The global sealants market is expected to grow at a compound annual growth rate of 4.97% over the forecast period to reach a market size of US$15.940 billion in 2026 from US$11.351 billion in 2019.
A sealant is a substance used to block the passage of fluids through the surface or joints or openings in materials. The main objective of sealants is to seal top structures to the substrate and are particularly effective in waterproofing processes by keeping moisture out or in the components in which they are used. Sealants are used in construction to prevent fluids and other substances from passing through material surfaces, joints, or openings. They can also prevent the passage of air, sound, dust, insects, and so on, as well as acting as a fire-stopping component. Sealants are typically used to close openings between spaces that are too small for other materials such as concrete, timber or mortar to be used. They have a wide range of properties in terms of strength, flexibility, appearance permanence, solubility, corrosion resistance, and so on. While some sealants have adhesive qualities, they differ from conventional adhesives in that they tend to have lower strength and higher elongation. This means that they can be used more flexibly between substrates with different properties.
These functions can be achieved by matching the most suitable sealant to the substrate materials, i.e. one that will have adequate bonding properties and be flexible enough to tolerate anticipated movement, and so on. Sealants may have a high viscosity, meaning that they do not flow from where they are applied, or have low viscosity, allowing them to penetrate into a substrate. Anaerobic acrylic sealants are able to cure in the absence of air, whereas surface sealants require air to cure.
Factors such as applications in the construction industry, paired with the automotive industry's demand, are majorly driving the sealants market's growth worldwide. Additionally, the widening application of sealants in the medical industry and the rise in usage from the aircraft & aerospace industry, are opening several opportunities for the market to leverage to reach its anticipated growth.
However, the fluctuating prices of raw materials are among the restraining factors significantly weighing down the sealants market's progress on a global scale.
The growth of the sealants market can be attributed to the growing construction activities around the world and more specifically in developing countries like China and India. According to China’s National Bureau of Statistics (NBS), the construction industry's value-add grew by 6.6% year on year (YoY) in the fourth quarter of 2020, which was preceded by growth of 8.1% in Q3 and 7.8% in Q2, galloping over a decline of 17.5% in Q1 2020. In line with this growth in China’s construction activity, investments in real estate and fixed assets have also increased, registering a growth of 7.6% and 2.9%, respectively, in 2020. As per the same source, in September 2020, the National Development and Reform Commission (NDRC) approved 14 fixed-asset investment projects worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. Thus, with exceptional growth in the country’s construction industry, the demand for sealants is also expected to increase exponentially in the upcoming years. Additionally, similar to the Chinese construction industry, India’s construction industry is also growing. Govt. initiatives such as the Pradhan Mantri Awas Yojana aims to build 20 million urban homes and 30 million rural houses by 2022 which is expected to massively boost the country’s construction industry. Furthermore, as per India’s National Investment Promotion and Facilitation Agency, India’s construction industry is expected to reach $1.4 Tn by 2025 with the real estate industry expected to reach $1 Tn by 2030, contributing 13% to the country’s GDP.
Europe and North America are strictly regulated by environmental laws regarding the production of chemical and petro-based products. Agencies such as the Epoxy Resin Committee (ERC) and the European Commission (EC) govern the manufacturing of solvent-based products in these regions. This is affecting the production capacities of manufacturers in the European and North American regions. However, stringent environmental regulations are compelling the manufacturers to focus on producing eco-friendly adhesives.
The COVID-19 pandemic, however, is expected to act as a restraint to this market growth considering the temporary closure of manufacturing facilities all around the world as well as the disruptions in supply chains caused because of the lockdowns. These restrictions not only hindered the operations of the sealant market players but also its end-use industries like automotive and manufacturing among others.
The increasing demand for global sealants solutions has led to the entry of several new players in the global sealants market. Now, to increase their clientele as well as increase their market share in the upcoming years, many of these market players have taken various strategic actions like partnerships and the development of novel solutions, which is expected to keep the market competitive and constantly evolving. Major market players like 3M, BASF, and Dow Chemical Company among others have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global sealants market.
|Market size value in 2019||US$11.351 billion|
|Market size value in 2026||US$15.940 billion|
|Growth Rate||CAGR of 4.97% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Industry vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||The Dow Chemical Company, 3M, Wacker Chemie AG, BASF SE, Avery Dennison Corporation, Royal Adhesives and Sealants, Illinois Tool Works Inc., Carlisle Companies Inc., Cytec Solvay Group, Franklin International|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the sealants market?
A1. The sealants market is expected to grow at a CAGR of 4.97% over the forecast period.
Q2. What will be the sealants market size by 2026?
A2. The global sealants market is expected to reach a total market size of US$15.940 billion in 2026.
Q3. What is the size of the global sealants market?
A3. Sealants Market was valued at US$11.351 billion in 2019.
Q4. How is the global sealants market segmented?
A4. The global sealants market has been segmented by type, industry vertical, and geography.
Q5. What factors are anticipated to drive the sealants market growth?
A5. Factors such as applications in the construction industry, paired with the automotive industry's demand, are majorly driving the sealants market's growth worldwide.