Polyurethane Sealants Market

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The global Polyurethane Sealants Market is valued at USD 2.9 Billion in 2022 and is projected to reach a value of USD 4.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.7% over the forecast period.

Polyurethane Sealants (PU) is a form of elastomer substance that is used to fill in cracks and joints in floors and walls. A wide range of concrete, metal, and wooden structure utilizes these sealants due to their durability and resistance to abrasion. The global Polyurethane Sealants market is expected to grow at a significant CAGR during the forecast period owing to rising construction sector demand and building infrastructure activities. Factors such as an expanding automotive sector are expected to drive the market's growth. Market leaders are focused on manufacturing Polyurethane Sealants that are durable and provide water-tight sealing. These factors are expected to provide opportunities for the global Polyurethane Sealants market to increase.

The current generation of Polyurethane Sealants provides a broader range of the dynamic joint. They are also beautiful and can be used for commercial and residential projects. PU sealants can outperform other bonds in terms of consistency, adhesion, and abrasion resistance. They are widely utilized in various end-use industries such as marine, general industrial, and other end-use industries as they can dry rapidly. Additionally, they tend to lose their original white hue when they are exposed to ultraviolet light. These factors are expected to increase the footprint of the global Polyurethane Sealants market during the forecast period.

Polyurethane Sealants can be used for repairing vehicles, particularly fiberglass ones, as they harden faster than urethane. Additionally, PU seals offer excellent bonding, are lightweight, provide a tighter sealing, and provide stress recovery against extreme pressure and force. Mainly, they can be mended into any desirable shape. Additionally, studies indicate that PU sealants can resist a broader range of external variables, which is expected to drive the global Polyurethane Sealants market. Technological advancements within various end-use industries combined with rising R & D are likely to augment the growth of the Polyurethane Sealants market positively.

Economic Insights

Ukraine and Russia Wars affected several industries and majorly impacted the energy sector. It has been noted that Russia and Ukraine are among the major countries that supply gas & oil. Due to Russia's invasion of Ukraine, the imports and exports were affected, creating an energy crisis for nations dependent on fuel from these two countries. The European region and some of the countries in the Asian region were majorly impacted owing to the same. The cost of oil & gas spiked as there was a shortage in the market.

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1. Increasing Investments from Prominent Players: The ongoing demand from various end-use industries is prompting market leaders to develop the next generation of PU sealants. They are investing heavily within their research and development departments to develop PU sealants to cater to a broader end-use industry. An extensive product portfolio for Polyurethane Sealants is leading to the manufacturing of sustainable seals, owing to increased safety, waterproof nature, and simplicity of applications. These developments are leading to increasing the footprint of the global Polyurethane Sealants market during the forecast period.

2. Rising Demand for High-Performance Materials: The forecast period is expected to be dominated by increasing demand for high-performance materials that offer superior resistance. These sealants are extensively used in the industry for waterproofing and sealing applications on floors and walls. They are also extensively used in plumbing and electrical cables. Polyurethane Sealants are also finding their way into the automotive sector owing to their desirable properties. They are extensively used in sealing doors and windows for automobiles and a wide range of vehicle interiors.

3. Expanding Automotive Sector: The rapidly growing automotive sector is expanding at a rapid pace due to increasing per-capita income among the general population. Studies indicate growing production volumes and rising global variation of vehicles, fuelling the growth of the Polyurethane Sealants market. According to statistics provided by the International Organization of Motor Vehicles Manufacturers (OICA), 96.8 million vehicles (A combination of passenger and commercial vehicles) were sold globally in 2017, compared to 93.9 and 89.7 million cars, respectively, in 2016 and 2015. The rapidly growing automotive sector is expected to impact the growth of the Polyurethane Sealants market at a rapid pace.

