Mexico Sealants Market Size
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Study Period | 2017 - 2028 |
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Market Size (2024) | USD 217.10 Million |
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Market Size (2028) | USD 278.83 Million |
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Largest Share by End User Industry | Building and Construction |
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CAGR (2024 - 2028) | 6.46 % |
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Fastest Growing by End User Industry | Automotive |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Mexico Sealants Market Analysis
The Mexico Sealants Market size is estimated at 217.10 million USD in 2024, and is expected to reach 278.83 million USD by 2028, growing at a CAGR of 6.46% during the forecast period (2024-2028).
217.10 Million
Market Size in 2024 (USD)
278.83 Million
Market Size in 2028 (USD)
2.68 %
CAGR (2017-2023)
6.46 %
CAGR (2024-2028)
Largest Market by End-user Industry
33 %
value share, Building and Construction, 2023
In Mexico, building and construction is the dominant end-user industry owing to the wide range of sealant applications, including joint sealing and heat insulation.
Fastest Growing Market by End-user Industry
8.35 %
Projected CAGR, Automotive, 2024-2028
The automotive industry is likely to be the fastest-growing end-user segment in the market owing to the rising demand for lightweight and high-impact resistance components to substitute traditional metal joints and fasteners.
Largest Market by Resin
44.83 %
value share, Silicone, 2023
Silicone sealants hold the largest market share owing to their wide applications in building and construction and automotive industries for both interior and exterior applications.
Fastest Growing Market by Resin
6.74 %
Projected CAGR, Silicone, 2024-2028
Due to sheer strength and high-impact resistance abilities, silicone sealants are mostly used in construction applications. The segment is forecast to be the fastest-growing resin type in the market.
Leading Market Player
13.81 %
market share, Sika AG, 2021
Sika AG has been witnessing increasing volume sales in Mexico due to the popularity of its products mostly in the building and construction industry.
Government construction policies to promote construction and electric vehicles to grow the demand for sealants
- Sealants are majorly used in the Mexican construction industry due to their diverse applications, such as waterproofing, weather sealing, crack sealing, and joint sealing. The construction industry of Mexico is likely to grow by 3.1% up to 2025 owing to favorable government policies such as the National Development Plan will likely propel the demand for sealants over the coming years.
- The healthcare industry of Mexico has achieved significant growth in recent times. Healthcare expenditure as a share of GDP reached 6.2% in 2020 from 5.4% in 2019. Sealants have widespread applications in healthcare, such as assembling and sealing medical device parts. The automotive industry also holds a decent share in the sealants market because of their applicability to various substrates such as glass, metal, plastic, and painted surfaces. These are mostly used in engines and car gaskets.
- During the COVID-19 outbreak in 2020, automotive production decreased by 28% due to a shortage of raw materials and disruption of supply chains, leading to a decrease in overall sealant consumption. However, the rapid adoption of electric vehicles because of government regulations and consumer preferences is expected to create opportunities for sealants in the automotive industry.
- Different sealants are widely used in electronics and electrical equipment manufacturing for potting and protecting materials. They are used for sealing sensors and cables, etc. The consumer electronics market is anticipated to record a CAGR of around 2.2% over the coming years in Mexico, leading to an increase in the demand for sealants from the other end-user industries segment.
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Mexico Sealants Market Trends
Rising government initiatives including the National Development Plan (2018–2024) to propel the construction industry
- The construction sector is the backbone of the Mexican economy. Over the last five decades, Mexico has urbanized faster than most OECD (Organization for Economic Co-operation and Development) countries. In 2019, the Mexican construction industry recorded a sharp decline, recording a contraction of almost 13.9% compared to the same period in 2018. This contraction in the construction sector was created by renewed trade tensions and the weakening of macroeconomic conditions, resulting in very low private investments. The construction industry recorded a decline in 2020 due to the COVID-19 pandemic.
- However, in 2021, the Mexico construction sector grew by 6.21% in real terms and seasonally adjusted terms in September over August, up by 9% over the previous year. Buildings accounted for 39.5% of total construction in September, followed by transportation and urbanization (29.7%), other non-specific construction (12.4%), oil and petrochemical plants (10.6%), electricity and telecom (4.4%), and water, irrigation, and sanitation (3.4%).
- Government bodies are responsible for most of the funds (around 68%) provided to the housing sector in Mexico. Government agencies, such as CONAVI (National Housing Commission), INFONAVIT, FOVISSSTE, and CFE, have supported the growth of the Mexican housing sector.
- Several projects announced under the National Development Plan (2018–2024), including rural roads and various sector-specific developments in oil and gas production and mines, are likely to boost the construction industry's growth. Thus, all the abovementioned factors are likely to increase the use of sealants in the construction industry during the forecast period.
