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Structural Sealant Market Growth Projections and Opportunities
The global market for structural sealants is expected to be worth $2,972.4 Million by the end of 2017 and is projected to reach $4,077.0 Million by 2023, growing at a rate of 5.41% during this period. In terms of volume, it's estimated to be 759.6 kilo tons by the end of 2017. Various factors, both driven by the market and other factors, affect structural sealants.
Factors Driving Demand: Factors that contribute positively to the market include increased demand in residential and commercial construction, as well as the growing trend of lightweight and fuel-efficient vehicles, driven by the expanding automotive and transportation industry. Recent developments by companies like BASF and Dow Corning in sealant technologies, particularly for construction uses like interiors and exteriors of windows and doors, are also boosting the structural sealant market.
Challenges in Market Growth: However, there are challenges hindering market growth. Stringent environmental regulations and the rising cost of raw materials pose significant restraints. Currently, the sealants industry makes up about 10-15% of the overall adhesive and sealants industry, but the gap in supply and demand leading to increased raw material costs is a hurdle. To address environmental concerns, sealant manufacturers are developing bio-based sealants for structural applications. Despite these challenges, the overall structural sealants market is expected to grow at a CAGR of 5.41% over the forecast period.
Resin Types in Focus: The prominent types of resins in structural sealants are silicone, polyurethane, acrylic, and polysulfide. Silicone structural sealant is estimated to be the most prominent segment, holding the highest market share of 34% in 2017. Polyurethane is anticipated to be the fastest-growing segment, expanding at a CAGR of 5.65% over the forecast period.
Structural sealants are used in various areas, including building & construction, automotive, marine & aerospace, and general industry. Among these, the building & construction segment is expected to be the most significant, making up 62% of the entire market in 2017.
Structural Sealant Market Highlights:
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