Market Segmentation

The global Polyurethane Sealants market can be categorized on the following: Type, End-Use Industry, and Regions. Based on type, the market can be categorized into one-component Polyurethane Sealants and two-component Polyurethane Sealants. By end-use industry, the market can be segmented across building & construction, automotive, general industrial, marine, and others. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Type

One-Component Polyurethane Sealants to Account for the Largest Market Share Owing to Rising Application for Onsite & Civil Applications

The global Polyurethane Sealants market is expected to be dominated by the one-component Polyurethane Sealants during the forecast period in terms of revenue and growth. Factors such as increasing applications within the civil and onsite applications are expected to add value to the segmental growth. They are also utilized for outdoor applications, wherein the rate of property development is fast and rapid. Applications include construction (Sealing curtain walks and expansion joints) will further increase the footprint of the one-component Polyurethane Sealants. The two-component Polyurethane Sealants is expected to grow with the fastest growing CAGR during the forecast period owing to increasing applications utilization within external sheets of glass fiber-reinforced plastic, aluminium, or steel.

Based on End-Use Industry

Building & Construction to Dominate Market Owing to its Ability to Impart Higher Strength

The building and construction segment is expected to dominate during the forecast period revenue and sales. Factors such as the ability to provide rapid curing and low-strength properties are expected to increase the footprint of the segmental value. Also, Polyurethane Sealants impart higher strength to hold construction buildings. Studies have indicated the usage of PU adhesives for assembling wood furniture eliminates the need for screws and nails. This is expected to add value to the segmental growth of building and construction. Also, the material is highly versatile and contributes to the overall aesthetics of the finished product. The automotive segment is expected to grow with the fastest-growing CAGR during the forecast period owing to increasing sales of automobiles, especially electric vehicles.

Based on Region

Asia Pacific to Lead Global Market Share Owing to Rising Demand for Package Consumerist Goods

The global Polyurethane Sealants market is expected to be demanded by the Asia Pacific market in terms of revenue and growth. Factors such as the presence of China, the second-largest packaging industry in the world, and rising demand for customized packaging are expected to add value to the regional growth of the market. Increasing demand for consumerist goods in the food and beverage sector, such as microwave, snack, and frozen foods, is expected to increase the footprint of the Asia Pacific Polyurethane Sealants market. The rapidly growing, fast-moving consumer goods (FMCG) sector during the forecast period, combined with rising consumer spending towards premium and healthier products, is expected to contribute to the Polyurethane Sealants market in the region.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to expanding construction market in the region combined with a budding FMCG sector. Additionally, implementing supportive government policies to increase infrastructure will further aid North America's growth of Polyurethane Sealants market.

Competitive Landscape

The global Polyurethane Sealants market is fragmented due to numerous local and international players. One of the significant product differentiators between industry leaders is product features. Additionally, these players focus on improving their manufacturing capabilities to cater to the increasing demand from various end-use verticals. Supply chains are being utilized to increase profit margins further and cater directly to consumers.

The key players in the global Polyurethane Sealants market include - 3M (U.S), Arkema S.A. (France), Sika AG (Switzerland), H.B. Fuller (Saint Paul), Henkel AG & Company (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), Asian Paints Limited (India), ITW Polymers Sealants (U.S.), Soudan N.V. (Belgium), KCC Corporation (South Korea), The Yokohama Rubber Co. Ltd. (Minato City), RPM International Inc. (Medina), Selena S.A. (Poland), Kimberling Chemise Fabrik KG (Germany), PCI Augsburg GmbH (Germany) among others.

Recent Market Developments:

· June 2019: Momentive Performance Materials Inc., announced that they were launching a pressure-sensitive adhesive (PSA). The newly developed adhesive will be mainly used for specialty masking and assembly tapes, which are used within the electronic and industrial market segments.

· April 2019: BASF elected Azelis Americas as the distributor for polyurethane chemicals in the coatings, adhesives, and binders. Azelis, with the current acquisition of Chemroy Canada, will distribute the BASF polyurethane line in the US and Canada.

· May 2017: H.B. Fuller Company announced they were persuading an agreement to purchase Royal Adhesives and Sealants, a leading manufacturer of high-value specialty adhesives and sealants. This business delivers industry-leading products and is expected to enhance H.B. Fueller's position as a global leader in the adhesive industry.

· May 2016: Innovative Chemical Products Group announced that they acquired Fomo Products Inc. to expand their position in the Polyurethane Sealants and adhesives sector. This acquisition would be integral to leveraging the work of ICP Adhesive and Sealants Inc., a division of ICP Group.

Segmentation of the Global Polyurethane Sealants Market