CHICAGO, March 29, 2023 /PRNewswire/ -- The report "Polyurethane Sealants Market by Type (One-Component and Two-Component), End-Use Industry (Building and Construction, Automotive, General Industrial, Marine), and Region (North America, Europe, APAC, South America, MEA) - Global Forecast to 2027", size is estimated at USD 2.7 billion in 2022 to USD 3.3 billion by 2027, at a CAGR of 4.1%, between 2022 and 2027. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the polyurethane sealants market. Technological advancements in end-use industries such as automotive, general industrial, marine, and others also support growth. The polyurethane sealants market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the polyurethane sealants market globally.
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Two-Component segment is expected to account for the fastest growth in 2022.
Two-component sealants comprise polyols and poly-isocyanates, relatively low molecular weight components which are mixed to cure polyurethane. These sealants exhibit faster curing than one-component systems. Aromatic isocyanates (predominantly MDI) are used as two-component binders to manufacture oriented strand board (OSB), medium density fiberboard (MDF), and particleboard. For these boards, the isocyanate is blended with wood strands, fibers, and chips, respectively. The cure takes place in a press at about 200°C. The curing reaction occurs by reacting water with the formation of urea groups.
Building and Construction segment is expected to account for the largest share in 2022.
According to Oxford Economics, the construction sector is one of the largest in the world, with approximately USD 10 trillion spent on construction-related goods and services every year. However, the industry's productivity has trailed that of other sectors for decades, and there is a USD 1.6 trillion opportunity to close the gap. Oxford Economics states that global spending on construction is expected to reach USD 15.2 trillion by 2030, with China, the US, and India leading the market and accounting for 57% of all global growth. More than 50% of the global infrastructure investments are expected to be in emerging economies, particularly Asia, while North America is expected to account for almost 32%.
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Asia Pacific is expected to account for the largest share in 2022.
Polyurethane sealants market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global polyurethane sealants market. The construction industry in China is expected to witness increasing developments due to the implementation of industry policies and market promotion. The polyurethane sealants market in China is driven by the rising demand from new construction and renovation activities, government, and private investments in residential and non-residential projects, and growing consumer spending power. Increasing population, improved lifestyle, cheap labor, and restructured environmental regulations are also expected to fuel the demand for polyurethane sealants in the country.
China's standard of living and purchasing power are increasing rapidly, strengthening the appliances industry. This encourages the development of strong foreign and Chinese brands. According to Statista, appliance industry revenue is projected to witness an annual growth rate of 9.4% between 2020 and 2024, amounting to USD 70,388 million by 2024. The growth of the appliances industry in the country is increasing the use of polyurethane sealants.
Major players operating in the polyurethane sealants include 3M (US), Arkema N.V. (Bostik) (Netherlands), Sika AG (Switzerland), H. B Fuller (US), Henkel AG & Co. KGaA (Germany), BASF SE (US), The Dow Chemical Company (US), MAPEI S.p.A (Italy), Asian Paints Ltd. (India), ITW Polymers Sealants North America, Inc (US), and others.
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