Canada Sealants Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Canada Sealants Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Canada Sealants Market is projected to register a CAGR of 6.33%

Key Highlights

• Largest Segment by End User Industry - Building and Construction : In Canada, building and construction is the dominant end-user industry owing to the wide range of sealant applications, including joint sealing, heat insulation, and glazing.
• Fastest-growing Segment by End User Industry - Building and Construction : Building and construction is projected to be the fastest-growing end-user industry segment in the Canadian sealants market due to the increasing number of residential and commercial constructions in the country.
• Largest Segment by Resin - Silicone : Silicone sealants hold the largest share among resin types in the market owing to their wide applications in the building and construction, and automotive industries for both interior and exterior applications.
• Fastest-growing Segment by Resin - Silicone : Due to their sheer strength and high-impact resistance abilities, silicone sealants are mostly used in construction applications and are, thus, forecast to be the fastest-growing resin segment in the market.

Key Market TrendsBuilding and Construction is the largest segment by End User Industry.

• Sealants are majorly used in the construction industry in Canada because of their diverse applications, such as waterproofing, weather sealing, crack sealing, and joint sealing. The Canadian construction industry accounted for 1.7% of the global construction market in 2017 and accounted for more than 7% of the country’s GDP. The rapid growth of residential construction projects in the country is expected to augment the demand for sealants in the near future.
• The automotive industry accounts for a decent share of the sealants market because of their applicability to various surfaces, such as glass, metal, plastic, and painted surfaces. The features that are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting, are expected to create ample opportunities for sealants over the coming years. These sealants are mostly used in engines and car gaskets. Electric vehicle sales are expected to grow at a significant rate of 28% from 2020 to 2030 because of the increase in the need for personal mobility. This is also expected to boost the demand for automotive sealants over the forecast period.
• Different sealants are widely used in electronics and electrical equipment manufacturing for potting and protecting materials. They are also used for sealing sensors and cables, etc. The consumer electronics market is anticipated to grow at a rate of over 4% over the coming years in Canada and lead to an increase in the demand for sealants during the forecast period. Sealants are used in the healthcare industry for applications such as assembling and sealing medical device parts. The increase in healthcare investments in the Canadian market is expected to increase the demand for sealants in the forecast period.

Competitive Landscape

The Canada Sealants Market is moderately consolidated, with the top five companies occupying 47.70%. The major players in this market are 3M, Henkel AG & Co. KGaA, MAPEI S.p.A., RPM International Inc. and SIKA AG (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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