At 4.2% CAGR, Asia Pacific Sealants Market is Projected to be Worth US$ 7,664.26 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific sealants market was valued at US$ 5,531.63 million in 2023 and is expected to reach US$ 7,664.26 million by 2031, registering a CAGR of 4.2% from 2023 to 2031. Rising demand in automotive industry and strategic product launches in the sealants market are among the critical factors attributed to drive the Asia Pacific sealants market growth.

The automotive industry is experiencing robust growth owing to technological advancements and an upsurge in preference for SUVs, crossovers, and other light trucks. As per the European Automobile Manufacturers’ Association (ACEA) report published in January 2023, passenger car production in South Korea reached 3.4 million units in 2022, an increase of 7.6% compared to 2021. The report published by the ACEA stated that passenger car production across the world accounted for 68 million units in 2022, recording a rise of 7.9% compared to 2021.

According to the International Energy Agency's annual Global Electric Vehicle Outlook, over 10 million electric cars were sold worldwide in 2022, and the sale is projected to grow by 35% in 2023 to reach 14 million. Sealants are used in different automobile components and induction systems and aid in sealing moisture, dust, and contaminants. In exterior automotive applications, sealants are used for structural bonding, lamp assembly, and glass bonding. Sealants are utilized in the sealing of vehicle body joints and seams, stationary vehicle glass such as windshields, and quarter glass. The sealant applications across the automotive industry include aluminum vehicle doors, hydrogen cars, vehicle sensors, vehicle lighting systems, and powertrains. Thus, the rising demand from the automotive industry drives the Asia Pacific sealant market growth.

On the flip side, fluctuations in raw material prices hamper the growth of Asia Pacific sealants market.

Based on type, the Asia Pacific sealants market is segmented into silicone sealants, polyurethane sealants, acrylic sealants, polysulfide sealants, butyl sealants, hybrid sealant, and others. The silicone sealants segment held 48.6% market share in 2023, amassing US$ 2,690.81 million. It is projected to garner US$ 3,757.05 million by 2031 to register 4.3% CAGR during 2023–2031.

In terms of application, the Asia Pacific sealants market is categorized into waterproofing, insulation, bonding and sealing, soundproofing, and others.

By end user, the Asia Pacific sealants market is divided into building & construction, automotive, electronics, healthcare, aerospace & defense, marine, energy & power, and others.

Based on country, the Asia Pacific sealants market is categorized Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 65.6% share of Asia Pacific sealants market in 2023. It was assessed at US$ 3,630.11 million in 2023 and is likely to hit US$ 5,140.96 million by 2031, registering a CAGR of 4.4% during 2023–2031.

Key players operating in the Asia Pacific sealants market are 3M Co, ACTEGA DS GmbH, Arkema SA, BASF SE, Dow Inc, HB Fuller Co, Henkel AG & Co KGaA, Momentive Performance Materials Inc, RPM International Inc, and Sika AG, among others.

• In 2023, ACTEGA, launched PVC-free ACTEseal heat seal coatings a breakthrough solution for the coffee capsule market.

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