Construction Sealants Market Analysis by key Players Sika, 3M, Momentive, KCC Corporation and Bostik.
With the industrial, commercial and residential construction spheres expanding at an appreciable rate, it is inevitable for the revenue graph of construction sealants industry to depict an upward trajectory as well. Reliable statistics stand testimony to the aforementioned fact – in 2016, construction sealants market size was pegged at USD 4.5 billion, and is expected to uphold an equally impressive revenue projection in the forecast period of 2017-2024.
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According to a new research report by Global Market Insights, Inc. Construction Sealants Market size is set to cross USD 6.5 billion at end of 2024.
Growth drivers are
1. North America: Growing demand for glazing panels in high rise buildings
2. Europe: Growing demand for environment complaint products like low VOC, green & sustainable sealants
3. Asia Pacific: Increasing spending for infrastructural development
4. LATAM: Adoption for modern construction methodology
5. MEA: Positive outlook from new construction projects
Growth in residential renovation and remodeling projects along with huge investments in this sector mainly in China & India should contribute towards construction sealants market size. Shifting trends towards smart energy saving modern construction projects along with rise in durable and minimal maintenance demand should favor product growth.
Government initiatives for decreasing emissions and establishing a greener planet is one of principal driving forces of construction sealants market, given that efficient sealing provides better insulation, thereby saving energy. Increase in consumer awareness regarding energy conservation for lower power bills has also stimulated the construction sealants market. It is important to note that construction sealants are not effective for merely energy conservation but also noise reduction and moisture control. With massive growth in urbanization and a subsequent change in home construction styles, consumers are increasingly preferring to keep the bustle of the city out of their homes, the necessity of which is fulfilled with the help of proper sealings.
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Wet areas in the building such as bathrooms and kitchens also require effective sealing so that the moisture from these areas does not damage the other areas of the building. On that note, it is prudent to mention that construction sealants industry is expected to register a CAGR of 3.1% from the kitchen and sanitary sealing segment. Apart from wet area sealings, application of sealants in flooring and joining is also expected to bolster the growth of construction sealants market. In fact, as these heavy-duty sealants provide high mechanical resistance and effective moisture barrier, in addition to ensuring compatibility between different building materials, construction sealants market size from flooring & joining applications has been forecast to record a growth rate of 4% over 2017-2024.
Construction sealants market is projected to witness major growth in Asia Pacific, given the fact that the continent is one of the pivotal hubs for the growth of the construction industry, especially across the emerging economies of China and India. Financial assistance provided by the regional governments and the rising living standards have stimulated the commercial as well as residential construction industry in these countries, which has in turn stimulated the construction sealants market. As per estimates, APAC construction sealants industry is predicted to surpass USD 2.5 billion by 2024.
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Reasonably speaking, there are indeed, other materials that can make buildings more corrosion resistant and increase water impermeability. However, construction sealants are still a highly favored option as they have a lower VOC content and are more flexible in their structure. Key industry players like 3M, Sika AG, Dow Corning, Bostik and Tremco are conducting extensive research and development programs to bring better construction sealants to the market that will be more elastic in nature and will allow joint movements, more gap filling and have a quick drying time. With expansion of the construction industry and addition of innovative sealant types, construction sealants industry is projected to witness consumption of over 700 kilo tons by 2024.
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Global Market Insights, Inc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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