will witness Azelis leading the distribution of Advanced Materials coatings, adhesives, sealants and elastomers (CASE) business in countries like the US and Canada. Huntsman took this step as they believe that Azelis is the right group to ensure the expansion of their business plans and their effective handling of various procedures would help increase the profit margin.
In June 2020, H.B. Fuller announced that its Royal Adhesives & Sealants aerospace business got itself a spot in the Boeing Premier Bidder Program. This program recognizes and rewards players who have consistently performed as Boeing Commercial Airplanes suppliers. This program also creates a scope for the participants to increase the opportunity for business with Boeing.
The COVID-19 pandemic has struck hard owing to which the construction sector is suffering in unprecedented ways. That is why the intake of elastomeric sealants may plummet. However, restoring normalcy would boost the market in the coming years.
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