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

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

The Russia Sealants Market is projected to register a CAGR of 6.07%

Key Highlights

• Largest Segment by End User Industry - Building and Construction : In the Russian sealants market, building and construction is the major end-user industry segment owing to the wide range of sealant applications, including joint sealing, heat insulation, glazing, and façade.
• Fastest-growing Segment by End User Industry - Aerospace : The aerospace industry is expected to be the fastest-growing end-user industry segment in the market owing to the rising demand for lightweight and high-strength components to substitute traditional aircraft joints.
• Largest Segment by Resin - Silicone : Silicone sealant is the major resin-based sealant as it holds the largest application share in the building and construction industry 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 anticipated to witness the fastest growth during the forecast period.

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

• The Russian sealants market is primarily driven by the construction industry, followed by other end-user industries due to the diverse applications of sealants in building and construction activities such as waterproofing, weather-sealing, and joint-sealing. Construction sealants are designed for longevity and ease of application on different substrates. The construction industry of Russia fell by about 7% in 2020 due to the adverse impact of the COVID-19 pandemic and recovered to the pre-pandemic level only by the end of 2021. However, the industry's growth is likely to sustain in the near future owing to increasing construction investment and residential construction growth across the country.
• Various sealants are widely used in electronics and electrical equipment manufacturing for potting and protecting applications. They are used for sealing sensors and cables, etc. Though the Russian electronics market previously registered less than a 1% share of the global market, it is expected to record a growth rate of over 9% annually in the consumer electronics segment, which will propel the sealants demand over the forecast period. Russia is one of the major manufacturers of locomotive engines around the world. A range of sealants applications in the locomotive and DIY industries for longevity and cost-effectiveness is expected to boost the demand for sealants by 2028.
• Sealants have diverse applications in the healthcare industry, such as assembling and sealing medical device parts. The Russian government has introduced several regulations for imported medical devices, which are likely to influence domestic production. Thus, such a trend is expected to augment the demand for medical-grade sealants over the coming years.

Competitive Landscape

The Russia Sealants Market is fragmented, with the top five companies occupying 24.96%. The major players in this market are Arkema Group, Henkel AG & Co. KGaA, MAPEI S.p.A., Sika AG and Soudal Holding N.V. (sorted alphabetically).

Additional Benefits:

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

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