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Government's United states-Canada-Mexico agreement for automobile components and rising electric vehicles demand will increase the automotive production
- The Mexican automotive manufacturing industry is one of the country's most significant industries, accounting for 20% of the nation's GDP and employing over one million people nationwide. Around 30 global OEMs have manufacturing facilities in Mexico. Automotive manufacturing in Mexico comprises seven major operating segments: original equipment (OEM), aftermarket parts, electric and hybrid vehicles, remanufactured products, heavy vehicles, and other specialty motor vehicles.
- Mexico is the sixth-largest global passenger vehicle manufacturer. 89% of vehicles produced in Mexico are exported, with 80% exported to the United States. Mexico is the sixth-largest manufacturer and ranks fourth globally in the exports of heavy-duty vehicles for cargo, with 14 manufacturers operating through 11 manufacturing plants. Mexico is the leading global exporter of tractor trucks, exporting 94.5% of its production to the United States. In 2020, due to supply chain restrictions and labor unavailability caused by the COVID-19 pandemic, the country's production capacity declined by 20%.
- However, high raw material prices, shortage of semiconductor chips, and other logistical factors have restricted the growth of the automotive industry post-pandemic. Mexico's 12 free trade agreements with 46 countries, especially the United States-Mexico-Canada Agreement (USMCA), have placed Mexico in a strategic position to locally purchase auto parts previously imported from outside North America. However, in 2021, the country's electric vehicle registration witnessed a growth rate of 80% compared to 2020, and it is likely to increase in the future, thereby increasing automotive production in the country over the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- With aircraft manufacturers comprising 79% of the aerospace sector, aircraft components production holds the major share in Mexico's aerospace industry
Mexico Sealants Industry Overview
The Mexico Sealants Market is fragmented, with the top five companies occupying 25.13%. The major players in this market are 3M, Henkel AG & Co. KGaA, RPM International Inc., Sika AG and Soudal Holding N.V. (sorted alphabetically).
Mexico Sealants Market Leaders
3M
Henkel AG & Co. KGaA
RPM International Inc.
Sika AG
Soudal Holding N.V.
Other important companies include Arkema Group, Dow, Illinois Tool Works Inc., MAPEI S.p.A., Wacker Chemie AG.
*Disclaimer: Major Players sorted in alphabetical order.
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Mexico Sealants Market News
- December 2020: WACKER launched renewables-based silicone sealants extending its silicone sealants portfolio.
- April 2019: Dow completed the separation of its Material Science division through a spin-off of Dow Inc.
Free with this Report
We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 24+ free charts, the section covers rare data on various end-user production trends including automobile production, newly built construction floor area, packaging production, aircraft deliveries, footwear production, and regional data on adhesives and sealants demand, etc.
Mexico Sealants Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
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4.1 End User Trends
- 4.1.1 Aerospace
- 4.1.2 Automotive
- 4.1.3 Building and Construction
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4.2 Regulatory Framework
- 4.2.1 Mexico
- 4.3 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2028 and analysis of growth prospects)
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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 Resin
- 5.2.1 Acrylic
- 5.2.2 Epoxy
- 5.2.3 Polyurethane
- 5.2.4 Silicone
- 5.2.5 Other Resins
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 3M
- 6.4.2 Arkema Group
- 6.4.3 Dow
- 6.4.4 Henkel AG & Co. KGaA
- 6.4.5 Illinois Tool Works Inc.
- 6.4.6 MAPEI S.p.A.
- 6.4.7 RPM International Inc.
- 6.4.8 Sika AG
- 6.4.9 Soudal Holding N.V.
