The global Latex Sealant Market was valued at US$ 273.7 Million in 2022, according to the global latex sealant market report, by Type (EVA Latex Sealant, Acrylic Latex Sealant, and Others), by Application (Residential building, Commercial Building, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights
Global latex sealant market is expected to surpass US$ 417.8 Million by 2030 and exhibit a CAGR of 5.43% during the forecast period (2022-2030). Global latex sealant market is expanding as a result of soaring demand for sustainable buildings.
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Key Trends and Analysis of the Global Latex Sealant Market:
- Latex sealant act as a mechanical seal which helps for joining two surfaces. Furthermore, it caters to several purposes across the construction sector such as blocking the passage of fluids, dust, heat, and sound transmission. However, latex sealants can be strong or weak, rigid or flexible, temporary or permanent. Sealant is not adhesive but it has several qualities of an adhesive. An adhesive has the ability to join two surfaces for the long duration. In addition, it has strong tensile strength, and is further used for long lasting bond materials. Thus, availability of adhesives is projected to restraint the global sealant market growth.
- Global Latex sealant market was valued at US$ 7 Million in 2021 and is expected to exhibit a significant CAGR of 5.43% during the forecast period, due to the growing demand for latex sealant across the construction industry.
Key Takeaways of the Market:
- Latex sealant is one of the types of adhesive which is present in the liquid state. This sealant can be applied to different surfaces and dries up quickly after the application on that particular Furthermore, there is no need of any equipment or machine throughout the installation process of latex sealant. In addition, application process of latex sealant is very easy which further drives the demand for latex sealants across the globe.
- Latex sealant is safe and easy to apply and provides adhesion to different surfaces. Moreover, latex sealant is paintable, which is further used in the interior designing application of residential buildings. This sealant is preferable for filling small voids and gaps, where movement is negligible. In addition, it used for filing and sealing the interior cracks and gaps of kitchens. However, it is not used for waterproofing purposes as it is prone to shrinkage. During the continuous exposure of water, acrylic latex sealants undergoes total loss of adhesion.
- 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.
Global Latex Sealant Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has negatively impacted the global latex sealant market. The stringent regulations and travel restrictions during the pandemic interrupted the supply chain of raw materials required for the production process of latex sealants. In addition, construction industry has shut down suddenly, owing to the lack of workforce during the pandemic. Moreover, projects across the construction sector stopped due to lack of basic materials required for the construction such as cement, bricks, sand, and others. Owing to these factors, there was decrease in demand for latex sealant in the construction sector throughout the globe. Nevertheless, booming demand for sustainable buildings, and rising adoption of latex sealant in flooring application is likely to accelerate the product demand during the forecast period.