Structural Sealants Market Overview to 2023
The sealants segment is estimated to account for 34.00% in the global market in 2017. Some of the leading applications of structural sealants comprises, building construction, automotive, marine aerospace, and other industries. The construction automotive industries are estimated to dominate the market owing to higher use in the structural applications in such industries. Moreover, the global market is expected to expand, owing to the projected increasing automotive production, and construction activities in developing countries in Asia-Pacific over the forecast period. In addition to this, growing trend of automotive lightweighting due to increasing fuel efficiency regulation is anticipated to spur overall market growth over the forecast period. Owing to such factors, the overall market is slated to expand at a CAGR of 5.41% and reach USD 4.077.0 mn by 2023 end.
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Structural sealants refer to substances used to join surfaces to form a load bearing structure. Such type of sealants is being used in various high strength applications in order to replace conventional fasteners. These sealants are a self-primer, stable and neutral cure for different structural substrates. Various high-performance materials including silicone, polysulfide, polyurethane, and acrylic are used as structural sealants. Among these type, silicon is the most prominent type of structural sealant used in wide variety of applications. The sealants segment is estimated to account for 34.00% in the global market in 2017. Some of the leading applications of structural sealants comprises, building construction, automotive, marine aerospace, and other industries. The construction automotive industries are estimated to dominate the market owing to higher use in the structural applications in such industries. Moreover, the global market is expected to expand, owing to the projected increasing automotive production, and construction activities in developing countries in Asia-Pacific over the forecast period. In addition to this, growing trend of automotive lightweighting due to increasing fuel efficiency regulation is anticipated to spur overall market growth over the forecast period. Owing to such factors, the overall market is slated to expand at a CAGR of 5.41% and reach USD 4.077.0 mn by 2023 end.
Structural sealants refer to substances used to join surfaces to form a load bearing structure. Such type of sealants is being used in various high strength applications in order to replace conventional fasteners. These sealants are a self-primer, stable and neutral cure for different structural substrates. Various high-performance materials including silicone, polysulfide, polyurethane, and acrylic are used as structural sealants. Among these type, silicon is the most prominent type of structural sealant used in wide variety of applications.
Segmentation:
The global structural sealants market is segmented on the basis of resin type, end-user, and region. Based on resin type, the global structural sealants market is segmented as silicone, polysulfide, polyurethane, acrylic, and others. On the basis of end-users, the market is divided into building construction, automotive, marine aerospace, and general industry. Additionally, based on geography the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Growing trend of lightweighting, owing to stringent regulations on fuel efficiency standards across the globe coupled with increasing automotive production is anticipated to drive the overall market growth over the forecast period. Having ease of handling, ability to seal dissimilar substrates and low cost compared to conventional welding and fasteners, structural sealants are gaining prominence in automotive applications to achieve lightweighting. More specifically, demand for structural sealants is growing in the body in white and assembly stages. Automotive segment is estimated to account for around 21% in 2017 and estimated to be valued at USD 158.7 million in 2017 end. Moreover, increasing spending on commercial and residential construction will traction overall demand for structural sealants. Building construction segment is projected to expand at the highest CAGR of 5.20% over the forecast period.
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Geographically, the global structural sealants market is divided into five main regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East Africa. Asia Pacific region has accounted the largest market share in 2016 followed by Europe and North America. Moreover, the region is anticipated to retain its dominance throughout the forecast period. Asia Pacific region offers a significant growth potential for structural sealants market and is slated to register the highest CAGR of 5.69%, owing to the growing prominence of automotive and construction industries in the region. Moreover, country wise, China accounted for the largest market share of 44.45% in 2016 in the region and is expected to reach USD 201.5 million by the end of 2023.
The global structural sealants market is segmented on the basis of resin type, end-user, and region. Based on resin type, the global structural sealants market is segmented as silicone, polysulfide, polyurethane, acrylic, and others. On the basis of end-users, the market is divided into building construction, automotive, marine aerospace, and general industry. Additionally, based on geography the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Regional Analysis:
Geographically, the global structural sealants market is divided into five main regions, namely North America, Europe, Asia Pacific, Latin America and the Middle East Africa. Asia Pacific region has accounted the largest market share in 2016 followed by Europe and North America. Moreover, the region is anticipated to retain its dominance throughout the forecast period. Asia Pacific region offers a significant growth potential for structural sealants market and is slated to register the highest CAGR of 5.69%, owing to the growing prominence of automotive and construction industries in the region. Moreover, country wise, China accounted for the largest market share of 44.45% in 2016 in the region and is expected to reach USD 201.5 million by the end of 2023.
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