Elastomeric Sealants Market to Witness Positive Growth amid COVID-19 Impact, as Sales of Brake Actuators Soar- Exclusive Report by MarketsandMarkets™
The elastomeric sealants market is projected to reach USD 5.19 billion by 2022, at a CAGR 6.6% between 2017 and 2022. The growth of the elastomeric sealants market can be attributed to the increased use of elastomeric sealants in various industries such as automotive & transportation, construction, aerospace & defense, marine, electronics, and furniture & woodworks, among others. Moreover, increase in the number of construction projects in emerging economies such as India, China, and Brazil, among others is also expected to fuel the growth of the elastomeric sealants market across the globe. In addition, increasing demand for lightweight vehicles is also contributing to the growing consumption of elastomeric sealants in the automotive industry, thereby leading to the growth of the elastomeric sealants market.
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The elastomeric sealants market has been segmented based on type, end-use industry, and region. Based on type, the elastomeric sealants market has been segmented into Polysulfide (PS), Polyurethane (PU), Polybutadiene (PB), silicone, Silyl Modified Polymer (SMP), acrylic, and others. The silicone type segment accounted for the largest share of the elastomeric sealants market in 2017, in terms of both volume and value. The growth of this segment of the market can be attributed to the increasing demand for silicone type elastomeric sealants from the construction and automotive & transportation industries. These silicone type elastomeric sealants are durable and highly flexible. They offer high resistance to heat and chemicals, thereby making them suitable for use in various industries.
Based on end-use industry, the elastomeric sealants market has been segmented into automotive & transportation, construction, electronics, furniture & woodworks, aerospace & defense, marine, and others. The construction end-use industry segment accounted for the largest share of the elastomeric sealants market in 2017, in terms of volume. This segment of the market is projected to grow at the highest CAGR between 2017 and 2022, in terms of volume. In the construction industry, elastomeric sealants are used in cladding, marble works, and glass works. They are also used in roads & highways. Increasing application of elastomeric sealants in the construction and automotive & transportation industries, is expected to drive the growth of the elastomeric sealants market across the globe.
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The elastomeric sealants market in the Asia Pacific region is projected to grow at the highest CAGR between 2017 and 2022, in terms of value. The growth of the Asia Pacific elastomeric sealants market is primarily driven by the rising number of construction projects in the region. India is projected to be one of the high potential markets for elastomeric sealants in the Asia Pacific region. The growth of the India elastomeric sealants market can be attributed to the initiatives undertaken by the Government of India to support infrastructure development projects.
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