Construction Sector to Push the Elastomeric Sealants Market Revenue to $5.9 Billion by 2023
Bangalore, India: With its recently published study “Elastomeric Sealants Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, Infoholic Research forecasts that the global market for elastomeric sealants will continue to expand. The growing disposable income among developing countries and the increasing penetration of elastomeric sealants in various application sectors are the key factors driving the market growth. Further, the growing acceptance among consumers because of the product’s better performance, wide operating temperature range, and high chemical resistance, are fostering the market growth. This pattern is expected to continue during the forecast period to increase the elastomeric sealants market revenue to $5.9 billion by 2023, growing at a CAGR of 6.9%.
Advancements in technology and its ability to flex with a material’s movement have added to the market growth. The high manufacturing base in developed & developing countries along with the booming construction sector has further contributed to the market demand. Premium prices restrict the elastomeric sealants market in lower per capita income countries, yet it is expected to witness high growth rate during the forecast period in developing & underdeveloped countries.
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The construction sector is one of the major contributors to the elastomeric sealants market. The high growth in economies and increasing per capita income among consumers in developing countries have increased the demand for construction. This trend is expected to continue with the construction sector leading the market during the forecast period. By types, silicone-based elastomeric sealants are dominating the elastomeric sealants market. Silicone-based elastomeric sealants have significant demand in the construction industry due to better adhesion to various surfaces and superior performance over a wide range of temperatures. The use of silicone-based elastomeric sealants in bathrooms is pushing the demand for the overall elastomeric sealants market. Fluctuations in raw material price have restricted the usage of elastomeric sealants.
“Elastomeric sealants have come a long way from being considered a premium product to be an essential feature in several industries including being part of regulatory compliance in some geographies. Environmental advantages along with the increasing affordability will give an impetus to the market. It was earlier dominated only by developed countries but now it is finding a strong foothold in developing countries, such as China, wherein the domestic market is quite robust and offers high potential for growth. The market is still in the nascent stage and will grow rapidly in the next 5–6 years.” – Khushboo Pandey, Research Analyst, Infoholic Research
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The key insights of the report are as follows:
- The global elastomeric sealants market has been analyzed based on types:
- The study constitutes a classification based on end-user areas:
- Automotive & Transportation
- The study covers the below-mentioned geographies:
- Asia Pacific
- North America
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities