Adhesives and Sealants Market to Grow $66,876 Million by 2022 End : Asia-Pacific region is expected to continue to lead the industry during forecast period
Factors driving the overall adhesives and sealant market are increased automobile production and a surge in packaging demand. The automotive industry is gradually increasing its fuel efficiency by replacing the welding activities of engine parts with adhesives and sealants to reduce vehicle weight. The strong growth of the infrastructure is expected to lead to the growth of the adhesive and sealant market. With rapid urbanization and population growth in developing countries and the recovery of construction activities in developed markets such as Europe and the United States, demand for adhesives and sealants is increasing.
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Solvent-based adhesives (vinyl acetate, resins, rubber, and others) tend to form ozone in response to nitrogen oxides present in the atmosphere, so strict regulation of volatile organic chemicals (VOCs) will constrain the market. It causes respiratory diseases and poses a health risk. As environmentally friendly adhesives become more popular than traditional solvent-based and water-based adhesives, they serve as opportunities for market growth.
Adhesives & Sealants Market Report, published by Allied Market Research, forecasts that the global market is expected to $66,876 million by 2022, registering a CAGR of 3.7% during the period 2016-2022. Water-based adhesives segment held about 40% share of the global adhesives market in 2015, owing to its viability as an alternative choice to conventional solvent-based adhesive products.
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.
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.
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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.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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