Polysulfide Resin Market

Key Points Covered in Polysulfide Resin Market Survey

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Polysulfide Resin Market and How to Navigate
• Recommendation on Key Winning Strategies

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2016-2020 Polysulfide Resin Market Outlook Compared to 2021-2031 Forecast

Demand for global polysulfide resin grew at a sluggish 0.2% CAGR between 2016 and 2020. Sales of polysulfide resin plummeted due to the unprecedented outbreak of COVID-19. Due to restrictions in production activities and supply-chain disruption, demand for polysulfide resins declined in the FQ-20.

With expedited vaccine drives and recovery of production activities across diverse sectors, the market is expected to pick up the pace during the forecast period. As per FMI, the demand in the building and construction segment is expected to grow by 3.6% to 25,898.2 Tons in 2021, while sales in the automotive and transportation segment are projected to be up by 3.9% to reach 8,004.2 Tons.

Strong growth has been witnessed in the building and construction sector backed by greater demand for commercial and housing construction with increase in population. Growth in the building and construction sector resulted in surging demand for building joints, expansion joints, window sealants, and panel joints.

This has led to the growth of the polysulfide resin market across the globe. Furthermore, the demand for automobiles and aircrafts across the globe is boosting the consumption rate of polysulfide resins.

Hence, with increasing application of polysulfide resin within construction and automotive industries, the market is anticipated to witness considerable growth in the coming years.

The global population is estimated to be about 7.8 billion and is expected to reach about 9.7 billion by 2050-end. Growth in the global population will result in higher demand for automobiles, commercial aircrafts and houses, which is expected to boost the demand for polysulfide resins.

Consumption of construction chemicals such as coatings and sealants is expected to increase significantly due to the growth of infrastructure development activities across emerging economies.

As polysulfide sealants provide finished products with outstanding flexibility and high weather resistance, adoption of polysulfide resins is expected to increase in construction sector. Driven by the rising consumption in construction, rubber processing and aerospace sector, the global polysulfide resin market is expected to reach US$ 157.2 Mn in 2021.

How will Increasing Investment in Modernization Shape the Market?

Demand for polysulfide resin elastomers is driven by increased investment in framework modernization such as platform infrastructures, internal architecture and other features in countries such as the U.S., Brazil, and France.

Rapid urbanization in these countries will spur the demand of polysulfide resins as they witness higher investments in infrastructure. As key companies improve their capital efficiency of their projects with advancements in technology and increased efforts by research centers, the market is projected to witness positive growth outlook over the coming years.

 New players willing to get into the polymers market in emerging countries are capitalizing on increasing demand of polysulfide resin within end-use industries such as automotive & transportation and building & construction.

Growing demand for advanced sealants to combat corrosion of aircraft components and prevent leaks from aircraft fuel tanks has a significant impact on product innovations and development strategies. In collaboration with chemical researchers and other stakeholders, key manufacturers are focusing on innovations for the development of new products.

What is the Impact of COVID-19 on Polysulfide Resin Market?

The unprecedented COVID-19 outbreak resulted in global slowdown owing to restrictions implemented on movement and lockdown imposed in major regions. Sales prospects declined due to the suspension of trade activities, which hampered the supply chain network.

Aviation, mining and construction industries are among the worst-hit due to the global pandemic. The negative impact has been felt in the polysulfide resin market as well.

As polysulfide resins are widely used in aforementioned industries, demand for polysulfide resins decelerated with decreasing demand for automobiles, construction chemicals, and pause in aviation sector.

However, recovery of operations across end-use sectors is expected to boost the adoption of polysulfide resins in the forthcoming decade.

Country-wise Insights

How Big is the Opportunity for Polysulfide Resin Market in the U.S.?

In 2021, the U.S. polysulfide resin market is expected to register 3.9% year on year growth, , holding 86.7% of the total sales in North America. Demand for polysulfide resin across North America is expected to reach US$ 30,878.3 Thousand in 2021.

The U.S. is the most cost-effective countries globally in terms of production technologies. Also, the increase in production of thiokol in the country is aiding the market growth.

Surge in automotive sales, especially of passenger vehicles, is anticipated to create opportunities for the polysulfide resin market in the U.S. With growing sales of high end luxury vehicles and SUVs, the aftermarket installation has gain more popularity amongst the end users in the country.

Since 2016, shifting consumer preferences for houses in countryside areas and growing number of housing units is fuelling the demand for polysulfide resins within building and construction sector of the U.S.

How is Demand for Polysulfide Resins Faring in India?

India is anticipated to remain one of the fastest growing countries in the global polysulfide resins market. Demand for polysulfide resin across India is expected to increase at 5.0%CAGR in 2021.

Growth is primarily driven by increasing consumption of polysulfide within construction, automotive, and industrial processing industries. Manufacturers are eyeing the India’s market to strengthen their global supply system and meet unceasing demand of polysulfide resins from construction and automotive industries.

