The global latex sealant market is projected to surpass US$ 417.8 Mn by the end of 2030, in terms of revenue, exhibit a CAGR of 5.43% during the forecast period (2023 to 2030).
Drivers
Increasing usages of sealants across the residential and commercial buildings
Latex sealants are used for attaching drywalls, bathroom flooring, ceiling application, fixtures to wall, molding application, and tiling applications in the construction sector. These are the major factors to spur the demand for latex sealants. Moreover, rapid industrialization and urbanization, surge in technological investments, research and development activities are boosting the global latex sealant market growth.
Figure 1. Global Latex Sealant Market, Revenue Share (%), By Region, 2022
North America is a leading consumer across the global latex sealants market. The increasing residential and commercial activities throughout the region is expected to drive the global latex sealant market growth. In addition, growing investments in infrastructural developments by the government is driving the demand for latex sealants across the region.
On the other hand, in Middle East & Africa, developing countries such as Saudi Arabia is witnessing rapid urbanization growth which is further creating demand for new infrastructural projects. This results in the global growth of latex sealants market.
Market Restraints
The side effects of VOC emission during the production process
The volatile organic compounds (VOC) are emitted during the manufacturing process of latex sealants. This VOC causes some health disorders such as fatigue, shortness of breath, irritation to skin, dizziness, and others. In addition, rising awareness about the environmental issues and adverse effects of sealants are likely to hamper the global latex sealant market growth. Nevertheless, global key players of latex sealants are focusing on the production of latex sealants with less emission of VOC.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 273.7 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 5.43% | 2030 Value Projection: | US$ 417.8 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
3M, Henkel AG & Co., KGaA, ITW Polymers Sealants, H.B. Fuller Company, PPG Industries, Inc., RPM International Inc., Sika, Bostik, Premier Building Solutions, Dow |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
The soaring demand from developed and developing economies for environment-friendly, and green sustainable sealants is projected to create ample opportunities across the global sealants market.
Market Trends
Growing demand for more sustainable buildings and rising adoption of latex sealants in construction industries across the developing nations is expected to witness significant global market growth.
Figure 2. Global Latex Sealant Market, Revenue Share (%), By Application in 2022
By application, global latex sealant market is categorized into residential building, commercial building, and others. Among these, commercial buildings held the global market share in 2022. The latex sealants are widely used in the construction of commercial buildings such as hotels, offices, restaurants, hospitals, and others. Moreover, expanding architectural innovation to develop airports, and malls in the emerging economies is further witnessed which in turn is soaring the demand for latex sealants.
On the other hand, residential building segment is likely to grow during the review period. Latex sealants are used for various purposes such as protecting under-slab vent pipes, sealing around doors and windows, wall cladding joints, and other flooring applications.
On the basis of type, global latex sealant market is segmented into EVA Latex Sealant, Acrylic Latex Sealant, and Others. Among these, acrylic latex sealant accounted for the highest market share in 2022 and is further expected to witness significant growth during the forecast period. It offers eco-friendly, clean, and paintable sealant solution for architectural applications. In addition, it is widely used for general purposes in residential buildings due to easy installation process. Furthermore, latex sealant provides excellent adhesion to brick, concrete, and other masonry surfaces. It offers flexible waterproof seals with high durability against weathering conditions as it does not contain any plasticizers or solvents. Thus, acrylic latex sealants are used for exterior applications.
Impact of Covid-19 on the Global Latex Sealant market
The COVID-19 outbreak had a negative impact on the global latex sealant market. This pandemic affected the global economy by affecting production and demand. In addition, major factors such as lack of manpower, interruption in supply chain, and budget constraint hindered the global sealant market growth. On the other hand, rapid industrialization in the developed and developing nations is expected to boost the demand for latex sealant across the construction industry in the coming years.
Competitive Section
Major players operating in the global latex sealant market include 3M, Henkel AG & Co. KGaA, ITW Polymers Sealants, H.B. Fuller Company, PPG Industries, Inc., RPM International Inc., Sika, Bostik, Premier Building Solutions, and Dow.
Few Recent Developments
Definition - Latex sealant is widely used in different industries such as automotive, construction, aerospace, and other. It offers several properties such as corrosion resistance, good adhesion, and insolubility, among others. Latex sealants are used to create highly durable water barrier on roofing, balconies, decks, and lanais. In addition, it is used to fill the small gaps between the wood surfaces.
Latex sealant is used for connecting various materials and parts. It is synthetic semi-solid material which offers prevention from liquid leakage. The sealants are used for different purposes such as automobile sealers, insulated glass sealers, construction sealers, and airport runway sealers, among others. Latex sealant is referred as an adhesive in the liquid form. It is easy to apply in joining the different surfaces. In addition, there is no need of any production equipment or machineries for the installation of latex sealant. Furthermore, it has a wide range of applications in the construction sector.
Market Dynamics
Rising use of latex sealant across the construction industry
Latex sealant is water-based sealant, thus used for residential construction and buildings. It is easy to apply and has the capability to join different surfaces. Moreover, it offers some beneficial functions such as resistance from UV rays and humidity. Latex sealants are easy to clean up, cost-effective, and paintable construction sealants. In addition, it is used for interior application, owing to their short-service life. These are the major factors to accelerate the global latex sealant market growth.
Technological advancements and architectural innovation
Airports and mining facilities, residential areas, and transportation routes are coming across the advance technological transformation to enhance the standards. Latex sealants helps to improve the standards of residential and commercial buildings as it is used for blocking dust, heat, and sound transmission. In addition, latex sealant helps to maintain the sealing properties during their lifespan. Thus, booming demand for latex sealant is expected to witness lucrative opportunities across the latex sealant market players.
Availability of alternative for latex sealants
The substitute available for latex sealants are listed such as polyurethane polyisobutylenes, silicone, polysulfide, acrylic, and butyl sealants. Silicone sealants are more flexible and it has longer lifecycle. Furthermore, increasing demand for silicone sealants, owing to their properties such as good adhesion, thermal resistance, and dynamic movement capability is hampering the global latex sealant market growth. On the other hand, polyisobutylenes sealant is used as primary sealers in insulating glazing units. Thus, easy availability of substitutes for latex sealant is hindering the global latex sealants market growth.
Key features of the study:
Detailed Segmentation:
*” marked represents similar segmentation in other categories in the respective section.
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