Global Construction Elastomers Market Set For 8.9% Growth, Reaching $8.89 Billion By 2028
Construction Elastomers Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The robust growth of the construction elastomers market continues to be driven primarily by urbanization, energy efficiency, weather resistance, sustainable construction, and infrastructure development. The market size has seen strong growth in the past few years and is expected to surge from $5.79 billion in 2023 to $6.31 billion in 2024 at a compound annual growth rate CAGR of 9.0%.
What Is the Predicted Growth Rate and Industry Size of the Construction Elastomers Market?
The construction elastomers market size is expected to continue its strong growth in the next few years. It's estimated to balloon to $8.89 billion in 2028 at a compound annual growth rate CAGR of 8.9%. Key factors contributing to this growth include the increased demand for resilient and disaster-resistant buildings, energy-efficient green buildings, smart building technologies, aging infrastructure renovation, and urban regeneration. Forecasted major trends include seismic resilience, cool roof systems, self-healing elastomers, 3D printing and customization, and elastomeric roof coatings.
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What Are the Key Market Drivers of the Construction Elastomers Industry?
One of the key drivers propelling the growth of the construction elastomers market is the increased demand for sustainable buildings. As the construction industry works towards reducing its environmental impact through sustainable development methods, green technologies, and improved energy efficiency, construction elastomers are becoming a popular choice. They are environmentally friendly, renewable, and safe for both residential and non-residential applications.
For example, a 2021 survey conducted by the Royal Institution of Chartered Surveyors RICS and the World Built Environment Forum revealed that 55% of respondents reported an increase in demand for "green" or "sustainable" buildings. Europe reported the most considerable increase, with 69% of respondents noting a higher demand. Even in the Middle East and Africa, where demand growth was the slowest, 39% of respondents reported an increase. This trend is expected to significantly boost the demand for construction elastomers, aiding growth in the market.
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Which Are the Key Players in the Construction Elastomers Industry?
Numerous well-established companies operate in the construction elastomers market. Notable industry leaders include Dow Chemical Company, Arkema SA, BASF SE, Covestro AG, Huntsman Corporation, Tosoh Corporation, Evonik Industries AG, Mitsubishi Chemical Company, The Lubrizol Corporation, PJSC SIBUR Holding, Teknor Apex Company, Dynasol Group, Kraton Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation, Lanxess AG, Dow Inc., Zeon Corporation, JSR Corporation, LG Chem Ltd., Kuraray Co. Ltd., Momentive Performance Materials Inc., Wacker Chemie AG, Bridgestone Corporation, Continental AG, Eastman Chemical Company, Compagnie Générale des Établissements Michelin, Shin-Etsu Chemical Co. Ltd., Sumitomo Chemical Co. Ltd., The Goodyear Tire & Rubber Company, and Trinseo LLC.
What Are the Emerging Trends in the Construction Elastomers Market?
One major trend in the construction elastomers market is the increased investment in research and development of elastomer processing to enhance its properties and develop new products. In January 2021, Mallard Creek Polymers, a US-based producer of styrene acrylic emulsion polymers for the elastomeric roof coatings market, launched Rovene 6120, an all-acrylic emulsion polymer for highly durable elastomeric roof coatings adhering to ASTM D 6083. The company also received third-party confirmation that Rovene 6120 can fulfill or surpass ASTM D6083, the Standard Specification for Liquid-Applied Acrylic Coating Employed in Roofing.
How Is the Construction Elastomers Market Segmented?
- By Type: Thermoset, Thermoplastic
- By Chemistry: Styrene Block Copolymers Sbcs, Thermoplastic Polyurethanes Tpu, Styrene-Butadiene Sbr, Ethylene Propylene Diene Monomer Epdm, Natural Rubber, Acrylic Elastomer Acm, Butyl Elastomer Iir, Other Chemistry
- By Application: Residential, Non-Residential, Civil Engineering
Regional Insights: Which Region Is Leading in the Construction Elastomers Market?
In 2023, Asia-Pacific emerged as the largest region in the construction elastomers market, followed by North America. The construction elastomers market report includes regional analyses covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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