CHICAGO, Sept. 13, 2021 /PRNewswire/ -- According to the new market research report "Construction Elastomers Market by Type (Thermoset and Thermoplastic), Chemistry (Styrene block copolymers, TPU, SBR, EPDM, Natural Rubber, IIR, ACM), Application (Residential, Non-residential, and Civil Engineering), and Region - Global Forecast to 2026",published by MarketsandMarkets™, the Construction Elastomers Market size is estimated to be USD 5.1 billion in 2021 and is projected to reach USD 6.7 billion by 2026, at a CAGR of 5.8% between 2021 and 2026.
Residential is the major application segment for construction elastomers. Growing construction sector across the world is driving the construction elastomers market during the forecast period. Moreover, the development of eco-friendly technologies for production of TPE based construction elastomers and growing demand for sustainable constructions are new opportunities in construction elastomers market.
Residential application holds the largest share in the construction elastomers market
Residential is the largest application in the construction elastomers market. Construction elastomers are used in insulations, roofing sheets & window profiles gaskets, door handle seal, and adhesives in residential construction applications. The segment account for about 50% market share in terms of value in 2020. The sector experienced slow growth due to global economic slowdown. However, the segment is expected to recover in the forecast period. Moreover, focus on sustainable buildings and earthquake proof construction will provide new opportunities for construction elastomers manufacturer.
APAC is estimated to be the fastest-growing market for construction elastomers.
APAC accounted for the largest share in terms of volume and value of the construction elastomers market in 2020, followed by North America and Europe. The use of construction elastomers is expected to witness the highest growth in the APAC region during the forecast period. The market in this region is driven by the growth in the construction sector in China, India, and Southeast Asian countries. Global construction elastomers manufacturers are investing in APAC countries in establish their production plants to enhance their market presence in the region. China is the significant market for construction and the largest consumer of construction elastomers in the world. The growing residential construction in the region coupled with strong growth in the construction sector are expected to drive the market for construction elastomers in APAC region.
The major industry players are adopted acquisitions, expansions, joint venture, and new product development as growth strategies in the last four years. The leading players in the Construction Elastomers Market are Arkema S.A (France), Asahi Kasei Corporation (Japan), BASF SE (Germany), The Dow Chemical Company (The US), Covestro AG (Germany), Huntsman Corporation (The US), Teknor Apex Company (The US), Lubrizol Corporation (The US), Tosh Corporation (Japan), Kraton Corporation (The US), China Petroleum and Chemical Corporation (China), Mitsubishi Chemical Company (Japan), DuPont (The US), SIBUR (Russia), Evonik Industries AG (Germany), Dynasol Elastomers (Spain).
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