Polysulfide Resin Market

Polysulfide Resin Market Snapshot (2023 to 2033)

The estimated size of the polysulfide resin market in 2022 was close to USD 163.65 million. The usage of polysulfide resins in the building sector is expected to increase since they provide final goods with remarkable flexibility as well as weather resistance. It is thus likely to have produced USD 254.61 million by 2033, alongside a CAGR of 4.1% from 2023 to 2033.

Companies of polysulfide resins have also been compelled to innovate given the wider changes in a variety of end-use sectors. Manufacturers compete to provide high-quality goods, particularly for infrastructure as well as civil engineering projects, since bridges, tunnels, underpasses,and highways and culverts are constantly being built and developed across the world.

With a minor advantage over the building construction segment, the commercial segment is anticipated to lead the global market for polysulfide resins. In terms of growth rate, it is predicted that the civil engineering industry would rise at a rapid CAGR. Administrative agencies are compelled to build better bridges and roads because of the expanding urbanization. Factors as these are anticipated to boost the growth in the global polysulfide resin market from 2023 to 2033.

Report Attribute	Details
Estimated Market Value (2022)	USD 163.65 million
Expected Market Value (2023)	USD 171 million
Projected Forecast Value (2033)	USD 254.61 million
Anticipated Growth Rate (2023 to 2033)	4.1% CAGR

Polysulfide Resin Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2033)

Demand for global polysulfide resin grew at a sluggish 1.2% CAGR between 2018 and 2022. Sales of polysulfide resin plummeted due to the unprecedented outbreak of COVID-19. Due to restrictions in production activities and supply-chain disruption, demand for polysulfide resins declined in the FQ-20.

With expedited vaccine drives and recovery of production activities across diverse sectors, the market is expected to pick up the pace during the forecast period. As per FMI, the demand in the building and construction segment is expected to grow by 3.7% to 25,898.2 Tons in 2022, while sales in the automotive and transportation segment are projected to be up by 3.92% to reach 8,004.2 Tons.

Strong growth has been witnessed in the building and construction sector backed by greater demand for commercial and housing construction with increase in population. Growth in the building and construction sector resulted in surging demand for building joints, expansion joints, window sealants, and panel joints. This has led to the growth of the polysulfide resin market across the globe. The demand for automobiles and aircrafts across the globe is boosting the consumption rate of polysulfide resins. With increasing application of polysulfide resin within construction and automotive industries, the market is anticipated to witness considerable growth in the coming years.

The global population is estimated to be about 7.8 million and is expected to reach about 9.7 million by 2050-end. Growth in the global population will result in higher demand for automobiles, commercial aircrafts and houses, which is expected to boost the demand for polysulfide resins. Consumption of construction chemicals such as coatings and sealants is expected to increase significantly due to the growth of infrastructure development activities across emerging economies.

The adoption of polysulfide resins is expected to increase in construction sector as polysulfide sealants provide finished products with outstanding flexibility and high weather resistance. Driven by the rising consumption in construction, rubber processing and aerospace sector, the global polysulfide resin market reached US$ 163.65 million in 2022.

What is primarily Driving the Regional Market for Polysulfide Resins?

Increasing Investment in Modernization is likely to Shape the Market

Demand for polysulfide resin elastomers is driven by increased investment in framework modernization such as platform infrastructures, internal architecture and other features in countries such as the United States, Brazil, and France.

Rapid urbanization in these countries will spur the demand of polysulfide resins as they witness higher investments in infrastructure. The market is projected to witness positive growth outlook over the coming years as key companies improve their capital efficiency of their projects with advancements in technology and increased efforts by research centers.

New players willing to get into the polymers market in emerging countries are capitalizing on increasing demand of polysulfide resin within end-use industries such as automotive & transportation and building & construction. Growing demand for advanced sealants to combat corrosion of aircraft components and prevent leaks from aircraft fuel tanks has a significant impact on product innovations and development strategies. In collaboration with chemical researchers and other stakeholders, key manufacturers are focusing on innovations for the development of new products.

What can be the Possible Reasons to Impede the Growth in the Market?

Global Restrictions like the Covid-19 Lockdown May Hamper the Growth

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. Demand for polysulfide resins decelerated with decreasing demand for automobiles, construction chemicals, and pause in aviation sector as polysulfide resins are widely used in aforementioned industries. Recovery of operations across end-use sectors is expected to boost the adoption of polysulfide resins in the forthcoming decade.

Category-wise Insights

Which Product Type is Likely to Take the Lion’s Share in 2023?

Thiokols (Liquid Polysulfide Resin Elastomers) to Remain Highly Sought-After

In terms of product, thiokol segment is projected to account for about 75.2% of the total polysulfide resin market share in 2022. Rising need for sophisticated sealants to prevent leaks in aviation fuel tanks and battle corrosion in aircraft components has improved the demand for thiokols.

Increasing marine activities in emerging economies with surging demand for recreational activities is expected to boost the demand for recreational vessels, henceforth creating opportunities for sales of for thiokol.

Why is Application of Polysulfide Resin Increasing in Building & Construction?

The Building and Construction Industry is Anticipated to Bring in Huge Revenues

As per FMI, the building & construction industry is expected to account for 65% of global market share in 2023. Expansion of construction sector due to the increasing demand for commercial and residential buildings across the globe will create growth opportunities in the market.

Increasing investment in infrastructure, especially in emerging economies, as a result of rising population and living standards, will boost the adoption of construction chemicals. This will in turn improve growth prospects for polysulfide resin market.

