Increasing Application in Building & Construction to Drive Polysulfide Resin Sales at a CAGR of 3.9% through 2031: Future Market Insights
The latest study by Future Market Insights (FMI) on the polysulfide resin offers comprehensive insights into key factors projected to influence growth through 2031. It classifies the market in terms of engine capacity, power output, fuel type, and application. The report also compiles exclusive information on hidden opportunities across these segments
DUBAI, UAE, Sept. 30, 2021 /PRNewswire/ -- As per a survey conducted by FMI, the global polysulfide resin marketis projected to reach US$ 157.2 million in 2021. In response to the increasing use of polysulfide resins such as liquid polysulfide elastomers across automotive, construction, and industrial processing industries, the market is anticipated to total US$ 229.76 million by the end of 2031.
The market registered a sluggish growth at a CAGR of 0.2% over the past half-decade. Sales decelerated in 2020 particularly due to suspension of industrial operations amid the COVID-19 outbreak. With the increasing demand for polysulfide resin in automotive vehicles, rubber processing, and aerospace sector, the market is expected to grow at 3.9% CAGR over the forecast period from 2021 to 2031.
Strong growth has been registered in China, Japan, and India owing to expansion of the building and construction industry following rapid urbanization and investment towards infrastructural development. According to a report by the Next City Organization, the government of China plans to build 10 cities equivalent to New York in the next decade.
As polysulfide resins provide outstanding weather resistance and high flexibility to the wall surfaces, they are extensively being used in the construction sector as window sealants in curtain wall joints and building joints. Spurred by these factors, the demand for polysulfide resin will considerably increase between 2021 and 2031.
"Key players are increasingly investing in research and development (R&D) activities to introduce novel products, which will address rising complications associated with polysulfide resin adhesion. Besides this, some of the players are focusing on expanding their distribution channel by strengthening their e-commerce and digital footprint," says the FMI analyst.
The market in the U.S. is projected to exhibit 3.9% year-on-year growth, accounting for over 86.7% of the sales in North America by the end of 2021.
India is estimated to emerge as one of the fastest-growing markets in the Asia Pacific, surging at a CAGR of 5% in 2021.
Favored by the rapidly expanding construction sector, China is likely to account for around 59% of the sales in the East Asia market.
South Korea and Japan are anticipated to collectively account for more than 9.5% of the overall polysulfide resin sales in 2021
Thiokol is forecast to dominate the product type segment, accounting for nearly 75% of the total sales in 2021.
The demand for polysulfide resin is expected to project a year-on-year of 3% in 2021.
Surging demand for sophisticated sealants to prevent leaks in recreational marine vessels, aviation fuel tanks, and battle corrosion in automotive components is expected to drive sales across Thiokol's segment.
Increasing demand for passenger vehicles, commercial aircraft, and luxury boats across prominent regions such as North America, Europe, and Asia Pacific will favor the growth of the automotive segment.
High cost of polysulfide resin and the availability of cheaper alternatives such as polyurethane and silicone resins are hampering the growth of the market.
Implementation of stringent regulations pertaining to volatile organic compounds (VOC) emissions of sulfur compounds are posing a restraining the market growth as polysulfide resin contains high sulfur in it.
Leading manufacturers operating in the global polysulfide resin market are Nouryon, Toray Fine Chemicals Co. Ltd., JSC Kazan Synthetic Rubber Plant, and Arkema, as per FMI.
Key player are focusing of adopting organic strategies such as new product launch, production capacity expansion, new facility development, and others. Some of the companies are engaging into collaboration, joint ventures, and acquisition with small players to maintain their lead in the landscape. For instance,
In 2021, Nouryon, a global specialty chemicals leader headquartered in Netherlands announced expanding its production line and relocating its production site from Suzhou to Ningbo, China. The strategy will assist the company of expand its consumer based and address increasing demands from end user industries in China.
In 2021, Arkema, a specialty chemicals and advanced materials company based in France, announced acquisition of Ashland, a leading manufacturer of high performance adhesives for industrial applications in the U.S. The acquisition will assist the company to expand its product portfolio and strengthen its global footprint.
Some of the leading players in the market profiled by FMI are:
Toray Fine Chemicals Co. Ltd.
JSC Kazan Synthetic Rubber Plant
More Valuable Insights on Polysulfide Resin Market
FMI in its new report, offers an unbiased analysis of the global polysulfide resin market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in polysulfide resin market with detailed segmentation:
Key Questions Covered in the Polysulfide ResinMarket Report
The market survey also highlights projected sales growth of the polysulfide resin market between 2021 and 2031
The report offers insight into polysulfide resin demand outlook for 2021-2031
Polysulfide resin market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Polysulfide resin market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.