- 6.4.10 Wacker Chemie AG
7. KEY STRATEGIC QUESTIONS FOR ADHESIVES AND SEALANTS CEOS
8. APPENDIX
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8.1 Global Adhesives and Sealants Industry Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework (Industry Attractiveness Analysis)
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Drivers, Restraints, and Opportunities
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- VOLUME OF AIRCRAFTS DELIVERED, UNITS, MEXICO, 2017-2028
- Figure 2:
- PRODUCTION VOLUME OF AUTOMOBILES, UNITS, MEXICO, 2017-2028
- Figure 3:
- FLOOR AREA OF NEW CONSTRUCTION, SQUARE FEET, MEXICO, 2017-2028
- Figure 4:
- VOLUME OF SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 5:
- VALUE OF SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 6:
- VOLUME OF SEALANTS CONSUMED BY END USER INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 7:
- VALUE OF SEALANTS CONSUMED BY END USER INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 8:
- VOLUME SHARE OF SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2016 VS 2022 VS 2028
- Figure 9:
- VALUE SHARE OF SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2016 VS 2022 VS 2028
- Figure 10:
- VOLUME OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 11:
- VALUE OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 12:
- VALUE SHARE OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY BY RESIN, %, MEXICO, 2021 VS 2028
- Figure 13:
- VOLUME OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 14:
- VALUE OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 15:
- VALUE SHARE OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY BY RESIN, %, MEXICO, 2021 VS 2028
- Figure 16:
- VOLUME OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 17:
- VALUE OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 18:
- VALUE SHARE OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY BY RESIN, %, MEXICO, 2021 VS 2028
- Figure 19:
- VOLUME OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 20:
- VALUE OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 21:
- VALUE SHARE OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY BY RESIN, %, MEXICO, 2021 VS 2028
- Figure 22:
- VOLUME OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, KILOGRAM, MEXICO, 2017 - 2028
- Figure 23:
- VALUE OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, USD, MEXICO, 2017 - 2028
- Figure 24:
- VALUE SHARE OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY BY RESIN, %, MEXICO, 2021 VS 2028
- Figure 25:
- VOLUME OF SEALANTS CONSUMED BY RESIN, KILOGRAM, MEXICO, 2017 - 2028
- Figure 26:
- VALUE OF SEALANTS CONSUMED BY RESIN, USD, MEXICO, 2017 - 2028
- Figure 27:
- VOLUME SHARE OF SEALANTS CONSUMED BY RESIN, %, MEXICO, 2016 VS 2022 VS 2028
- Figure 28:
- VALUE SHARE OF SEALANTS CONSUMED BY RESIN, %, MEXICO, 2016 VS 2022 VS 2028
- Figure 29:
- VOLUME OF ACRYLIC SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 30:
- VALUE OF ACRYLIC SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 31:
- VALUE SHARE OF ACRYLIC SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2021 VS 2028
- Figure 32:
- VOLUME OF EPOXY SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 33:
- VALUE OF EPOXY SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 34:
- VALUE SHARE OF EPOXY SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2021 VS 2028
- Figure 35:
- VOLUME OF POLYURETHANE SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 36:
- VALUE OF POLYURETHANE SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 37:
- VALUE SHARE OF POLYURETHANE SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2021 VS 2028
- Figure 38:
- VOLUME OF SILICONE SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 39:
- VALUE OF SILICONE SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 40:
- VALUE SHARE OF SILICONE SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2021 VS 2028
- Figure 41:
- VOLUME OF OTHER RESINS SEALANTS CONSUMED, KILOGRAM, MEXICO, 2017 - 2028
- Figure 42:
- VALUE OF OTHER RESINS SEALANTS CONSUMED, USD, MEXICO, 2017 - 2028
- Figure 43:
- VALUE SHARE OF OTHER RESINS SEALANTS CONSUMED BY END USER INDUSTRY, %, MEXICO, 2021 VS 2028
- Figure 44:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, MEXICO, 2019 - 2021
- Figure 45:
- MOST ADOPTED STRATEGIES, COUNT, MEXICO, 2019 - 2021
- Figure 46:
- REVENUE SHARE OF SEALANTS BY MAJOR PLAYERS, %, MEXICO, 2021
Mexico Sealants Industry Segmentation
Aerospace, Automotive, Building and Construction, Healthcare are covered as segments by End User Industry. Acrylic, Epoxy, Polyurethane, Silicone are covered as segments by Resin.
- Sealants are majorly used in the Mexican construction industry due to their diverse applications, such as waterproofing, weather sealing, crack sealing, and joint sealing. The construction industry of Mexico is likely to grow by 3.1% up to 2025 owing to favorable government policies such as the National Development Plan will likely propel the demand for sealants over the coming years.
- The healthcare industry of Mexico has achieved significant growth in recent times. Healthcare expenditure as a share of GDP reached 6.2% in 2020 from 5.4% in 2019. Sealants have widespread applications in healthcare, such as assembling and sealing medical device parts. The automotive industry also holds a decent share in the sealants market because of their applicability to various substrates such as glass, metal, plastic, and painted surfaces. These are mostly used in engines and car gaskets.
- During the COVID-19 outbreak in 2020, automotive production decreased by 28% due to a shortage of raw materials and disruption of supply chains, leading to a decrease in overall sealant consumption. However, the rapid adoption of electric vehicles because of government regulations and consumer preferences is expected to create opportunities for sealants in the automotive industry.
- Different sealants are widely used in electronics and electrical equipment manufacturing for potting and protecting materials. They are used for sealing sensors and cables, etc. The consumer electronics market is anticipated to record a CAGR of around 2.2% over the coming years in Mexico, leading to an increase in the demand for sealants from the other end-user industries segment.
| End User Industry | Aerospace |
| Automotive | |
| Building and Construction | |
| Healthcare | |
| Other End-user Industries | |
| Resin | Acrylic |
| Epoxy | |
| Polyurethane | |
| Silicone | |
| Other Resins |
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Market Definition
- End-user Industry - Building & Construction, Automotive, Aerospace, Healthcare, and Others are the end-user industries considered under the sealants market.
