The global adhesives and sealants market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Adhesives and sealants are chemical compositions used to join surfaces and fix leakages respectively. Both adhesives and sealants are formulated with similar chemicals and come under the same industry but are different in their application. The major use of adhesives is for bonding applications due to their physical tensile strength and chemical bonding properties. While sealants have lower tensile strength and higher flexibility and are used to fill gaps, fix leakages and stop relative movement of substrates.
As adhesives and sealants are one of the major raw materials used in automobile, aircrafts, electronics and construction industry, demand from these industries is expected to increase the growth of this market. Demand from automobile, aircrafts, electronics and construction markets is actually increasing because of growing population and extra income in developing countries. Additionally, rising demand from various other industries such as packaging, leather, paper, footwear, medical and other industries is likely to drive adhesives and sealants market.
Based on the applications adhesives and sealants can be water based, solvent based, hot melt, pressure-sensitive, and reactive adhesives, and acrylic, silicone, polyurethane, butyl, polysulfide, latex, and silyl modified polymer-based sealants.
Drivers and Restraints of Adhesives and Sealants Market
Growing investments in automobile, aircrafts, electronics and construction industries in regions like Asia and the Americas are likely to offer tremendous possibilities for adhesives and sealants market in the future. As the business requires low intensive capital and has higher accessibility to raw material, many multinational businesses are investing in the market.
Adhesives and sealants require a considerable amount of customer and technical service expertise based on the need of the particular market. Adhesives and sealants have an adverse effect on human body if exposed to it for a longer duration. Their acute toxicity often makes environmental regulatory institutions to implement strict regulations on adhesives and sealants usage. Existing and future regulations concerning the use of solvent-based adhesives and sealants are likely to hinder the market growth.
Adhesives and Sealants Market by Region
Asia was the largest consumer of adhesives and sealants and this pattern is anticipated to continue to be identical over the following few years. Consumption in China is showing upward trend because of increase in economic activity. Growing demand for automobile, aircrafts, electronics and construction and other industries will drive adhesives and sealants market in China. With major production capacities in China and Japan, the region is likely to grow in terms of global supply capability. Consumption of Adhesives and sealants in the Americas and Europe is likely to grow at a significant rate due to demand from automobile, aircrafts, electronics and construction industry. Demand from the Middle East and Africa was low relatively and is likely to stay same in the next few years.
Top players in this market include Henkel AG & Co., Sika AG, H.B. Fuller, 3M Corporation, and Bostik SA. among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth