Polyurethane Sealant Market Expected to Reach $4.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyurethane Sealant Market," The polyurethane sealant market was valued at $3 billion in 2022, and is estimated to reach $4.6 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

Polyurethane sealant is a type of adhesive material formulated from polyurethane; a polymer composed of organic units linked by urethane links. Polyurethane sealants are widely used for sealing joints, gaps, and cracks in various applications across different industries. They exhibit several key properties that make them suitable for diverse applications. 

The development of renewable energy projects, such as solar and wind energy installations, contributes to the demand for polyurethane sealants. These sealants are used for sealing and bonding components in renewable energy infrastructure.

Moreover, the marine and aerospace industries utilize polyurethane sealants for sealing and bonding in the construction of boats, ships, and aircraft. As these industries grow, so does the demand for polyurethane sealants.

In addition, the increasing use of electronic devices and components in various industries, including consumer electronics, telecommunications, and industrial electronics, drives the demand for polyurethane sealants for encapsulation and protection.

While efforts have been made to develop eco-friendly and low-VOC (volatile organic compound) polyurethane sealants, certain formulations still contain environmental pollutants. Environmental regulations and the demand for greener alternatives pose challenges for traditional polyurethane sealants.

On the contrary, the automotive industry's focus on lightweighting for improved fuel efficiency creates opportunities for polyurethane sealants. These sealants can be used in bonding and sealing applications to contribute to the overall weight reduction of vehicles.

The polyurethane sealants market is segmented on the basis of component, type, end-use industry, and region. By component, the market is segregated into one component (1C) polyurethane sealants and two-component (2C) polyurethane sealants. The one component (1C) polyurethane sealants segment dominated the global market, in terms of revenue in 2022. The ready-to-use nature of 1C polyurethane sealants reduces labor and application time. Contractors and installers appreciate the convenience of a sealant that does not require complex mixing procedures, contributing to overall project efficiency.

Moreover, 1C polyurethane sealants are versatile and can be used in a wide variety of applications. They adhere well to various substrates, making them suitable for sealing joints, gaps, and cracks in different materials such as metals, plastics, concrete, and wood. These factors altogether may surge the demand for one component (1C) polyurethane sealant; thus, fueling the market growth. 

By type, the market is segregated into self-levelling polyurethane sealants, high-performance polyurethane sealants, construction-grade polyurethane sealants, marine-grade polyurethane sealant, and others. The construction grade polyurethane sealants segment dominated the global market, in terms of revenue in 2022. Construction sites often experience structural movements, expansions, and contractions. Construction-grade polyurethane sealants are designed to accommodate these movements, ensuring that seals remain intact and effective over time.

Furthermore, these sealants adhere well to a variety of substrates commonly found in construction, including concrete, masonry, metal, and wood. Their versatility allows for use in different construction scenarios, providing a consistent and reliable seal. These factors may augment the demand for construction-grade polyurethane sealants; thus, leading the polyurethane sealant market to witness a significant growth.  

By end-use industry, the market is divided into building and construction, marine, aerospace, automotive, and others. The building and construction end-use segment dominated the global market, in terms of revenue in 2022 with xx% share in the global market. Polyurethane sealants offer excellent flexibility, allowing them to accommodate movement and expansion in building materials. This flexibility is crucial in applications such as sealing joints and cracks, where structural movement is common.

In addition, polyurethane sealants adhere well to a variety of substrates, including concrete, metal, wood, plastics, and masonry. This versatility makes them suitable for different construction scenarios and materials. These factors altogether may surge the demand for polyurethane sealants for building and construction applications.

Region wise, the polyurethane sealant market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific polyurethane sealant market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2022. The construction industry in Asia-Pacific has been a major consumer of polyurethane sealants. Rapid urbanization, population growth, and infrastructure development projects have led to a continuous demand for sealants in various construction applications.

Furthermore, large-scale infrastructure projects, including the construction of highways, bridges, airports, and other public facilities, have driven the demand for polyurethane sealants. These sealants are crucial for sealing joints, gaps, and providing durability in infrastructure components.   

Key players operating in the global polyurethane sealant market include Arkema, Henkel AG And Co. KGaA, Sika AG, BASF SE, 3M, Soudal Group, ASTRAL ADHESIVES, HB Fuller Co, The Dow Chemicals Company, and Pidilite Industries Limited.

COVID-19 Analysis

The novel coronavirus was an incomparable pandemic that had spread to over 180 countries and caused huge losses of lives and the economy across the globe. The pandemic led to disruptions in global supply chains, affecting the availability of raw materials to produce polyurethane sealants. Lockdowns, transportation restrictions, and closures of manufacturing facilities disrupted the flow of materials, impacting production schedules. 

Many construction projects faced delays or cancellations due to lockdowns, social distancing measures, and economic uncertainties. The construction sector, a major consumer of polyurethane sealants, experienced reduced demand, affecting the market growth. Moreover, the automotive industry, another significant consumer of polyurethane sealants, faced disruptions as manufacturing plants shut down or operated at reduced capacities. This slowdown impacted the demand for sealants used in automotive assembly and bonding applications.

However, as restrictions eased and construction projects resumed, there was an expected increase in demand for polyurethane sealants. Construction is a key application area for these sealants, and the gradual resumption of projects has contributed to the market recovery. Moreover, the automotive sector, a significant consumer of polyurethane sealants, has experienced a recovery as manufacturing plants resumed operations. Increased production and demand for vehicles have positively impacted on the market expansion.

Furthermore, sectors such as construction and automotive, which experienced disruptions during the pandemic, have witnessed pent-up demand. Projects delayed during the lockdowns have resumed, leading to increased demand for sealants. In addition, the stabilization of global supply chains played a crucial role in ensuring the availability of raw materials for polyurethane sealant production. A more stable supply chain contributed to the recovery process of the polyurethane sealant market post COVID-19 period

Key Findings Of The Study:

• By component, the one-component (1C) polyurethane sealants segment is estimated to display the highest growth rate, in terms of revenue.
• By type, the construction-grade polyurethane sealants segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2023 to 2032.
• By end-use industry, the building and construction segment is estimated to display the highest growth rate, in terms of revenue.
• Asia-Pacific garnered the highest share of more than 40% in 2022, in terms of revenue, growing at a CAGR of 5.1%.