LONDON, March 01, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the construction elastomers market, the increase in the demand for sustainable buildings is expected to serve as a major construction elastomers market driver in the forecast period. The goal of sustainable construction is to reduce the industry's environmental impact by implementing sustainable development methods, increasing energy efficiency, and adopting green technologies. Construction elastomers are environmentally benign, renewable, and secure to use for both residential and non-residential purposes. For instance, according to a survey conducted by the Royal Institution of Chartered Surveyors (RICS) and the World Built Environment Forum in 2021, 55% of respondents said demand for buildings considered ‘green’ or "sustainable" had risen. In addition, Europe saw the greatest increase in demand, with 69% of respondents reporting higher demand. Even in the Middle East and Africa, where demand growth was the slowest, 39% of respondents said demand had increased. This will create a significant demand for construction elastomers and thus aid the growth of the market.
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The global construction elastomers market size is expected to grow from $4.75 billion in 2021 to $5.27 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The construction elastomer market is expected to reach $6.89 billion in 2026 at a CAGR of 6.9%.
The increase in investments by key players in the R&D of elastomers processing to improve its properties and development of the new product is amongst the major construction elastomers market trends. Major companies operating in the construction elastomers market are focused on investing in research and development to meet customer demand and strengthen their position. For instance, in January 2020, Mallard Creek Polymers, a US-based producer of styrene acrylic emulsion polymers to the elastomeric roof coatings market launched Rovene 6120, an all-acrylic emulsion polymer for highly durable elastomeric roof coatings adhering to ASTM D 6083. In the same year, MCP acquired third-party confirmation that Rovene 6120 can be prepared to fulfill or surpass ASTM D6083, the Standard Specification for Liquid Applied Acrylic Coating Employed in Roofing.
Major players in the construction elastomers market are The Dow Chemical Company, Arkema S.A, BASF SE, Covestro AG, Huntsman Corporation, Tosoh Corporation, Evonik Industries AG, Mitsubishi Chemical Company, The Lubrizol Corporation, SIBUR, Teknor Apex Company, Dynasol Elastomers, Kraton Corporation, Asahi Kasei Corporation, Exxon Mobil Corporation and Lanxess Ag.
This construction elastomers market global forecast report is segmented by type into thermoset, thermoplastic; by chemistry into Styrene Block Copolymers (SBCs), Thermoplastic Polyurethanes (TPU), Styrene-Butadiene (SBR), Thylene Propylene Diene Monomer (EPDM), Natural Rubber, Acrylic Elastomer (ACM), Butyl Elastomer (IIR), others; by application into residential, non-residential, civil engineering.
As per TBRC’s global construction elastomers industry insights in 2021, Asia Pacific was the largest region in the market. North America was the second-largest market in the construction elastomers market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Construction Elastomers Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide construction elastomers market overviews, construction elastomers market analyze and forecast market size and growth for the whole market, construction elastomers market segments and geographies, construction elastomers market trends, construction elastomers market drivers, construction elastomers market restraints, construction elastomers market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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