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Construction Sealants Market - Forecast(2023 - 2028)
Construction Sealants Market Overview
The Construction Sealants Market size is estimated to reach US$12.4
billion by 2027, after growing at a CAGR of 5.7% during the forecast period 2022-2027.
Construction Sealants are used for blocking the heat, sound, dust and fluid through the help of apertures at the joints in the
building structures, thereby acting as a moisture barrier for structures.
Construction sealants are based on various resin types including silicone,
polysulphide sealants, polyurethane, butyl-based and others. The rising demand
for construction sealants in the residential construction sector for windows, water-based latex, expansion joints, roofing and others acts as a driving factor in the
construction sealants industry. According to the United States Census Bureau,
the total residential construction in the US increased from US$797.728 in May
2021 to US$947,272 in May 2022. In addition, rapid housing projects and
infrastructural activities across the world are propelling the growth scope for
construction sealants. The major disruption caused by the COVID-19 outbreak impacted
the growth of the construction sealants market due to disturbance in
manufacturing, falling demand from major end-use industries and other lockdown
restrictions. However, significant recovery is boosting the demand for construction
sealants for a wide range of applicability and utilization in airports,
building structures, residential housing and others. Thus, the construction
sealants industry is anticipated to grow rapidly and contribute to the Construction Sealants market size during the forecast period.
Construction Sealants Market Report Coverage
The “Construction Sealants Market
Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis
of the following segments in the Construction Sealants Industry.
By Resin Type: Silicone, Polysulphide,
Polyurethane, Plastisol, Butyl-based and Others.
By Substrate: Plastic, Ceramic,
Concrete, Wood, Metals and Others.
By Technology: Water-Based,
Solvent-Based, Reactive and Others.
By Application: Flooring, Gazing,
Sanitary & Kitchen, Roofing, Gap Filling, Windows and Others.
By End-use
Industry: Residential (Private Dwellings, Row Houses and Apartments),
Commercial (Hospitals, Office Buildings, Supermarkets, Educational Institutes,
Hotels, Airports and Others), Industrial (Warehouses and Production Facilities)
and Infrastructural (Roads, Highways, Bridges, Tunnels, Dams and others).
By
Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France,
Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile
and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE,
Israel and the Rest of the Middle East) and Africa (South Africa, Nigeria and the Rest
of Africa)].
Key Takeaways
- Asia-Pacific dominates the Construction Sealants Market, owing to growth factors such as the flourished base for the residential, commercial and industrial sectors and rising infrastructural programs, thereby boosting growth in this region.
- The flourishing residential sector across the world
is propelling the demand for Construction Sealants for major utilization in flooring,
panels, doors, concrete sealers, windows, roofing and others, thereby influencing
the growth in the Construction Sealants market size.
- However, the strict environmental regulations on toxicity associated with sealants act as a challenging factor in the Construction Sealants industry.
Figure: Construction Sealants Market Revenue Share by Geography, 2021 (%)
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Construction Sealants Market Segment Analysis – by Resin Type
The silicone segment held a significant share of the Construction Sealants Market in 2021 and is projected to grow at a CAGR of 5.6% during the forecast
period 2022-2027. The growth scope for silicone resin type is high over
polyurethane, polysulphide sealants, butyl-based and others due to excellent
features of silicone such as weather protection, non-cracking property in warm
conditions, flexibility and durability. In addition, the growing construction
and building activities are fuelling the demand for construction sealants for
applicability in the expansion joints for joining dissimilar items, windows,
concrete sealers, doors, roofing and others. According to European Construction
Industry Federation (FIEC), construction activity increased by 10.3% in volume
in France for the year 2021 compared to 2020. Thus, owing to significant
utilization in construction projects, the silicone resin type segment is
anticipated to grow rapidly in the Construction Sealants market over the
forecast period.
Construction Sealants Market Segment Analysis – by End-use Industry
The residential segment held a significant share of the Construction Sealants Market in 2021 and is projected to
grow at a CAGR of 6.1% during the forecast period 2022-2027. Construction
sealants have a wide range of applications in the residential sector for roofing,
door, windows, concrete sealers and others. The residential sector is growing
rapidly owing to factors such as a rise in residential building projects,
initiatives by the government and rapid urbanization. According
to the Conference Board of Canada, the residential construction investment rose
by 7.6% in March 2021 to US$10.99 billion over the past 11 months. According to
the United States Census Bureau, the total privately-owned housing units
completed in the US rose from 1326 thousand units in December 2021 to 1465
thousand units in May 2022. According to Oxford Economics, the global
construction output in 2020 accounted for US$10.7 trillion and is projected to
grow by 42% to reach US$15.2 trillion between 2020 and 2030. With the
flourishing residential housing and building activities, the utilization of
construction sealants in roofing, glazing, flooring, windows and others for
providing a moisture barrier, protection from weather conditions and joint
expansion is rising. This, in turn, is projected to boost its growth prospect
in the residential sector during the forecast period.
