Asia-Pacific Sealants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Sealants Market Analysis
The Asia-Pacific sealants market is estimated to be valued at more than USD 3,800 million by the end of the year, and it is expected to register an estimated CAGR of over 6.5% over the forecast period.
The region was negatively affected by the COVID-19 pandemic. The sealant market in the region also faced a similar situation. But the market has now reached pre-pandemic levels, and it is expected to grow steadily.
- The demand for sealants is extensively driven by the growing demand from the construction industry and the increasing usage for healthcare applications in the ASEAN region.
- But the growth is likely to be slowed down by the strict rules about sealants and VOC emissions.
- The innovation and development of bio-based sealants and their rising usage in the aerospace industry are likely to offer opportunities for the Asia-Pacific sealants market.
- China stands to be the largest market for adhesives in the region, where consumption is driven by end-user industries such as automotive, construction, healthcare, and aerospace.
Asia-Pacific Sealants Market Trends
Building and Construction Industry to Dominate the Market
- Construction sealants are widely used in the building and construction sectors for purposes such as weather sealing, window and door fixing, and gap filling.
- The largest share of the Asia-Pacific sealants market was covered by silicone sealants because of their unique properties, such as resistance to extreme weather conditions like sunlight, rain, strong winds, and snowfall, among others.
- The countries are aiming at rebuilding infrastructure in the region that will be more energy efficient and digitally advanced, leading to the construction of new buildings or the reconstruction of older ones. This will lead to a significant increase in demand for building and construction sealants.
- In China, sealants are mostly used in various end-user industries, such as building and construction, automotive, healthcare, and aerospace. Building and construction is the country's most consumable sealant sector, accounting for 66.5% of total sealant consumption.
- The Chinese government approved 26 infrastructure projects worth approximately USD 142 billion in 2019, with completion due in 2023. Furthermore, the country boasts the world's largest construction market, accounting for 20% of all worldwide construction investments. By 2030, the country as a whole is estimated to spend over USD 13 trillion on construction.
- Building and construction are the highest consumable sector of sealants in countries including India and Indonesia, with a share of 45.8% and 27.6% of total sealant consumption in 2021, respectively. Moreover, Japan too has the leading demand for sealants in building and construction, with a share of 54.29% of the total sealant consumption.
- The aforementioned factors combine to generate demand for sealants for use in the building and construction sector during the forecast period.
Rise in Demand for Healthcare Applications in ASEAN region.
- Due to the pandemic, there was a massive demand for hospitalization facilities as the patient count outgrew the existing facilities. This led to the development of small and fast ambulatory services, which led to a sudden increase in demand for sealants required for the development of such medical technology in 2021.
- With rising concerns after the pandemic period about overcoming the deficiencies of the healthcare system, the different nations of the world's governments' policies are drawn toward making the healthcare system more efficient than in pre-pandemic times.
- Healthcare is one of the prominent sectors, essentially consuming sealants across Malaysia. The Malaysian government has identified the medical device manufacturing sector as a high-growth sector and has formulated supportive policies in its 11th Malaysian Plan. The Malaysian government allotted MYR 32.4 billion to the Health Ministry under Budget 2022 in October 2021.
- Following the resumption of trade exchange between various countries, production increased at a rate of 6.54% in countries such as Thailand, Singapore, and Indonesia.The demand also increased as, post-COVID-19, the production facilities started to run at full capacity with the declining labor shortages and lifting of COVID restrictions in the region.
- Due to such factors, the demand for healthcare sealants is likely to increase across the region.
Asia-Pacific Sealants Industry Overview
The Asia-Pacific sealant market is fragmented, with healthy competition in the market. The major companies (not in any particular order) include 3M, Sika AG, Henkel AG & Co. KGaA, Soudal Holding N.V., and RPM International Inc., amongst others.
Asia-Pacific Sealants Market Leaders
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3M
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Sika AG
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Henkel AG & Co. KGaA
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Soudal Holding N.V.
