LONDON--(BUSINESS WIRE)--The global foam sealant market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global foam sealant market by application that includes building and construction and automotive. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing demand from developing countries
The developing economies, particularly China, India, Brazil, Mexico, the Philippines, and Indonesia are expected to contribute highly toward the growth in the global foam sealant market during the forecast period. Several original equipment (OEM) manufacturers of adhesives and sealants industries are shifting their manufacturing bases to these countries because of factors such as low transportation costs, easy availability of land, cheap labor and raw materials, and less stringent government regulations and policies.
According to a senior analyst at Technavio for additives, adhesives, and sealants research, “The rising population, high disposable income, and increasing purchasing power in the developing countries of APAC and Latin America are encouraging higher investments in the construction and automotive industries.”
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Market trend: growing demand from bio-based foam sealant
The increasing innovation and development of bio-based foam sealant are anticipated to drive the market growth during the forecast period. The ongoing research to develop soy-based polyurethane (PU) foam product augmented with carbon nanotubes is also predicted to foster the demand for foam sealant. The shortfall of petroleum-based foam sealant and the increasing concern on environmental impacts of these products have led to the adoption of renewable sources as building blocks for polymer applications. A multi-walled carbon nanotube is used to manufacture soy-based polyurethane (PU) foam.
Market challenge: volatility in the prices of raw materials
The polymeric materials are usually used to produce foam sealants. Polyurethane, polystyrene, polyisocyanurate, and others are some of the major raw materials that are used in the production of foam sealants. Most of the raw materials that are used to produce foam sealants are the downstream products of crude oil. The fluctuations in the prices of crude oil are expected to affect the raw material prices of foam sealants.
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