In terms of revenue, the Global Caulking Gun Market is expected to reach USD 3.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.10% from 2022 to 2028.
The growing need for advanced ceramics in the healthcare and medical equipment industries is expected to propel the Caulking Gun market forward, with transportation, chemical, defense, and military sectors expected to contribute.
Key Highlights from Report:
- The home use segment held a significant share in 2021. This surge is attributable to the increasing need to apply tubes or cartridges filled with the material used in sealing up the gaps and cracks in the home. In addition, during the pandemic, consumers needed to work independently at work; hence product application increased.
- The 12V segment is anticipated to grow at a considerable CAGR during the forecast period owing to the increasing demand for cordless 12V Caulking Gun in the market.
- North America is accounted for the largest share in 2021. According to a study, buildings account for 41% of total energy use in the United States. This will ultimately escalate the country's consumption of insulating glass, which will benefit Caulking Gun sales. In addition, North America and Europe is likely to have considerable growth in the Caulking Gun market due to the prevalence of DIY-based activities in the home interiors and gardening domains in the area.
The customers' increasing desire for convenience and comfort in the workplace is expected to boost Caulking Gun demand and market value. In addition, the availability of a variety of Caulking Gun is projected to increase Caulking Gun sales. On the other hand, the increased cost of production might act as a market restraint for Caulking Gun. Moreover, manufacturers will likely develop several innovative products with unique material attributes while minimizing their lifetime operational costs, resulting in new prospects for the Caulking Gun market over the forecast period.
Furthermore, manufacturers' development of numerous innovative products with unique material qualities while minimizing their lifetime operational costs is expected to generate new chances for the market to grow throughout the forecast period. On the other hand, the market is expected to face difficulty due to the manufacturing and supply chain slowdown caused by COVID-19.
North America held the most significant shares in 2021. A large portion of the region comprises developing countries' rising end-use sectors. Government initiatives and schemes in India, Vietnam, Thailand, Indonesia, and other Southeast Asian countries are likely to drive Caulking Gun market growth in numerous industries. The market in South Asia is unlikely to grow due to the use of traditional manual methods for applying sealant and a lack of understanding among end-users about the benefits of Caulking Gun. The East Asian Caulking Gun market has the potential to grow significantly throughout the forecast period. The MEA is expected to substantially increase the Caulking Gun market because of the region's robust and powerful construction sector, which includes nations like Saudi Arabia, the United Arab Emirates, and others.