Hyderabad, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The demand for construction increased in the past few years owing to the increasing investment in the construction sector. However, the COVD-19 pandemic has slowed down the growth due to the shift in working policies of the multinational service sector firms and frequent lockdowns in Countries like China. The lockdown period due to the COID-19 has severely impacted the construction activities due to which growth has slowed down. However, the construction rebounded in countries like India due to the return of work force.
In 2022, Asia-pacific was the largest market and accounted for 43.5% of the global sealants market in terms of volume. China, The United States, India, Germany and Russia constitute the largest sealants market. Moreover, with the increasing awareness and increasing disposable income countries like China and India are expected to lead the growth in usage of sealants.
In the near future, the usage of silicone sealants is expected to grow higher than other resins due to the usage of advanced sealants in automotive and aerospace to reduce the NVH and make the structure rigid and safer. Hareesh opines that the current generation of aerodynamic high-speed vehicles and drastic improvement in NVH of budget vehicles can be attributed to usage of sealants in the vehicle structures, where glass is joined.
Building and construction is the major end-user industry of silicone sealants. The usage of silicone sealants in construction industry is further expected to grow in the forecast period, 2022-2028. Polyurethane sealants are gaining traction, especially in renovations of older buildings.
Mergers and Acquisitions have been the go-to strategy for past few years for major players, like the acquisition of proflex by Soudal Holdings NV in Russia. The global players have increased the market share by acquisition of local players. Product innovation has been a long-time strategy for companies to acquire market share although it is associated with high costs and dependence on market acceptance and trends. High-performance sealants were introduced by various players in construction, automotive and industrial applications in the past few years to increase their presence.
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