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Construction Elastomers Global Market Analysis, Trends, Growth, Research And Forecast 2033
Construction Elastomers Global Market
According to The Business Research Company's, The construction elastomers market size has grown strongly in recent years. It will grow from $5.79 billion in 2023 to $6.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to urbanization, energy efficiency, weather resistance, sustainable construction, infrastructure development.
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Market Drivers and Trends:
The rising demand for residential projects is expected to propel the growth of the construction elastomer market going forward. Residential projects refer to a wide range of construction endeavors focused on developing living spaces. Construction elastomers are primarily used in residential projects because they provide an effective way to seal, insulate, and protect various components of a home, ensuring its structural integrity, comfort, and durability. For instance, in February 2023, according to Fit Small Business, a US-based digital resource for small businesses, For instance, in February 2023, according to Fit Small Business, a US-based digital resource for small businesses, the US homeownership rate increased from 65.6 in 2021 to 66 in 2022, accounting for 10% of recent home sales in the same year. Moreover, construction of 1,382,000 new homes began in December 2022. Therefore, the rising demand for residential projects is expected to drive the growth of the construction elastomer market going forward.
Major companies operating in the construction elastomer market are focusing on product launches such as DuraPearl Elastomer System to meet the growing demand for construction demands. The DuraPearl Elastomer System represents an advanced polyurea-based spray coating solution that serves a diverse array of industrial applications. For instance, in March 2023 Pearl Polyurethane Systems, a UAE-based chemical manufacturer announced the launch of DuraPearl Elastomer System. It presents multiple benefits in comparison to conventional options, including standard membranes, epoxy, and regular polyurethane systems.
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Major Key Players of the Market:
Dow Chemical Company; Arkema SA; BASF SE; Covestro AG; Huntsman Corporation; Tosoh Corporation; Evonik Industries AG; Mitsubishi Chemical Company; The Lubrizol Corporation; PJSC SIBUR Holding; Teknor Apex Company; Dynasol Group; Kraton Corporation; Asahi Kasei Corporation; Exxon Mobil Corporation; Lanxess AG; Dow Inc.; Zeon Corporation; JSR Corporation; LG Chem Ltd.; Kuraray Co. Ltd.; Momentive Performance Materials Inc.; Wacker Chemie AG; Bridgestone Corporation; Continental AG; Eastman Chemical Company; Compagnie Générale des Établissements Michelin; Shin-Etsu Chemical Co. Ltd.; Sumitomo Chemical Co. Ltd.; The Goodyear Tire & Rubber Company; Trinseo LLC
Construction Elastomers Market 2024 Key Insights:
• The construction elastomers market size is expected to see strong growth in the next few years. It will grow to $8.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Surging Demand For Residential Projects Boosts Growth In The Construction Elastomer Market
• Innovative Durapearl Elastomer System Meets Surging Demand In The Construction Elastomer Market
• Asia-Pacific was the largest region in the construction elastomers market in 2023.
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