Structural Sealants Market-Overview
The need for sealants in ensuring structural integrity is predicted to transform the Structural Sealants Market in the coming period. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The market is projected to reach a 5.41% CAGR and reach USD 4.077.0 Mn by 2023.
The rising demand in the construction and automotive sectors is estimated to guide the development of the structural sealants market as these sectors are spending considerably on procurement. The innovation in lightweight materials is predicted further to enhance the structural sealants market in the future.
Segmental Analysis
The segmental investigation of the structural sealants market is conducted on the basis of end-user, resin type, and region. The resin type segment of the structural sealants market is segmented into polysulfide, silicone, polyurethane, acrylic, and others. The region segment of the structural sealants market consists of Europe, North America, Latin America, the Middle East, Asia Pacific, and Africa. The end-users' segment of the structural sealants market is segmented into automotive, building construction, marine aerospace, and general industry.
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Competitive Analysis
The global market is estimated to see diversification in operating practices as newer models for operation and delivery come into place. The emphasis on creating reserves of resources to deal with unexpected situations is estimated to shape future market developments. The aid from government institutions is estimated to stimulate the global market's development in the coming years. The market may show restrained development due to the second wave of COVID cases resurgence in several regions. The continuance of lockdowns intermittently in several regions may cause obstacles to the market's development as resources such as labour and supply chains to become seriously impacted. The innovations and research being undertaken in the market are estimated to create promising growth options in the coming period. The reliance on online commerce for sales is estimated to show a significant spike in the forecast period, leading to more investment in its development by market stakeholders.
- The leading players in the structural sealants market are
- Asian Paints Limited (India),
- Roberlo (Spain),
- BASF SE (Germany),
- AKEMI (Germany),
- Henkel AG Co. KGaA (Germany),
- Chemence Ltd. (U.K.),
- H.B Fuller (U.S),
- Dow Corning Corporation (U.S.),
- Pidilite Industries, Ltd (U.S.),
- 3M (U.S.)
Detailed Regional Analysis
The regional review of the structural sealants market is segmented into Europe, North America, Latin America, the Middle East, Asia Pacific, and Africa. The Asia Pacific region's structural sealants market has reported for the main market share in 2016, trailed by the regional markets in Europe and North America. Furthermore, the Asia Pacific region is projected to control its authority in the forecast period. The Asia Pacific region offers a momentous growth capacity for the structural sealants market. It is scheduled to record the uppermost 5.69% CAGR due to the rising importance of automotive and construction businesses in the region. Furthermore, China accounted for the chief market portion of the region and is predicted to reach USD 201.5 million by 2023. The regional markets trail the Asia Pacific region's structural sealants market in Europe and North America in terms of market stake. The North American and European region's regional requirement is appraised to be comparatively overloaded overfilled and thus will witness a moderately low CAGR of 5.05% and 5.30%, correspondingly.
Industry Updates:
Nov 2020 PPG has announced that PPG PR-2930 structural adhesive has received the 2020 Innovation Award from The Adhesive and Sealant Council (ASC) throughout the virtual 2020 ASC Convention and EXPO. PR-2930 is an advanced structural adhesive technology that offers combination armor systems with unmatched implementation in the strictest operating settings. Through ground-breaking material design, PPG investigators were able to push performance limits to achieve high elasticity without forgoing overall adhesive potency, exploiting the material's toughness.
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