FMI states in its recent study on the polysulfide that the market will record a CAGR of 5% between, 2021-2031. Demand for polysulfide is anticipated to continue surging due to strong domestic demand for chemicals and petroleum-related products.
"Market players in polysulfide are focusing their investments on the launch of new products and the diversification of their product portfolios for accommodating a wide range of applications." says the FMI analyst.
Polysulfide Market - Important Highlights
According to product type, The Thiokol (liquid polysulfide elastomer) is anticipated to acquire the lion's share in the market, due to its excellent product characteristics.
The automotive and transportation segment is likely to remain the prominent end-users of the polysulfide market during 2021-2031.
China is projected to remain as one of the most lucrative markets during the forecast period due to increasing infrastructural activities.
Germany to emerge as one of the leading market holders due to its highly advanced automotive sector.
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Polysulfide Market - Drivers
The demand for insulating materials in the building & construction industry one of the key drivers of the polysulfide market.
An increase in demand for the automotive industry will drive the growth of the market further.
Favorable growth is anticipated due to its vast usage across the shipbuilding industry across the world.
Polysulfide Market - Restraints
High manufacturing and sourcing costs are likely to remain a key constraint for the market.
Growing environmental concerns regarding the harmful emissions of volatile organic compounds (VOCs) from sulfur compounds are anticipated to dampen the development prospects of the global demand for polysulfides.
COVID-19 Impact on Polysulfide Market
The polysulfide market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. Many nations imposed nationwide lockdown to curb the deadly virus, which caused disruptions in supply chain materials, shortage of human resources, therefore, affecting the whole of the industry, however, the market is likely to set on a path of regaining as various nation's economies started to stabilize.
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Some of the key players are focused on developing a market for particular demographics. .The polysulfide market players are leaning towards the acquisition and geographic expansion besides opting for strategic collaborations to attain a competitive edge. For example, GCP Applied Technologies Inc. declared its acquisition of R.I.W Limited, a prominent supplier for waterproofing products in 2018. Some of the leading companies operating in the market that are profiled by FMI are Nouryon, Toray Fine Chemicals., JSC Kazan Synthetic Rubber Plant, Flamemaster Corporation, Akzo Nobel N.V., Ineos Group, Chevron Phillips Chemicals.
About the Study
The study offers readers a comprehensive assessment of the polysulfide market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Thiokols, Solid Polysulfide Elastomers), Application(Automotive & Transportation, Industrial Processing & Application, Building & Construction, Protective Coatings, Specialty Chemicals, and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 88996542