The market for sealants is expected to register a CAGR of over 4%, during the forecast period. One of the major factors driving the market studied is the rising popularity of dental and surgical sealants. However, stringent environmental regulations regarding VOC emissions are expected to hinder the growth of the market studied.
– Building and construction segment dominated the market, and is expected to grow during the forecast period, owing to the increasing constructional activities in emerging economies.
– Increase in demand for automatic valves is likely to act as an opportunity in the future.
– Asia-Pacific dominated the market across the world, with the largest consumption coming from countries, such as China and India.
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Key Market Trends
Accelerating Building and Construction Industry
– Sealants, owing to their characteristics and physical properties (such as good cohesion, adhesion, elasticity, high cohesive strength, flexibility, high elastic modulus of substrate, resistance to thermal expansion, environmental resistance to UV light, corrosion, salt water, rain, and other weathering conditions), have extensive use in the construction industry.
– They are mainly used to seal the joints and gaps between substrates. Hence, they are critical components of the construction industry. The chief purpose of sealants is to avoid air, water, and other elements from exiting or entering the structure.
– The pace of growth of the global construction industry stabilized in the recent past. However, it is expected to increase during the coming years, in regions, like the Middle East and Asia-Pacific.
– Construction is likely to be one of the most dynamic industrial sectors in the next 15 years, and is utterly crucial to the evolution of prosperous societies around the world.
– The volume of construction output is expected to grow by 85%, to USD 15.5 trillion, globally, by 2030, with three countries, namely, China, the United States, and India, leading the way and accounting for 57% of all global growth.
– Long-term demand is expected to be evinced across all regions, but with particular strength in South America and Asia, where major construction and infrastructure improvement projects are planned. In Europe, the construction industry is stabilized. However, it is not expected to continue to decelerate.
Asia-Pacific is Expected to Dominate the Market
– Asia-Pacific dominated the market, with the largest consumption taking place in countries, such as China and India.
– India is a growing economy and holds great potential for future market opportunities. Despite the unfavorable global economic issues, robust urban consumption and increase in public investment have guided growth in the Indian economy.
– Industrial production, as well as the automotive, electrical & electronics, and manufacturing sectors, has seen increased growth, with commercial and government investments, as well as FDI involvement, driving the market for sealants in India.
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