Middle East and Africa Sealants Market 2021-2028

MARKET OUTLOOK

This report infers that the Middle East and Africa's sealants market is likely to surge at a CAGR of 5.68% in the forecast period 2020-2028. The market is also estimated to display volume growth at a CAGR of 4.46% in the assessed years. Turkey, Saudi Arabia, the UAE, South Africa, and Rest of Middle East & Africa form the market in this region.
In Turkey, the manufacturing sector's high investments are mainly motivating the expansion of the sealants market. The country is also witnessing a significant increase in the domestic automotive industry. Here, numerous well-known companies, such as Hyundai Motor and Toyota Motor, are continuing to invest in the country, and is estimated to increase their production capacities over the next few years. This growth in the automotive industry and manufacturing activities is likely to propel Turkey's sealants market in the upcoming years.

Likewise, the automotive industry is growing significantly, with numerous automotive manufacturers expanding their production activities across South Africa. This rise in the manufacturers is mainly owing to the incentives provided by the government through its Automotive Production and Development Plan. Further, the furniture industry is also anticipated to showcase moderate growth in the next few years due to the industry, labor, and government's efforts to promote the furniture sector in the country. Above all, the country is predicted to observe a surge in demand for residential furniture as there is a rising demand for housing in urban areas, which will further augment the construction activities. Therefore, as mentioned above, these factors are anticipated to position the South African sealants market on a progressive path.

COMPETITIVE OUTLOOK

The key competitors thriving in this market consists of Dow Chemical Company, Momentive Performance Materials Inc (MPM), Henkel Ag & Co KGaA, Arkema SA, 3M Company, HB Fuller Company, and ITW Performance Polymers.