With the expansion of construction sector at a rapid pace due to increasing demand for commercial and residential buildings, the market is expect to witness robust growth. Increased investment in infrastructure in India as a result of rising population also will propel the growth of polysulfide resin market.

How will Expansion of Building & Construction Sector Push the Sales of Polysulfide Resins in China?

China is expected to be the key manufacturer and consumer of polysulfide resin , accounting for about 59% of the East Asia market in 2021. With multiple polysulfide products manufacturing facilities, China is anticipated to be one of the most lucrative polysulfide resin markets globally.

The country has witnessed strong growth in the construction sector in the past decade. Consumption of construction chemicals such as coatings and sealants is expected to surge due to the expansion of infrastructural activities in China.

This, in turn, is expected to boost the demand for polysulfide sealants because they provide the finished product with outstanding flexibility and high weather resistance. Therefore, high infrastructure growth in the China is likely to fuel demand for the polysulfide resin market.

Category-wise Insights

Thiokols (Liquid Polysulfide Resin Elastomers) to Remain Highly Sought-After

In terms of product, thiokol segment is projected to account for about 75% of the total polysulfide resin market share in 2021. Rising need for sophisticated sealants to prevent leaks in aviation fuel tanks and battle corrosion in aircraft components has improved the demand for thiokols.  

Increasing marine activities in emerging economies with surging demand for recreational activities is expected to boost the demand for recreational vessels, henceforth creating opportunities for sales of for thiokol.

Why is Application of Polysulfide Resin Increasing in Building & Construction?

As per FMI, the building & construction industry is expected to account for 59% of global market share. Expansion of construction sector due to the increasing demand for commercial and residential buildings across the globe will create growth opportunities in the market.

Increasing investment in infrastructure, especially in emerging economies, as a result of rising population and living standards, will boost the adoption of construction chemicals. This will in turn improve growth prospects for polysulfide resin market.

Sales of polysulfide resins are expected to soar as they are used in applications where substrates are intended to be immersed in fluids for an extended period of time. Application of polysulfide resin in roofing and cladding, escalators and lifts, airport roofing, bridges, and in building infrastructure are other factors driving adoption in construction industry.

Competitive Landscape

Key players in the global polysulfide resin market are focussing on expanding their production capacities by setting new production units especially in the emerging economies.

They also are   relying on e-commerce and online distribution channels, to strengthen their market presence globally. Top players are adopting expansion strategies such as acquisition and joint ventures with small players to sustain their positon in the industry. For instance:

• In 2019, Nouryon completed colloidal silica expansion in Sweden, US$ 4.6 million expansion primarily adds capacity for the company’s Levasil CC-branded product line, which supports customers in the paints and coatings market to switch from solvent-based coatings to the more sustainable water-based coatings.
• In 2021, the Nouryon expanded its production line and production capacity in the China to meet its demands from end user industries.
• In 2021, an agreement was signed by Arkema for the acquisition of Ashland’s Performance Adhesives business, a first-class leader in high performance adhesives for industrial applications in the United States with a unique and innovative product portfolio.

Scope of Report

Key Questions Answered in the Report:

• What is the current polysulfide resin market value?

  The global polysulfide resin market reached a valuation of US$ 157.2 Mn in 2021.

• At what rate did the global polysulfide resin market grow between 2016 and 2020?

  The global polysulfide resin market grew at a sluggish 0.2% CAGR between 2016 and 2020.

• What are the key trends driving polysulfide resin sales?

  Increasing application of polysulfide resin in construction and building sectors, besides strategies adopted by leading players to ensure capacity expansion will shape the future of the market.

• Who are the leading players in the global polysulfide resin market?

  Leading players operating in the global polysulfide resin market comprise Nouryon, Toray Fine Chemicals Co. Ltd., JSC Kazan Synthetic Rubber Plant, and Arkema.

• What is the demand outlook for North America polysulfide resin market?

  The North America polysulfide resin market is projected to grow at a 3.9% CAGR over the forecast period.

• What will be the polysulfide resin market share in Europe?

  The polysulfide resin market in Europe is anticipated to expand at a 3.2% CAGR over the forecast period.

• What is the current market share of Japan and South Korea in the global polysulfide resin market?

  Japan and South Korea will collectively account for 9.5% of the total polysulfide resin market share

Polysulfide Resin Market by Category

By Product Type:

• Thiokols (Liquid Polysulfide Elastomers)
•  Solid Polysulfide Elastomer

By End Use:

• Automotive & Transportation
  • Aerospace
  • Automotive
  • Marine
  • Others
• Building & Construction
  • Bridges
  • Roads
  • Commercial Construction
  • Others
• Industrial Processing
• Specialty Chemicals
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia Pacific
• East Asia
• Middle East & Africa