Polysulfide Elastomers Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3867
Polysulfide Elastomers Market size will be driven by increasing electrical & electronics industry across the globe. According to the German Electrical and Electronic Manufacturers’ Association, Asia Pacific accounted for nearly 75% share in electrical and electronics market in 2018 and projected to grow with a CAGR of over 5% in coming years. High electrical & electronics manufacturing in China was a major attribute behind it and is likely to drive the electrical & electronics industry growth in coming years. Rapidly growing electrical & electronics industry in the region shall fuel the polysulfide elastomers demand in the coming years.
Rising trend of robotics and automation across the globe will have positive impact on the polysulfide elastomers market demand in electrical & electronics in next few years. Product is also used as an aircraft fuel tank sealant. Aircraft manufacturing industry on account of increasing number of passengers in civil aviation will grow with a moderate CAGR during the forecast timespan. According to the International Air Transport Association, passengers transported by airlines will reach from 3.9 billion in 2017 to 8.2 billion by 2037, with a CAGR over 3.5%. This healthy growth in aircraft industry shall fuel the polysulfide elastomers demand over the forecast period.
Polysulfide elastomers are highly used in industries such as, construction, electrical & electronics, metalworking, automotive, chemical and aircraft. Product demand in chemical industry is growing with a moderate CAGR from past few years. This can be attributed to product characteristics such as outstanding chemical resistance, virtual impermeability to most gases, hydrocarbon solvents and moisture. According to BASF, global chemical production in 2019 will grow with a CAGR 2.7%. Developments in world’s largest chemical market China, which accounts for nearly 40% share in global chemical market, will boost chemical industry growth in next few years. Chinese chemical industry is forecast to grow with a CAGR 3.6% in 2019, stabilization in the automotive industry shall help the chemical industry in the country.
Other emerging economies in Asia Pacific are expected to experience the same growth trends in chemical market over the forecast period. This growing chemical business across the globe is likely to fuel polysulfide elastomers market size over the forecast timeframe. In construction industry, it is used in building caulk and window glazing. substantially growing construction industry in Asia Pacific and Middle East & Africa will boost the product demand over the forecast timespan.
Asia Pacific accounted for a significant share in global polysulfide elastomers market in 2018 and shall grow with a prominent CAGR in next few years. Healthy growth in the polysulfide elastomer demand is driven by the rapidly growing end-use industries in this region. For instance, according to OICA, Asia Pacific was the largest automotive manufacturer and accounted for over 60% share in global automotive industry and projected to grow with a healthy CAGR during the forecast period. Automotive industry growth will be driven by the increasing population and disposable income coupled with improved lifestyle in the region. Europe was another major region in polysulfide elastomers market in 2018 and shall accelerate product demand in coming years. Positively growing chemical industry owing to the increased demand from agriculture and construction industry in the region is likely to help polysulfide elastomers market size to grow further during the forecast timespan.
Many multinational giants and regional manufacturers are present in the industry. Some prominent players operating in the industry includes BASF, Royal Adhesives & Sealants, LLC, Henkel, PPG Industries, Toray Industries, Master Bond, Panjiva, Tiki Tar Industries, NCK Associates and Akzo Nobel. Companies operating in the polysulfide elastomers market share are investing heavily in R&D to introduce new products and gain competitive advantage over rivals. Moreover, major multinational firms such as BASF SE are expanding their production bases in Asian nations to increase the customer base.
Polysulfide Elastomers Market, By Application Type, 2014-2025 (Kilo Tons)
- Electrical & electronics
- Others (aircrafts, appliances, etc.)
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- BASF SE
- Royal Adhesives & Sealants, LLC
- PPG Industries Inc.
- Toray Industries Inc.
- Master Bond
- Panjiva, Inc.
- Tiki Tar Industries
- NCK Associates
- Akzo Nobel N.V.
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