- Product - All sealant products are considered in the market studied
- Resin - Under the scope of the study, resins like Polyurethane, Epoxy, Acrylic, Silicone, and Others are considered
- Technology - For the purpose of this study, One component and Two component sealant technologies are taken into consideration.
| Keyword | Definition |
|---|---|
| Hot-melt Adhesive | Hot melt adhesives are generally 100% solid formulations, based on thermoplastic polymers. They are solid at room temperature and are activated upon heating above their softening point, at which stage they are liquid, and hence, can be processed. |
| Reactive Adhesive | A reactive adhesive is made up of monomers that react in the adhesive curing process and do not evaporate from the film during use. Instead, these volatile components become chemically incorporated into the adhesive. |
| Solvent-borne Adhesive | Solvent-borne adhesives are mixtures of solvents and thermoplastic, or slightly cross-linked polymers, such as polychloroprene, polyurethane, acrylic, silicone, and natural and synthetic rubbers (elastomers). |
| Water-borne Adhesive | Water-borne adhesives use water as a carrier or diluting medium to disperse a resin. They are set by allowing the water to evaporate or be absorbed by the substrate. These adhesives are compounded with water as a diluent, rather than a volatile organic solvent. |
| UV Cured Adhesive | UV curing adhesives induce curing and create a permanent bond without heating by using ultraviolet (UV) light or other radiation sources. An aggregation of monomers and oligomers is cured or polymerized by ultraviolet (UV) or visible light in a UV adhesive. Because UV is a radiating energy source, UV adhesives are often referred to as radiation curing or rad-cure adhesives. |
| Heat-resistant Adhesive | Heat-resistant Adhesives refer to those that do not break down under high temperatures. One aspect of a complicated system of circumstances is the adhesive's capacity to withstand disintegration brought on by high temperatures. As the temperature rises, adhesives may liquefy. They can withstand stresses resulting from differing coefficients of expansion and contraction, which might be an additional advantage. |
| Reshoring | Reshoring is the practice of moving commodity production and manufacturing back to the nation where the business was founded. Onshoring, inshoring, and back shoring are further terms used. Offshoring, the practice of producing items abroad to lower labor and manufacturing costs, is the opposite of this. |
| Oleochemicals | Oleochemicals are compounds produced from biological oils or fats. They resemble petrochemicals, which are substances made from petroleum. The oleochemical business is built on the hydrolysis of oils or fats. |
| Nonporous Materials | Nonporous materials are substances that do not permit the passage of liquid or air. Nonporous materials are those that are not porous, such as glass, plastic, metal, and varnished wood. Since no air can get through, less airflow is required to raise these materials, negating the requirement for high airflow. |
| EU-Vietnam Free Trade Agreement | A trade agreement and an investment protection agreement were concluded between the European Union and Vietnam on June 30, 2019. |
| VOC content | Compounds with limited solubility in water and high vapor pressure are known as Volatile Organic Compounds (VOCs). Many VOCs are human-made chemicals that are used and produced in the manufacture of paints, pharmaceuticals, and refrigerants. |
| Emulsion Polymerization | Emulsion polymerization is a method of producing polymers or connected groups of smaller chemical chains known as monomers, in a water solution. The method is often used to make water-based paints, adhesives, and varnishes, in which the water stays with the polymer and is marketed as a liquid product. |
| 2025 National Packaging Targets | In 2018, the Australian Environment Ministry set the following 2025 National Packaging Targets: 100% of the packaging must be reusable, recyclable, or compostable by 2025, 70% of plastic packaging must be recycled or composted by 2025, 50% of average recycled content must be included in packaging by 2025, and problematic and unnecessary single-use plastic packaging must be phased out by 2025. |
| Russian Government’s Import Substitution Policy | The Western sanctions suspended the distribution of several high-tech items to Russia, including those required by the raw material export sectors and the military-industrial complex. In response, the government launched an "import substitution" scheme, appointing a special commission to oversee its implementation in early 2015. |
| Paper Substrate | Paper substrates are paper sheets, reels, or boards with a base weight of up to 400 g/m2 that has not been converted, printed or otherwise altered. |
| Insulation Material | A material that inhibits or blocks heat, sound, or electrical transmission is known as Insulation Material. The variety of insulation materials includes thick fibers like fiberglass, rock and slag wool, cellulose, and natural fibers as well as stiff foam boards and sleek foils. |
| Thermal Shock | A temperature change known as thermal shock generates stress in a material. It commonly results in material breakdown and is especially prevalent in brittle materials like ceramics. When there is a quick temperature change, either from hot to cold or vice versa, this process occurs abruptly. It occurs more frequently in materials with poor heat conductivity and insufficient structural integrity. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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