Adhesives and Sealants Market is Expected to Touch $66,876 Mn by 2022
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Factors driving the overall adhesives & sealants market are increasing automobile production and surging demand for packaging material. The automotive industry is gradually replacing welding activities of engine parts assembly with adhesives & sealants products to reduce the vehicle weight, which in turn increases fuel efficiency. Strong growth in infrastructure activity is also expected to drive the growth of adhesives & sealants market. Rapid urbanization and population growth in developing countries combined with rebounding construction activities in developed markets of Europe and the U.S. is fueling the demand for adhesives & sealants products. Stringent regulations on volatile organic chemical (VOC) emission is likely to restrain the market, as solvent-based adhesives (vinyl acetate, resins, rubber and others) have the tendency to react with nitrogen oxides present in the atmosphere to form ozone, which poses a health threat by causing respiratory problems. The increasing popularity of environment-friendly adhesives over traditional solvent-based and water-based adhesives acts as an opportunity for the market growth.
Water-based adhesives segment is expected to continue its lead throughout the analysis period. This is owing to inkling of major end-user industries namely packaging and construction toward water-based adhesive products; as solvent-based adhesive products are highly prone to volatile organic compound (VOC) emissions. Other factors attributing to its growth are its user-friendly nature and safety in the working environment. Water-based adhesives are free of toxic elements and hazardous organic elements, thus fulfilling the regulations. In the year 2015, the silicone-based sealants segment occupied more than 40% of the Sealants market revenue due to compatibility, strength, stability, and durability. Compatibility of silicone sealants in construction applications has made it the most commendable type in the market.
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Key Findings of Adhesive & Sealant Market
• Asia-Pacific is expected to continue to lead the market throughout 2022, followed by Europe.
• Silicone sealants are expected to dominate the sealants market until 2022.
• Paperboard & packaging and building & construction together accounted more than half of the global Adhesives & sealants demand in 2015.
• Hot melt adhesives market volume is projected to grow with a higher CAGR of 6.1% during the forecast period.
• China alone contributed to around 20% of the global adhesives & sealants revenue in 2015.
Asia-Pacific and Europe dominate the adhesives & sealants market, together contributing two-thirds of the globalrevenue. Globally, Asia-Pacific dominates the building & construction, packaging, and automotive production, where adhesives & sealants are majorly applicable. Hence, this region was the major consumer of adhesives & sealants in 2015, and is expected to maintain this position throughout the forecast period.
Most of the companies in this market are investing significantly in R&D to develop environment-friendly products. The prominent players profiled in this report include Henkel AG & Co. KGaA, Sika AG, H.B. Fuller, 3M Corporation, Bostik SA, Huntsman International LLC, Avery Dennison Corporation, Dow Corning Corporation, Wacker Chemie AG, and RPM International Inc.
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