Global polysulfide resin market will witness growth at a steady pace on the back of rising demand from various industries, including automotive and transportation, industrial processing, building and construction, specialty chemicals, and others.
As per Future Market Insights (FMI), the market is projected to top US$ 229.76 Mn, reaching 62,008.8 Tons during the forecast period between 2021 and 2031.
Thiokols are anticipated to remain highly sought-after in terms of product backed by the growing adoption within building and construction and automotive & transportation industries. Thiokol’s unique sulfur structure makes it useful as a sealant in construction and civil engineering projects, and in cutting edge construction technologies like high-rise building construction.
Driven by the growing demand for construction utilizations due to rapid urbanization, sales of thiokol polysulfide resins will increase coming years. Extensive use of thiokol as double glazing window sealants in building joints and curtain wall joints will boost sales opportunities in the market.
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As per FMI, development of infrastructure in emerging economies such as China, India, and Japan will increase the adoption of polysulfide resins, accelerating growth in the market.
The outbreak of COVID-19 dampened the sales of polysulfide resins due to the suspension of production activities in end-use industries and disruptions in supply-chains. However, key players are evaluating agile and better automation solutions in the supply chain, which can supply the products without disruption. This is expected to help the market overcome the pandemic induced slowdown in the coming years.
Key Takeaways from Polysulfide Resin Market Study
- Application of polysulfide resins in building & construction and automotive & aerospace industries will push the sales in the market at 3.9% CAGR between 2021 and 2031.
- Building and construction segment is estimated to account for dominant share of 59% in the market.
- Thiokols (liquid polysulfide resin elastomers) is expected to remain most preferred product owing to increasing application as modifying agents in the construction sector.
- East Asia is projected to remain as emerge as a highly lucrative polysulfide resin market, with China accounting for almost one-third of the market share.
- India will continue registering high demand for polysulfide resins, accounting for 43% of sales in South Asia Pacific.
“Expansion of automotive & transportation and building & construction industries post-pandemic has created lucrative growth opportunities for polysulfide resin market. Key players are capitalizing on surging demand in building & construction sector through new product launches,” said a lead analyst at FMI.
Polysulfide Resin Market: Participant Insights
Key market participants in the global polysulfide resin market include Toray Fine Chemicals Co. Ltd., Nouryon, Arkema, and JSC Kazan Synthetic Rubber Plant. These companies are focusing on expanding their production capacity in emerging economies.
Besides this, they are strengthening their product portfolio and developing stronger distribution network to gain competitive edge in the market.
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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.