Market Trends of Hydroxyl Terminated Polybutadiene Industry
This section covers the major market trends shaping the Hydroxyl Terminated Polybutadiene Market according to our research experts:
Growing Demand from the Construction Industry
- Hydroxyl-terminated polybutadiene is used in the formulation of adhesives and sealants which are used in the insulated glass sealants, waterproofing, and other sealing applications. It is used in the formulation of polyurethane foam, which is used for efficient insulation by sealing gaps and air leaks, thereby maintaining the interior temperature and reducing energy consumption.
- Moreover, the construction industry in the United States continued to expand in the future, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings.
- The growing urbanization and construction activities are expected to drive the market for hydroxyl-terminated polybutadiene during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for hydroxyl-terminated polybutadiene during the forecast period due to the increasing demand from countries like India and China.
- Hydroxyl-terminated polybutadiene is used as in the encapsulants or potting compounds in the electrical and electronics industry. Apart from electronics, hydroxyl-terminated polybutadiene, based sealants are used in the automobile industry for sealing headlamps, speakers, bumper, and damping material. With China and India being a leading manufacturer in the automotive industry with a total production of about 30.2 million vehicles for the year 2019, with a decrease of 7.5% and 12% in production, respectively. However, the growing green initiatives combined with the success of electrical and hybrid vehicles are expected to drive the market.
- Hydroxyl-terminated polybutadiene is used in the formulation of solid rocket propellants for binding fuel and oxidizing agent. The growing space explorations from countries like China and India are expected to drive the market during the forecast period.
- Moreover, the growing construction industries in India and China is expected to drive the market. According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019 which are estimated to be completed by 2023. Furthermore, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for hydroxyl-terminated polybutadiene in the Asia-Pacific region during the forecast period.
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