A report by Transparency Market Research, titled, “Construction Sealants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” prognosticates this market to depict a bright future in terms of revenue gained during the forecast period.
A significant growth is being displayed by the construction sealants market, mainly due to a booming construction industry present all over the globe. The sealants find wide applications in activities such as fixing and attaching flooring components, and facilitating expansion of an area along with associated joints belonging to commercial as well as residential structures. As these applications are gradually witnessing a surge due to the blooming construction sector, the global construction sealants market is expected to depict splendid growth in future.
A burgeoning rate of residential buildings developing in most regions of the world is also anticipated to propel the market’s growth substantially. Moreover, numerous countries are exhibiting a rising awareness about environmental concerns, thereby leading towards the development of green buildings. This is a key trend observed throughout the globe and is expected to skyrocket the sale of construction sealants in the next few years.
However, strict government regulations present in various countries are highly restraining the global construction sealants market’s growth. This is mainly due to the emission of volatile organic compounds (VOC’s) that occurs once the sealants are being manufactured. However, many companies are introducing bio-based and anaerobic sealants that could get rid of the VOC emissions, thereby neutralizing such restraints.
Geography-wise, the global construction sealants market is mainly segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these, Europe held a leading position in terms of maximum revenue gained in the market in 2014, and is expected to continue the same in future. This is mainly due to the presence of well-established companies in leading countries from this region, as well as easy availability of raw materials.
However, Asia Pacific is expected to surpass Europe in terms of a fast growth rate due to rapidly increasing investments made by players in this region to gain revenue. Rapid urbanization, construction of commercial complexes, and rising economic development are three reasons why Asia Pacific is expected to depict topmost growth in this market.
The vendor landscape of this market depicts a highly competitive scenario, especially due to the presence of numerous players. Product differentiation, expansion of product portfolio, and enabling geographical expansion are considered to be chief strategies implemented by most players present in the global construction sealants market.
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Some of the key players present in this market are Henkel AG & Co., General Electric, Sika AG, PPG Industries Inc., KGaA, Cytec Industries Inc., 3M, The Dow Chemical Company, Fuller, Master Bond, and BASF SE.