Global sealants market to reach $11.9 billion by 2027

New York, NY – The global market for sealants, estimated at $8.4 billion in the year 2020, is projected to reach a revised size of $11.9 billion by 2027, growing at a CAGR of 5.1 percent over the analysis period 2020-2027, according to Silicone, one of the segments analyzed in the report, is projected to record a 5.8 percent CAGR and reach $4.5 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the polyurethane segment is readjusted to a revised 5.3 percent CAGR for the next seven year period.

The sealants market in the U.S. is estimated at $1.9 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $2.5 billion by the year 2027, trailing a CAGR of 7.5 percent over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5 percent and 4.7 percent, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at an approximate 4.2 percent CAGR.

In the global polysulfide segment, USA, Canada, Japan, China and Europe will drive the 4.1 percent CAGR estimated for this segment. These regional markets, accounting for a combined market size of $352.8 million in the year 2020, will reach a projected size of $468.3 million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is forecast to reach $1.3 billion by the year 2027, while Latin America will expand at a 5.5 percent CAGR through the analysis period.

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