LATEX SEALANT MARKET ANALYSIS

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

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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.

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

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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

• For instance, in November 2022, H.B. Fuller Company acquired GSSI Sealants, Inc., a manufacturer of premier elastomeric butyl rubber sealant tapes. In addition, GSSI is a S.-based manufacturer which is headquartered in Houston, Texas.

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.