Pune, India -- (SBWIRE) -- 09/06/2018 -- Market Synopsis:
Structural Sealants are used to join surfaces or to block the passage of fluids through joints or openings. The Global Structural Sealants Market is slated to grow at a CAGR of 5.41 % during the forecast period of 2016 to 2023.
The Growing Construction Industry Is the Prime Driver of the Market
The growing construction and marine industry are driven by economic and industrial growth is the prime driver of the market. The growth of composites and complexity of substrates for sealing unrelated materials such as stone and plastics is another driver of the market. The technological advancements of structural sealants owing to technological advances such as shorter curing time, high thermal, chemical and moisture resistance, high cohesive strength, and minimal shrinkage, is driving further market growth.
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Product Development Is Resulting In Greater Market Adoption Led By Water Proofing
The advent of advanced materials such as silicone based sealants with long life and resistant to UV and temperature is driving faster adoption over conventional putties and chalks. Advanced sealants are a self-primer, stable and neutral cure for different structural substrates. Other materials and composites include polysulfide, polyurethane, and acrylic.
To generate an accurate understanding of the global structural sealants market, the report is segmented by resin type, end user, and region.
Based on Resin Type, the market is segmented as silicone, polysulfide, polyurethane, acrylic, and others. The silicone segment is estimated to account for 34.0 % of the market.
Based on End-Users, the market is segmented into building & construction, automotive, marine & aerospace, and general industry. The construction & automotive industries are estimated to dominate the market.
Based on Regions, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific region accounts for the most significant market share in 2016 led by China, India, and Japan. The sizeable economic growth of China and India are attractive drivers of the Asia Pacific region market. Europe is expected to be dominated by Germany, France, and the U.K.
Asia Pacific region offers significant growth potential for the market and is slated to register the highest CAGR of 5.69 %. China accounted for the most significant market share in 2016 which is expected to reach USD 201.5 million by the end of the forecast period.
Asia Pacific region is followed by Europe and North America regarding market share. The regional demand in North America and Europe is estimated to be relatively saturated and thus, will witness comparatively low CAGR of 5.05 % and 5.30 %, respectively. The Asia Pacific accounts for a market share of 42.11 % in 2016.
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