Market Trends of North America Sealants Industry
This section covers the major market trends shaping the North America Sealants Market according to our research experts:
Increasing Demand from the Building and Construction Sector
- Sealants have been extensively used in the building and construction industry owing to their characteristics and physical properties.
- Sealants can stop liquids and other substances from passing through material surfaces, joints, or openings in construction. They can act as a fire-stopping component and block airflow, sound, dust, insects, and others.
- They are used in the residential, commercial, and infrastructure segments, including various on-site and off-site applications such as sub-flooring, finish flooring, wall roofing, structural glazing, panels such as composite bonding (FRP panels), drywall lamination, repair of large cracks insulated glass, doors and windows, HVAC, and prefabricated housing.
- The United States holds a major share of the construction industry in North America. According to the US Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,626.4 billion in 2021, compared to USD 1,499.6 billion in 2020.
- There are several construction projects going on in the region, which are likely to increase the consumption of sealants in the construction sector.
- For instance, in United States, the Metropolitan Park campus in the country plans to house 2.1 million square feet of office space for Amazon in two 22-story LEED-certified buildings with a budget of nearly USD 2.5 billion.
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The United States to Dominate the Market
- The United States is the largest market for sealants market in North America. The end-user industries, such as construction, automotive, healthcare, etc., are expected to drive growth in the market over the forecast period.
- The United States is the largest country for construction activities in the North American region. The country had a GDP of USD 25,350 per capita, with an expected growth rate of 3.7% Y-o-Y in 2022.
- The factors affecting the US construction industry are new investments, residential & non-residential constructions, government policies, and others.
- Additionally, with growing concerns after the pandemic to overcome the deficiencies of the healthcare system, the US government's policies have been drawn toward making the healthcare system more efficient compared to pre-pandemic times.
- The medical technology market is expected to record a 5.67% CAGR in the forecast period and result in a demand for sealants required for the healthcare end-user industry in the period.
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