Market Research Future (MRFR) recognizes the following Companies as the Key Players in the Global Structural Sealants Market Size: BASF SE (Germany), Asian Paints Limited (India), Pidilite Industries, Ltd (U.S.), Roberlo (Spain), AKEMI (Germany), Chemence Ltd. (UK), H.B Fuller (U.S), Dow Corning Corporation (U.S.), Henkel AG & Co. KGaA (Germany) and 3M (U.S.) among others.
Global Structural Sealants Market is expected to be valued at USD 4,077.0 million by the end of 2023. In terms of volume, the global consumption is anticipated to be pegged at 1,020 KT by 2023 end, exhibiting a CAGR of 5.03% over the forecast period. Among various resin types, silicone is estimated to be the most promising segment accounting for 33.46% in 2017. The segment is anticipated to exhibit highest growth rate after polyurethane witnessing a CAGR of 5.09% over the forecast period. Country wise, China is estimated to be the largest consumer in the global market. The large volume share is attributed to the presence of large number of automotive & construction companies in the region.
The Global Structural Sealants Market is segmented on the Application and Region.
Based on End-Use, the market is segmented into building & construction, automotive, marine & aerospace, and others.
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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.
Geographically, Asia-Pacific structural sealants market is dominating the global market, estimated to account for the highest market share of 42.11% in 2017. The high market value share is attributed to the presence of many construction and automotive manufacturers in the region. China and India are the most prominent markets in Asia-Pacific. Cumulatively, the markets accounted for around 60% value market share in overall Asia-Pacific Structural Sealants Market in 2016. In the region, automotive and construction industries are set to drive the demand for Structural Sealants, owing to increasing passenger vehicles production and growing construction activities in the region.
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