Elastomeric Sealants are bonding materials used for sealing, finishing, and protecting surfaces. They expand and seal the surface and create a waterproof barrier when applied to a crack or space. An Elastomeric Sealant can be used on various surfaces such as stone, steel, concrete, metal, wood, and other polymers. They are durable and easy to handle due to their elastic texture that dries and retains flexibility.
The high demand for Elastomeric Sealants for various applications such as cladding, glass windows, bridges, roads, highways in building & construction is the major factor driving the Global Elastomeric Sealants Market. These sealants are widely consumed in construction activities Apart from its applications in building & construction, the Elastomeric Sealants are gaining traction in the automotive & transportation sector for its use in a wide range of applications such as, installation of windscreen frames and water shield sealing to protect the interior from moisture, shock vibration, corrosion, and thermal stress. Furthermore, demand for sophisticated bonding products from high-tech electronics manufacturers to protect sensitive electrical equipment such as capacitors and sensors is likely to propel the market growth over the review period. Additionally, the growing use of Elastomeric Sealants in aerospace & defense for escape slides, life rafts, fuel tank sealing, and other applications is expected to add considerable value to the market during the review period. According to World Bank Study, the organized furniture industry is expected to grow by 20% every year, and a major part of this growth is likely to come from growing consumer markets in Asia, which may further fuel the market growth. The shifting trend towards the renovation of houses coupled with the high disposable income is likely to propel the market growth. However, the threat of substitution from construction foam tapes and regulations concerning VOC emission may challenge the market growth in the coming years.
The Global Elastomeric Sealants Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific is the fastest emerging region in terms of value in the Global Elastomeric Sealants Market owing to the increasing infrastructural activities in this region, especially in India and China. Furthermore, the increasing demand for automotive and electronics due to the changing lifestyle is likely to fuel the market growth. Also, the growth in the furniture industry and wood works in this region is anticipated to boost the market growth over the assessment period 2017-2023.
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The North America accounts for a considerable market share due to the leading aerospace & defense sector. The U.S. is one of the leading military powers and the demand from this sector drives the market growth.
The automotive sector drives the European Elastomeric Sealants Market due to the high production, sales, and exportation of the automobile in this region. According to the European Automobile Manufacturers Association (ACEA), the European automotive export revenue stood at USD 135.4 billion in 2016.
Though, Latin American market is currently witnessing a moderate growth in this region is poised to grow substantially over the coming years owing to the upcoming infrastructural projects in the region.
The Middle East & Africa is projected to showcase a considerable growth on account of the high demand from building & construction sector in countries such as Saudi Arabia, the UAE, and others.
The Global Elastomeric Sealants Market is segmented on the basis of the Type, End-Use Industries and Region.
On the Basis of the Type, the Global Elastomeric Sealants Market is segmented into silicone, polysulfide, polyurethane, silane modified polymers (SMP), polybutadiene, and others.
Based on the End-Use Industries, the market is sub-segmented into building & construction, automotive, electronics, furniture making, aerospace & defense, marine, and others.
Geographically, the Global Elastomeric Sealants Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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