The growth of the construction elastomers market is mainly due to a rise in demand from important application domains along with the advancements in processing technologies. Moreover, elastomers possess great physical properties like high durability, impact resistance, low weight, elasticity, softness, strength, superior optics, enhanced thermal resistance & stability, adhesive properties, and enhanced safety. The growth of Industrial elastomers has increased manifold among major population hubs, owing to their recyclable, eco-friendly, and non-toxic applications. Moreover, as per a poll done by the Royal Institution of Chartered Surveyors (RICS) and the World Built Environment Forum in 2021, 55% of the respondents reported a preference for 'green' or 'sustainable' buildings had surged. In addition, the rising concern of emissions across the globe coupled with rising government initiatives in various economies to adopt eco-friendly products is positively impacting the market growth of the construction elastomers market.
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According to UnivDatos Market Insights (UMI)’ research report “global Construction Elastomer market”, the market is expected to witness a CAGR of around 6% during the forecast period 2021-2027F. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the construction elastomers markets globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
Based on Application, the market is divided into residential, non-residential, and commercial. In developing nations, we observe the residential market to possess the highest market share as more sustainable & earthquake-proof residential constructions have commenced. The Indian government's focus on the make in India Initiative would further propel the construction sector in the country, boosting demand for construction elastomers throughout the projected period.
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Based on Chemistry, the market is categorized into Styrene Block Copolymers (SBCs), Thermoplastic Polyurethanes (TPU), Styrene Butadiene (SBR), Ethylene Propylene Diene Monomer (EPDM), Acrylic Elastomer (ACM), Butyl Elastomer (IIR), Natural rubber. SBCs have a great potential in the future due to their inherent characteristics i.e., possessing the strength of thermoplastics & the functional properties of thermosetting rubber. With the increase in construction activities, Styrene Block Copolymers (SBCs) are projected to have significant growth due to their versatile nature.
APAC to witness extensive growth
For a better understanding of the market adoption of the construction elastomer industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, UK, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is expected to witness the highest CAGR during the forecast period on account of rapidly growing construction activities in countries like China and India, which is further fueled by growing population and urbanization. These emerging economies are showcasing a growing demand for sustainable buildings, which can be observed as one of the major driving forces behind the adoption of construction elastomers.
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Some of the major players operating in the market include Arkema S.A, Asahi Kasei Corporation, BASF SE, The Dow Chemical Company, Covestro AG, Huntsman Corporation, Teknor Apex Company, Lubrizol Corporation, DuPont, Kraton Corporation.
“Global Construction Elastomer Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentations:
- By Type (Thermoplastic, and Thermoset)
- By Application (Residential, Non-Residential, and Commercial)
- By Chemistry (Styrene Block Copolymers (SBCs), Thermoplastic Polyurethanes (TPU), Styrene Butadiene (SBR), Ethylene Propylene Diene Monomer (EPDM), Acrylic Elastomer (ACM), Butyl Elastomer (IIR), Natural rubber)
- By Company (Arkema S.A, Asahi Kasei Corporation, BASF SE, The Dow Chemical Company, Covestro AG, Huntsman Corporation, Teknor Apex Company, Lubrizol Corporation, DuPont, Kraton Corporation)
Key questions answered in the study:
- What are the current and future trends of the global construction elastomer industry?
- How the industry has been evolving in terms of type, application, and chemistry?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global construction elastomer industry?
- What is the customer orientation, purchase behavior, and expectations from the global construction elastomer suppliers across various region and countries?