Construction Sealants Market Segment Analysis – by Geography
Asia-Pacific held the largest share of up to 42.7% in the Construction Sealants Market in 2021. The lucrative growth scope for construction sealants in this region is influenced by the rise in residential projects, commercial space development, infrastructural growth and urbanization trends. The lucrative growth for the construction sector, majorly residential, in APAC is influenced by growth factors such as increasing investments in infrastructural projects, initiatives for smart and green buildings and urbanization. According to the National Investment Promotion & Facilitation Agency, the construction industry in India is expected to reach US$1.4 trillion by 2025. According to the International Trade Administration (ITA), the construction sector in China is expected to grow at an annual average rate of 8.6% between 2022 and 2030. With the bolstering growth and production in the construction sector, the utilization of construction sealants in building structures, joint expansion, windows, glazing and others is growing, which, in turn, is projected to boost its growth prospects in the Asia-Pacific region during the forecast period.
Construction Sealants Market Drivers
Bolstering Infrastructural Construction Activities:
Construction Sealants composed of resins such
as polyurethane, silicone, polysulphide sealants and others have a wide range
of applications in the infrastructural sector for dams, bridges and others. The
infrastructure sector is significantly flourishing owing to growth factors such
as rising foreign investments, the government's initiative toward
infrastructural development and industrialization. According to
the China Electronic Information
Industry Development (CCID), the country is projected to spend US$1.4 trillion on new infrastructure projects between
FY2020-FY2025. According to the Department for Promotion Industry
and Internal Trade (DPIIT), the FDI in the construction infrastructure sector
stood at US$26.30 billion between April 2000 and December 2021. With the
flourishing infrastructural projects across the world, the demand for
construction sealants for expansion joints, panels, dams, bridges and others is rising, which, in turn, is driving
the Construction Sealants industry.
Flourishing Growth of the Commercial Construction Sector:
Construction Sealants such as acrylic sealers based, polysulphide
sealants, water-based latex sealants and others have flourishing demand in the
commercial building & construction sector for hotels, airports, office
buildings, hospitals and others. The commercial building and construction
sector is rapidly growing due to factors such as rising investments for
commercial construction projects, development schemes for commercial spaces and
urbanization. According to
the Airport Authority of India (AAI), the construction of 100 additional
airports by 2024 was announced in 2020. According to Statistics Canada, the investment in commercial construction rose by 1.7%
in December 2021 compared to the previous year. Thus, with fast-paced
growth in commercial construction activities, the demand for construction
sealants is growing, thereby driving the global Construction Sealants industry.
Construction Sealants Market Challenge
Environmental Regulations Associated with the Construction Sealants:
The strict rules and regulations on Construction Sealants due to toxicity associated with sealants based on solvent-borne technology create a major challenge in the growth of the construction sealants market. The volatile organic compound (VOC) emissions and toxicity associated with it make things more difficult for the market. In addition, volatility in prices of raw materials such as resins due to crude oil price fluctuations also restricts the growth scope. According to the Energy Information Administration (EIA), Brent crude oil prices averaged US$117 per barrel in March 2022, marking an increase of US$20 per barrel from February 2022. Thus, owing to such growth-restraining factors, the Construction Sealants market faces a major slowdown.
Construction Sealants Industry Outlook
Technology launches, acquisitions and R&D activities are key
strategies adopted by players in the Construction Sealants Market. The 10 companies
in the Construction Sealants Market are:
1. 3M
2. BASF SE
3. Wacker Chemie
4. H.B. Fuller
5. Bostik
6. Sika AG
7. Henkel AG & Co. KGaA
8. DAP Products Inc.
9. KONISHI Chemical Ind Co., Ltd
10. PCI Augsburg GmbH
Recent Developments
- In July 2021, Bostick announced the launch of the latest polyurethane sealants line for sealing and bonding applications inthe construction market. The launch aims to boost the position in targeted market of construction in emerging nations.
- In August
2020, Momentive Performance Materials, a leading brand for silicone-based products, announced selling the Consumer Sealants division to Henkel. The consumer
sealants division offers major applicability in the construction and home
improvement sector, thereby boosting the growth scope in the Construction Sealants market.
- In September 2019, Bostik announced the launch of an innovative modified silicone sealant for back bedding applications, formulated with high strength features for utilization in doors, window and other construction installation.
Relevant Reports
Report Code: CMR 0734
Report Code: CMR 21695
Report Code: CMR 83199
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