Heat Resistant Sealant Market Forecast and CAGR
As per the recent research by Fact.MR, heat resistant sealant market is going to witness steady growth during 2021-2031. An increase in sales is anticipated, owing to the escalation in demand especially from key end-use industries namely construction, transportation, and electronics respectively, which is poised to keep the sales growing.
These are mainly used for fixing and joining materials like glass, metal, ceramics, and other silica-based materials along with providing fire protection that can withstand heat up to 13,000 degrees. Additionally, they do not crack and are resistant to vibration effects, water and steam, and UV radiations as well.
These are widely used in fireplaces, boilers, stoves, chimneys, at industries and are also used in repair activities of various systems inside automobiles.
What is Driving Demand for Heat Resistant Sealant?
The product is used extensively in the construction sector for attaching drywall and fixtures to walls, tiling applications, bathroom flooring, ceiling applications, and molding applications.
In the automotive industry, these sealants are used on cars as they are durable and can withstand harsh weather conditions as well as prolonged vibrations. These sealants are used to attach interior bodywork and to ensure joints are watertight.
The product also has extensive application in the industrial assembling of agricultural and mining equipment which is expected to drive demand for these sealants over the forecast period.
Besides, silicon-based heat resistant sealant is also emerging as a leading product type in this market due to their favorable properties such as high-temperature resistance, which in turn is allowing their application in a wide range of industries.
Additionally, the rapid growth of the construction industry in emerging economies such as China and India will create newer growth opportunities for future market growth.
Due to the above-mentioned factors, the market is expected to grow at a healthy CAGR over the forecast period 2021-2031.
Covid-19 Impact on Global Heat Resistant Sealant Market
The coronavirus outbreak has wreaked havoc on the construction industry. Contractors have had to try to finish existing projects while also protecting on-site workers, adhering to government laws and travel restrictions, and managing supply chain disruptions and project suspension. This industry is one of the end-user demand generators for heat resistant sealants has, in turn, affected the sales of the target product as well.
Since the beginning of the COVID-19 epidemic, the automotive industry has been hit with a succession of setbacks and surprises. Lockdowns and travel restrictions have had a one-of-a-kind impact on the automotive industry.
Vehicle sales were increasing before the pandemic, and in several segments, new records were reached. In 2020, vehicle sales in the United States were predicted to be between 16 and 17 million units. However, when March approached, COVID-19 brought daily activities to a halt, consequently affecting the demand for heat-resistant sealants as well.
Asia-Pacific Heat Resistant Sealant Market Geographical Outlook
Asia Pacific market is anticipated to witness fast growth in the forecast period. Strong GDP growth in this region along with industrialization and increasing manufacturing output are expected to propel regional growth. Supportive government policies such as the Green Building Policy in India proposed by the Public Works Department, for promoting eco-friendly techniques to assure energy conservation will also drive the construction industry which in turn will support market penetration in the region.
China too follows suit with the 13th Five Year Plan for Green Building Development and Building Energy Efficiency which includes aggressive goals for green building renovation and construction. This includes a mandate that at least half of all new urban buildings be certified green. The pilot programs aim to renovate and construct energy-efficient community hospitals, primary and secondary schools, and public buildings.
Who are the Key Manufacturers of the Heat Resistant Sealant Market?
Some of the leading manufacturers include
- Sigma Aldrich
- Shin-Etsu Chemical
- Design Engineering Inc.
Vitcas and Dow are the vital players dominating the market. These manufacturers target the construction and installation industries primarily as the demand for the product is high in this sector. To stay relevant in the market they focus on R&D and product innovation related to newer application possibilities, to gain a competitive advantage.
The key players in the market compete against each other over the heat resistibility and overall durability of the sealant which are available in different forms to suit diverse end-use requirements.
By End-Use Industries
- Heavy Equipment
By Sales Channel
- Retailers & Wholesalers
- Other Distribution channels
- Direct Sales
- Third Party E-Commerce Sales
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia & Oceania
- India, Thailand, Malaysia, Indonesia Australia and New Zealand and Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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