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RPM International Inc.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Sealants Market News
- May 2022: Azelis acquired Chemo India and Unipharm Laboratories, distributors of specialty chemicals and ingredients for coatings, adhesives, sealants & elastomers (CASE), and expanded its sealants portfolio in Asia-Pacific Region.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Report
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Construction Activities in Asia-Pacific
- 4.1.2 Rising demand for Healthcare Applications in ASEAN region
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4.2 Restraints
- 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions
- 4.2.2 Other Restraints
- 4.3 Industry Value-chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Regulations
5. MARKET SEGMENTATION (Market Size in Value and Volume)
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5.1 End-user Industry
- 5.1.1 Aerospace
- 5.1.2 Automotive
- 5.1.3 Building and Construction
- 5.1.4 Healthcare
- 5.1.5 Other End-user Industries
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5.2 By Resin
- 5.2.1 Acrylic
- 5.2.2 Epoxy
- 5.2.3 Polyurethane
- 5.2.4 Silicone
- 5.2.5 Other Resins
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5.3 Geography
- 5.3.1 Australia
- 5.3.2 China
- 5.3.3 India
- 5.3.4 Indonesia
- 5.3.5 Japan
- 5.3.6 Malaysia
- 5.3.7 Singapore
- 5.3.8 South Korea
- 5.3.9 Thailand
- 5.3.10 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Sika AG
- 6.4.2 Henkel AG & Co. KGaA
- 6.4.3 Soudal Holding N.V.
- 6.4.4 3M
- 6.4.5 RPM International Inc.
- 6.4.6 Arkema Group
- 6.4.7 Dow
- 6.4.8 Mapei S.p.A.
- 6.4.9 H.B. Fuller Company
- 6.4.10 Shin-Etsu Chemical Co. Ltd
- 6.4.11 Illinois Tool Works Inc.
- 6.4.12 Wacker Chemie AG
- 6.4.13 THE YOKOHAMA RUBBER CO., LTD.
- 6.4.14 Momentive
- 6.4.15 ThreeBond Holdings Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovation and Development of Bio-based Sealants
- 7.2 Rising demand from Aerospace Industry
Asia-Pacific Sealants Industry Segmentation
Sealants are used to form a hard coating on a porous surface. These are generally used to fill gaps between substrates and have properties including adhesion, corrosion resistance, and insolubility. The Asia-Pacific Sealants Market is segmented by end-user industry, resin, and region. On the basis of the end-user industries, the market is segmented into aerospace, automotive, building and construction, healthcare, and other end-user industries. By "resin," the market is segmented into acrylic, epoxy, polyurethane, silicone, and other resins. By geography, the market is segmented into Australia, China, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand, and the Rest of Asia-Pacific. The report offers market sizes and forecasts in revenue (USD million) and volume (kilo tons) for all the above segments. The report also covers the market size and forecasts for the market in nine countries across the region.
| End-user Industry | Aerospace |
| Automotive | |
| Building and Construction | |
| Healthcare | |
| Other End-user Industries | |
| By Resin | Acrylic |
| Epoxy | |
| Polyurethane | |
| Silicone | |
| Other Resins | |
| Geography | Australia |
| China | |
| India | |
| Indonesia | |
| Japan | |
| Malaysia | |
| Singapore | |
| South Korea | |
| Thailand | |
| Rest of Asia-Pacific |
Frequently Asked Questions
What is the current Asia-Pacific Sealants Market size?
The Asia-Pacific Sealants Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Sealants Market?
3M, Sika AG, Henkel AG & Co. KGaA, Soudal Holding N.V. and RPM International Inc. are the major companies operating in the Asia-Pacific Sealants Market.
What years does this Asia-Pacific Sealants Market cover?
The report covers the Asia-Pacific Sealants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Sealants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Sealants Industry Report
Statistics for the 2024 Asia-Pacific Sealants market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Sealants analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
