Growing Manufacturing Activity in Developing Countries Driving Global Sealants Market
Growth in the sealants market is heavily reliant on economic health and macro-economic factors such as GDP growth, consumer and business confidence levels and increases in industrial production and output, according to a recent report from Global Industry Analysts Inc. Strong construction activity in developing countries is thus fuelling the growth of polyurethane sealants, which are widely used in building modular homes, given their elasticity and structural integrity characteristics. Technological advancements are additionally expanding the use of these sealants to on-site construction projects. For example, silyl terminated polyurethanes are moisture-cured, paintable and one-component sealants that are finding new application possibilities in energy-efficient construction projects.
Also expected to drive growth in the market is the increased focus on developing eco-friendly sealants. A key factor driving the trend is the increasing pressure exerted by governments worldwide on industries to reduce their carbon footprint and effectively manage waste. Environmentally friendly sealants replacing conventional sealants with reduced CO2 emissions and enhanced energy efficiency will thus witness strong growth.
As stated in the report, the U.S., Japan and Europe represent major markets worldwide, with Europe being the largest. Asia-Pacific is forecast to emerge as the fastest-growing market, with a projected compound annual growth rate of 7.6% over the analysis period. Growth in the region is led by strong infrastructure and construction investments in the leading Asian economies of China, Taiwan, South Korea, Thailand, Malaysia, and India. The emergence of Asia as a global manufacturing hub will additionally spur growth in the coming years.
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