Market Trends of Asia-Pacific Sealants Industry
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.
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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.
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