Polyurethane Sealants Market is forecast to reach $3.6 billion by 2025, after growing at a CAGR of 5.5% during 2020-2025. The polyurethane sealants market is witnessing an increase its demand as they adhere to almost any surface regardless its porosity and can be applied in challenging environments as well as tricky locations. Demand for polyurethane sealants is increasing due to their unique properties such as hardness, adhesion strength, mechanical strength, thixotropy, flexibility and the possibility to modify their characteristics according to users need. These properties of polyurethane sealants is driving its demand in various end use industries such as construction, automotive, and packaging industries, which will increase the Polyurethane sealants market substantially.
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By Type – Segment Analysis
The one component polyurethane sealants segment holds the largest share in the polyurethane sealants market in 2019, owing to properties such as little shrinkage, good flexibility, low modulus, excellent durability and paint ability. One component polyurethane sealants are mainly used in fenestration applications, such as windows and doors, but can also be used in many other residential or construction applications such as plumbing, sealing roofs and electrical cable establishment. These factors are estimated to lead to rapid utilization of one composite polyurethane sealants in the market during the forecast period.
By Application – Segment Analysis
The flooring and joining application holds the largest share in the polyurethane sealants market in 2019, owing to increasing construction activities in various regions. Increasing use of polyurethane sealants in joints of prefabricated building elements, joints of rainwater collection pipes on roofs, insulating joints between precast concrete blocks, sealing curtain walls, expansion joints, rain gutters, and sealing of joints of aluminum pipes in HVAC (ventilation) sector leads to growth of polyurethane sealants industry globally. Since construction activities are increasing in varied regions and, polyurethane sealants are used on a large scale for building and construction applications it will drive the Polyurethane sealants market.
By End User – Segment Analysis
The building and construction segment of end-user industry holds the largest share in polyurethane sealants market in 2019 and is growing at a CAGR of 5.8%, owing to properties such as elasticity, resiliency, weather durability, non-sagging, waterproofing and excellent adhesion to most building and construction materials. Modern constructions utilize render, lightweight masonry wall, curtain wall systems and rain screen, and these depend on sealant joints, to accommodate building movements such as creep, thermal expansion, sway, settlement, differential slab edge deflections. It is common for building joints to frequently suffer from poor design or installation. And these building joints have to be periodically maintained and replaced using polyurethane sealants in order to preserve their effectiveness. Thus, driving the polyurethane sealants market in the building and construction sector.
By Geography – Segment Analysis
Asia Pacific holds the largest share in the polyurethane market in 2019 up to 38%, owning to significant economic growth, industrialization and increase in construction activities in the region. In nations such as China, India, Australia and Singapore, there is a massive growth in the building and construction activities due to population growth, high urbanization, and rising per capita income of the individuals. The population growth is resulting in the need for more residential and commercial sectors, in India the government has initiated projects, such as ‘100 smart cities’ and ‘Housing for All by 2022,’ which is expected to drive the Indian residential construction market over the forecast period. According to International Trade Administration, China is the world’s largest construction market and the Chinese construction industry is expected to grow at an annual average of 5% in real terms between 2019 and 2023. Thus with the increasing construction activities the demand for the polyurethane sealants will also increase as these sealants play an important role in construction and renovation of residential, commercial, and industrial buildings, which is likely to influence the growth of the polyurethane sealants market in APAC region.
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Drivers – Polyurethane Sealants Market
Polyurethane sealants possess better adhesion, consistency and abrasion resistance than other sealants. Polyurethane sealants are commonly used in building and construction, automotive, marine, general industrial and other end-use industries as they dry quickly and have the potential to discolor and not retain the intended white color when exposed to UV light. Polyurethane can be used to mend vehicles, especially those made from fiberglass as they harden much faster than urethane. Polyurethane sealants provide strong bonding, tighter seals, light weight and superior stress recovery. They can be molded into almost any shape and are resistant to many environmental factors which acts as a driver.
Due to an increasing trend in the use of environmentally friendly or green goods in different end-user segments, demand for green sealants or those with low VOCs is rising. The U.S. EPA regulates VOCs at Federal level in 40 CFR 59, which is the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products. VOC controls for products are typically based on the application of products namely vehicle refinishing paints/coatings, adhesives and sealants. Also, United States Environmental Protection Agency stated that VOC emissions can be reduced by making process changes such as switching to low VOC content coatings and sealants or by installing air pollution control equipment such as carbon adsorbers or incinerators. Thus, Strict VOC regulations introduced by the USEPA (US Environmental Protection Agency), Europe’s Scope (Registration, Evaluation, Authorisation and Restriction of Chemicals), Leadership in Energy and Environmental Design (LEED) and other national regulatory authorities pressured the manufacturers to make low-VOC eco-friendly sealants because of which polyurethane sealants industry is growing rapidly, and is heading towards green and sustainable technologies.
Challenges – Polyurethane Sealants Market
The surge in prices of raw materials for the manufacturing of polyurethane sealants such as succinic acid, toluene diisocyanate, polyols, combined with volatility in crude oil prices has hampered the overall growth of the polyurethane sealants market. In addition, Polyurethane sealants have short shelf life due to hydroscopic (water absorption) tendencies, and generally slower cure times. Thus, more complex handling and curing procedures are required for the polyurethane sealants which act as a restraint for the polyurethane sealants market during the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polyurethane sealants market. In 2019, the market of polyurethane sealants has been consolidated by the top five players accounting for xx% of the share. Major players in the polyurethane sealants market are Minnesota Mining and Manufacturing Company, Arkema S.A., Sika AG, H.B. Fuller, Henkel AG & Company KGaA, BASF SE, The Dow Chemical Company, Mapei S.p.A., ITW Polymers Sealants North America Inc., Pidilite Industries Limited, KCC Corporation, Huntsman Chemical Corporation, Selena S.A., Chemique Adhesives and Sealants Ltd., Hodgson Sealants and Alchimica Building Chemicals Ltd.
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