The polysulfide resin market was expected to be worth about US$ 163.65 million in 2022. Polysulfide resins are likely to be used more often in the construction industry due to their exceptional flexibility and weather resilience. By 2023, it is therefore anticipated to have generated US$ 254.61 million, with a CAGR of 4.1% from 2023 to 2033.
Building joints, window sealants, expansion joints, and panel joints are in great demand due to the expanding construction and building industries. The usage of polysulfide sealants in the building sector is expected to increase since they provide final goods remarkable flexibility as well as weather resistance. The market for polysulfide resin has expanded as a result. It is anticipated that the expansion of infrastructure-building operations across emerging nations would considerably increase demand for building chemical products like coatings and sealing compounds, driving the growth of the polysulfide resin market.
The demand for cars and airplanes on a global scale is increasing the use of polysulfide resins. The development of polysulfide resin is also aided by rising investments in framework modernization, such as platform infrastructure as well as internal architecture.
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Key Takeaways from the Market Study
● Between 2018 and 2022, the demand for polysulfide resin rose at a modest CAGR of 1.2%.
● In 2022, the thiokol segment is anticipated to hold around 75.2% of the market for polysulfide resin.
● In 2023, the building and construction sector is anticipated to have 5163.65% of the global market share.
● The United States market for polysulfide resin, which now accounts for 86.8% of all sales in North America, is predicted to rise by 4.1% annually in 2022.
● Through 2033, India's demand for polysulfide resin is anticipated to grow at a 5.1% CAGR.
● With around 58.8% of the East Asian market, China is anticipated to dominate production and consumption of polysulfide resin in 2022.
“The demand for both residential and commercial construction has expanded as the population has increased, which in turn is likely to boost the global demand for polysulfide resins,” remarks an FMI analyst.
Competitive Landscape
Prominent market participants for polysulfide resin are concentrating on increasing their production capacity by establishing new manufacturing facilities, particularly in emerging markets.
They are depending on internet sales and distribution methods to expand their market reach internationally. Top firms are implementing growth methods including acquisition as well as joint ventures with lesser players to maintain their position in the business.
Prominent players in the polysulfide resin market are:
● Nouryon
● Toray Fine Chemicals Co. Ltd.
● JSC Kazan Synthetic Rubber Plant
● Arkema
Some key developments of the leading companies in this market are:
· The Russian chemical producer JSC Kazan Synthetic Rubber Plant declared to launch a joint venture in Chirchik in 2022 that will be focused on producing chemicals needed by the footwear sector, like polyurethanes as well as rubber compounds. The demand for components as well as raw materials is high due to the industry's rapid expansion and annual capacity target of 205 million units by the conclusion of the reporting year for footwear.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global polysulfide resin market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the polysulfide resin market, the market is segmented on the basis of fiber by product type (theokoles (liquid polysulfide elastomers), solid polysulfide elastomer), and end use (automotive & transportation, building & construction, industrial processing), and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa).