The global sealants market is predicted to grow with a CAGR of 6.07% in terms of revenue, and 4.90% in terms of volume, over the forecast period of 2021 to 2028. The market growth is facilitated by factors, such as, the growing demand from the construction sector and the wide applications across the automotive industry.
Sealants are prepared through numerous chemicals, in order to make surfaces watertight and airtight, to prevent the escape of liquids, solids, and gases. Owing to their properties like, corrosion resistance, insolubility, and superior adhesion, sealants are also increasingly used in thermal and acoustic applications, including packaging, construction, transportation, and woodworking.
Vehicle manufacturers use sealants as well as adhesives to seal and bond vehicles’ exteriors, interiors, under the chassis and hood, and various other related applications. Sealants also help reduce vehicle weight, while fulfilling industrial needs for long-term mechanical performance and weather resistance. The substance is essential for automotive manufacturers, for torsional stiffness, elasticity, temperature resistance, adhesion to dissimilar materials, and reduced surface preparation.
The global sealants market growth analysis includes the assessment of North America, Europe, and the Asia Pacific. The Asia Pacific is set to dominate the market, in terms of both volume and revenue, during the forecast period. Emerging countries like Japan, China, and India, are anticipated to be the key growth markets, across the region. Moreover, the growing manufacturing sector is projected to drive the demand for sealants, particularly within the industrial machinery, automotive, and electrical and electronic industries.
Several players, worldwide, manufacture and sell sealants, with only a few dominating the industry. As a result, the market is relatively fragmented and intense. Manufacturers often engage in technologically-fueled projects, aiming to acknowledge the competitive market challenges, within areas such as, cost reduction and product quality. Hence, the degree of industrial rivalry is expected to be high over the forecast period.
Some of the leading players operating in the market are, ITW Performance Polymers, Sika AG, HB Fuller Company, 3M Company, etc.
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