According to the latest report published by Credence Research, Inc. “Global Latex Caulk Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global latex caulk market was valued at US$ 285.3 Mn in 2017, expected to grow at a CAGR of 4.6% from 2018 to 2026.
Caulk is a material used to fix cracks and gaps in pipes and plumbing, doors, concrete, roofing and kitchen among others. Caulking restricts water penetration, noise transmission, and provides thermal insulation as well. Latex caulk is gaining rapid acceptance as a replacement to silicone caulk due to its ease of application.
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Latex caulks are easy to use, as the seams can be easily smoothened or trimmed with a tool or moist finger and their durability lasts up to 10 years. Further, latex caulks can be sanded and painted as well. Increasing remodeling and repairing activities are the key factors responsible for the growth of the latex caulks market. Rising expenditure on home remodeling and renovation is expected to witness a strong growth in the coming years. Moreover, rising trend of DIY (do it yourself) for repairing activities in the residential sector is another key factor fuelling the demand for latex caulks. Consumers nowadays prefer to deal with small repairing activities among themselves rather than seeking expert advice that would cost more.
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Based on resin type, acrylic latex caulk captured the majority market share on 2017, followed by acrylic latex silicone blend caulk. Acrylic latex caulk is mainly used for caulking and sealing doors and window frames and trim before painting with oil based paint or latex. It basically finds application in paintings where it can fill any gap between ceilings, walls and woodwork trim. It also aims to seal gaps around electrical switch plates to prevent heat loss and minimize cold drafts. Based on application, residential buildings accounted for the major market share in 2017, owing to the rising investment on building & infrastructure development across the world coupled with growing number of housing projects in developing economies to cater the growing population. Latex caulk prevents water intrusion through holes cracks and gaps.
Asia Pacific was the largest market for latex caulk in 2017 and expected to retain market dominance throughout the forecast period as well. North America and Europe followed closely after Asia Pacific in terms of market revenue. Rising demand from construction industry is mainly driving the Asia Pacific region. Growing residential building sector in China is mainly contributing to the market growth. The heavy spending on construction activities in Asia Pacific is driven by countries such as India, China and Japan, where urbanization is one of the key factors driving the growth of construction industry in these countries. Further, the construction industry in North America is one of the largest in the world, thus making it one of the key regions for latex caulk.
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The construction industry in the U.S. is one of the largest across the globe. Positive trends in housing activities is one of the key factors driving the growth of the construction industry in the country. Moreover, the trend of DIY in U.S. fairly large among homeowners in the U.S. Consumers have adopted the DIY trend for repairing/renovation activities in order reduce expenses on these activities by seeking professional help. This is another key factor fueling market demand for latex caulk in the country.
Notable players operating in the global latex caulk market include The 3M Company, Chemence, The DoW Chemical Company, Franklin International, Sherwin Williams, Bostik, Hodgson Sealants, American Sealants Inc., Sashco, Inc., and DAP products.
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