Sales of polysulfide resins are expected to soar as they are used in applications where substrates are intended to be immersed in fluids for an extended period of time. Application of polysulfide resin in roofing and cladding, escalators and lifts, airport roofing, bridges, and in building infrastructure are other factors driving adoption in construction industry.

Region-wise Analysis

How big is the Opportunity for Polysulfide Resin Market in the United States?

Immense Surge in the Automotive Sales have been Propelling the Global Demand

In 2023, the United States polysulfide resin market is expected to register 4.1% year on year growth, holding 86.8% of the total sales in North America. The United States is the most cost-effective countries globally in terms of production technologies. The increase in production of thiokol in the country is aiding the market growth.

Surge in automotive sales, especially of passenger vehicles, is anticipated to create opportunities for the polysulfide resin market in the United States. With growing sales of high end luxury vehicles and SUVs, the aftermarket installation has gain more popularity amongst the end users in the country.

Since 2016, shifting consumer preferences for houses in countryside areas and growing number of housing units is fuelling the demand for polysulfide resins within building and construction sector of the United States.

How is Demand for Polysulfide Resins Faring in India?

Construction, Automotive, and Industrial Processing Industries are Boosting the Growth

India is anticipated to remain one of the fastest growing countries in the global polysulfide resins market. Demand for polysulfide resin across India is expected to increase at a 5.1% CAGR through 2033.

Growth is primarily driven by increasing consumption of polysulfide within construction, automotive, and industrial processing industries. Manufacturers are eyeing the India’s market to strengthen their global supply system and meet unceasing demand of polysulfide resins from construction and automotive industries.

With the expansion of construction sector at a rapid pace due to increasing demand for commercial and residential buildings, the market is expect to witness robust growth. Increased investment in infrastructure in India as a result of rising population also will propel the growth of polysulfide resin market.

What will be the Outlook of the Chinese Polysulfide Resin Market?

Expansion of Building & Construction Sector Push the Sales of Polysulfide Resins in China

China is expected to be the key manufacturer and consumer of polysulfide resin , accounting for about 58.8% of the East Asia market in 2022. With multiple polysulfide products manufacturing facilities, China is anticipated to be one of the most lucrative polysulfide resin markets globally.

The country has witnessed strong growth in the construction sector in the past decade. The consumption of construction chemicals such as coatings and sealants is expected to surge due to the expansion of infrastructural activities in China.

This, in turn, is expected to boost the demand for polysulfide sealants because they provide the finished product with outstanding flexibility and high weather resistance. High infrastructure growth in the China is likely to fuel demand for the polysulfide resin market.

Market Competition

Key players in the global polysulfide resin market are focussing on expanding their production capacities by setting new production units especially in the emerging economies.

They also are relying on e-commerce and online distribution channels, to strengthen their market presence globally. Top players are adopting expansion strategies such as acquisition and joint ventures with small players to sustain their positon in the industry.

The key players in this market include:

• Nouryon
• Toray Fine Chemicals Co. Ltd.
• JSC Kazan Synthetic Rubber Plant
• Arkema

Some of the products being launched by the key players are:

• In 2019, Nouryon completed colloidal silica expansion in Sweden, US$ 4.6 million expansion primarily adds capacity for the company’s Levasil CC-branded product line, which supports customers in the paints and coatings market to switch from solvent-based coatings to the more sustainable water-based coatings.
• In 2021, Nouryon expanded its production line and production capacity in China to meet its demands from end user industries.
• In 2021, an agreement was signed by Arkema for the acquisition of Ashland’s Performance Adhesives business, a first-class leader in high performance adhesives for industrial applications in the United States with a unique and innovative product portfolio.
• Toray stated in 2022 that its European branch will spend roughly 100 million euros to upgrade its facilities in southwest France with a new exceptionally well carbon fiber line of production. The production line will add 1,000 tons of capability when it is operational at the end of 2025, with building set to begin in the latter part of 2023. According to the corporation, the money spent will also result in the addition of 50 new employment at the factory. According to Toray, the business will be able to fulfill the rising demand for advanced carbon fibers in France as well as European nations thanks to the new line.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 4.1% from 2022 to 2032
Market value in 2023	USD 171 million
Market value in 2033	USD 254.61 million
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	USD million for value
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Product Type, End-use, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa
Key Countries Profiled	United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain,Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, Japan,China, South Korea, GCC countries, South Africa, Israel
Key Companies Profiled	Nouryonoray ; Fine Chemicals Co. Ltd.; JSC Kazan Synthetic Rubber Plant; Arkema
Customization & Pricing	Available on Request

Key Segments Profiled In The Polysulfide Resin Market

By Product Type:

• Theokoles (Liquid Polysulfide Elastomers)
• Solid Polysulfide Elastomer

By End Use:

• Automotive & Transportation
  • Aerospace
  • Automotive
  • Marine
  • Others
• Building & Construction
  • Bridges
  • Roads
  • Commercial Construction
  • Others
• Industrial Processing
• Specialty Chemicals
• Others

By Region:

• North America,
• Latin America,
• Western Europe,
• Eastern Europe,
• South Asia and Pacific,
• East Asia,
• Middle East and Africa

Frequently Asked Questions

Where is the Higher Demand for Polysulfide Resin?

The Asia Pacific registered 43% of the market share in 2022.

Which is the Preferred Material for Making Polysulfide Resin?

Thiokol material type segment contributes 58% of total production.

Which Product Type is in Higher Demand?

Solid polysulfide elastomers segment holds 62% of the global market share.

How the Polysulfide Resin Market Developed in the Past?

From 2018 to 2022, the global market exhibited 4.1% CAGR.

Which Regional Market will Witness Higher Growth?

The Asia Pacific market to record a 5.5% CAGR through 2033.