Construction Elastomers Market Witnesses Strong Growth, Aims for $8.89 Billion by 2028 - Driven by Demand for Sustainable Buildings and Residential Projects

The construction elastomers market has experienced substantial growth, ascending from $5.79 billion in 2023 to an estimated $6.31 billion in 2024, showcasing a Compound Annual Growth Rate (CAGR) of 9.0%. This positive trajectory is anticipated to persist, with the market poised to expand further to $8.89 billion by 2028, maintaining a robust CAGR of 8.9%.

Driving Forces in the Forecast Period:
The forecasted growth is propelled by a surge in the demand for sustainable buildings, serving as a pivotal driver for the construction elastomer market. The increasing emphasis on sustainable construction practices, incorporating green technologies and energy efficiency, positions construction elastomers as environmentally benign, renewable, and safe for both residential and non-residential applications. A survey by the Royal Institution of Chartered Surveyors (RICS) and the World Built Environment Forum in 2021 revealed a 55% increase in demand for 'green' or 'sustainable' buildings, with Europe leading the demand surge at 69%. Even in regions with slower growth, such as the Middle East and Africa, a significant 39% reported increased demand, signaling a substantial market boost.

Residential Project Boom Drives Market Growth:
The construction elastomer market is further catalyzed by the escalating demand for residential projects. As the residential sector witnesses increased construction activities, elastomers play a pivotal role in sealing, insulating, and protecting various components, ensuring structural integrity, comfort, and durability. Notably, the US homeownership rate increased from 65.6% in 2021 to 66% in 2022, accounting for 10% of recent home sales. With the construction of 1,382,000 new homes beginning in December 2022, the rising demand for residential projects is anticipated to be a key growth driver for the construction elastomer market.

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Innovations and Sustainability Initiatives:
Major companies operating in the construction elastomers market, including Dow Chemical Company, Arkema SA, BASF SE, and others, are investing significantly in Research and Development (R&D) to enhance elastomer properties and introduce new products. For instance, Mallard Creek Polymers launched Rovene 6120, an all-acrylic emulsion polymer for highly durable elastomeric roof coatings adhering to ASTM D 6083. This emphasizes a broader trend of innovation in elastomer processing and product development.

In response to the surging demand, companies are introducing innovative products such as the DuraPearl Elastomer System. Launched by Pearl Polyurethane Systems, this polyurea-based spray coating solution caters to diverse industrial applications, offering advantages over conventional options.

Regional Dynamics and Market Segmentation:
In 2023, Asia-Pacific claimed the largest share in the construction elastomers market, with North America following as the second-largest market.

The construction elastomers market covered in this report is segmented -
1) By Type: Thermoset, Thermoplastic
2) By Chemistry: Styrene Block Copolymers (Sbcs), Thermoplastic Polyurethanes (Tpu), Styrene-Butadiene (Sbr), Ethylene Propylene Diene Monomer (Epdm), Natural Rubber, Acrylic Elastomer (Acm), Butyl Elastomer (Iir), Other Chemistry
3) By Application: Residential, Non-Residential, Civil Engineering

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Construction Elastomers Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Construction Elastomers Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on construction elastomers market size, construction elastomers market drivers and trends, construction elastomers market major players, competitors' revenues, construction elastomers market positioning, and construction elastomers market growth across geographies. The construction elastomers market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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