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Polyurethane Sealants Market Report 2024 - Polyurethane Sealants Market Trends, Growth, And Analysis
Polyurethane Sealants Market
According to The Business Research Company's, The polyurethane sealants (pu) market size has grown strongly in recent years. It will grow from $2.89 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to construction and building boom, infrastructure development needs, automotive manufacturing expansion, increased manufacturing sector, shift towards energy-efficient buildings.
The polyurethane sealants (pu) market size is expected to see steady growth in the next few years. It will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to sustainable and green building practices, renewable energy infrastructure projects, automotive lightweighting trends, urbanization and smart city initiatives, advancements in industrial manufacturing.. Major trends in the forecast period include increasing marine applications, customized sealant solutions, shift towards low-voc formulations, global market expansion, focus on enhanced performance.
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Market Drivers and Trends:
A rise in demand in building and construction, automotive, and consumer products is expected to propel the growth of the polyurethane sealants (PU) market going forward. Demand in building and construction refers to the increase in the establishment of structures to accommodate the growing population and urbanization. At the same time, automotive includes the various vehicles manufactured to support urbanization. The construction industry involves the installation of glass, such as glass installed in windows and doors. In the building and construction sector, polyurethane sealants are used as sealants for filling gaps and preventing water and air from getting into joints; further, in the automotive industry, windshields and glasses are installed in vehicles, with the application of polyurethane sealant ensures that the mirrors are firmly attached to the supporting structures. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the central lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Further, China-based automakers produced 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Furthermore, Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion Therefore, the rise in demand for building and construction, automotive, and consumer products is driving the growth of the polyurethane sealants (PU) market.
Technological advancements have emerged as a key trend gaining popularity in the polyurethane sealants (PU) market. Major companies involved in the polyurethane sealants (PU) market are focused on innovating technological solutions to sustain their position in the market. For instance, in November 2023, Sika AG, a Switzerland-based manufacturer of adhesives and sealants for the building sector and automotive industry launched PURFORM polyurethane technology with ultra-low monomer content. It contains less than 0.1% monomeric diisocyanate, which can be harmful to human health and more sustainable than traditional polyurethane products because they contain less monomeric diisocyanate. They boast superior strength, durability, elasticity, and adhesion, ensuring high performance in various applications.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
3M Company; Arkema SA; Asian Paints Ltd.; Badische Anilin- und Sodafabrik; The Dow Chemical Company; Sika AG; H.B. Fuller India Adhesives Pvt Ltd.; Henkel AG & Company KGaA; Mapei S.P.A.; Itw Polymer Sealants North America Inc.; Soudal N.V.; Hodgson Sealants Ltd; Pidilite Industries Limited; Akzo Nobel N.V.; RPM International Inc.; Wacker Chemie AG; Huntsman Corporation; Avery Dennison Corporation; Bostik SA; Chemence Inc.; Dicks-Armstrong-Pontius; Franklin International Inc.; General Electric Company; Illinois Tool Works Inc.; Jowat SE; Kumkang Korea Chemicals Co. Ltd.; LORD Corporation; Momentive Performance Materials Inc.; PPG Industries Inc.; Royal Adhesives & Sealants LLC; SABA Dinxperlo B.V.; Sashco Inc.; Selena Group; Tremco Incorporated; W. L. Gore & Associates Inc.; Weicon GmbH & Co. KG; Worthen Industries Inc.
Polyurethane Sealants (PU) Market 2024 Key Insights:
• The polyurethane sealants (pu) market size will grow to $3.68 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Polyurethane Sealants (PU) Market Growth Driven By Surging Demand In Building And Construction, Automotive, And Consumer Products Industries
• Polyurethane Sealants (PU) Market Embraces Technological Advancements
• Asia-Pacific was the largest region in the global polyurethane sealants (PU) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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