The construction sealants sector is a key industry that contributes considerably to the world’s gross domestic product (GDP). The demand for construction sealants is directly influenced by the developments of the construction sector in any region / geography. With the growing urbanization and rising purchasing power of the consumer worldwide, there has been a rise in demand for commercial buildings and residential dwellings, in the recent years. This has further led to an increase in demand for the construction sealants as they form an inevitable part of any construction activity due to their diverse benefits and end-use applications.
Recently, bio-based construction sealants composed of starch, proteins, vegetable oils, natural resins and lignin, have been introduced in the market. Although, the adoption of these sealants is in its initial stage, it is expected to increase multifold in the upcoming years due to the strict regulations imposed by the various authorities and government bodies toward the reduction of harmful volatile organic compounds (VOCs) released by the chemically synthesized construction sealants. Environmental Protection Agency (EPA) in the U.S., finalized a rule regarding the limits for VOCs for a wide range of sealants and other adhesives. The commonwealth of Virginia (a state air pollution control board) in the U.S. has imposed various emission standards for chemicals such as sealants and adhesives. Some such standards are 9VAC5-45-620, 9VAC5-45-630, 9VAC5-45-640, 9VAC5-45-650, 9VAC5-45-660, 9VAC5-45-670, 9VAC5-45-680.
In addition to the bio-based construction sealants, the adhesive tapes have also started gaining popularity for their use in the expansion joints. This can be attributed to their higher degree of freedom with added compatibility features, which proves to be beneficial where joining is done between the two bodies which are out of plane to each other.
The competitive landscape of the construction sealants market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by construction sealants manufacturers are business expansions, mergers and acquisitions, partnerships, collaborations and joint ventures, and new product launches. Among all the strategies adopted, business expansions and mergers and acquisitions have dominated the competitive landscape between 2017 and 2020. Business expansions accounted for the largest development strategy adopted by key players and recorded for 39.29% share. Akzo Nobel N.V., BASF SE, ARKEMA, and Wacker Chemie AG, Hodgson Sealants and EVONIK, among others are some of the leading players in the global construction sealants market.
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Most of the construction sealants manufacturers are of similar financial capability, and the industry landscape is very competitive because of the large number of players in the market. Innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, manufacturers are entering into mergers and acquisitions and are also entering into strategic partnerships and collaborations to target a greater audience.
Akzo Nobel N.V., ARKEMA, BASF SE, Clariant, EVONIK, H.B. Fuller Company, and Sika AG, are some of the companies which have remained in the limelight since last few years due to their developments in the field of construction sealants.