Adhesives and Sealants Market Value is looking to raise up to $66,876 Mn by 2022 : AMR Study
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.
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Adhesives and sealants are formulated with similar chemicals and technologies, and are used in a related range of applications. Although they are considered as a single industry, their performance is distinct across end applications. Regulatory bodies have different specifications and test methods for each of them. Adhesives have high shear and tensile strength, which makes the material preferable for holding- and bonding-related applications. On the other hand, sealants fill gaps and resist relative movement of substrates. They are generally lower in strength than adhesives, but have greater flexibility.
Focus on the usage of adhesives in products, such as vehicles, aircraft results in weight reduction, driving the demand for adhesives and sealants. Adhesives are likely to replace the conventional joining techniques, resulting in change in weight of the final product. The automotive industry is gradually replacing welding activities of engine parts assembly with adhesives and sealants products to reduce the vehicle weight, which in turn increases fuel efficiency. Glass building constructions, especially for commercial space, are rising at a faster pace globally; large glass sheets installed in these giant structures require sealants in the panel to achieve a weather-tight structure. In addition to the growth aspect, challenges the industry needs to overcome are availability and volatile cost of raw material for the manufacture of adhesive & sealant products.
The global adhesives and sealants market is segmented on the basis of adhesive type, sealant type, application, and geography. Based on adhesive type, the market is classified into water-based, solvent-based, hot melt, pressure-sensitive, and other adhesives, which includes reactive adhesives & formaldehyde adhesives. Acrylic, silicone, polyurethane, butyl, polysulfide, latex, and silyl modified polymer-based sealants are considered under the sealant type segmentation, where each type is further classified to give an elaborative idea on the adhesives and sealants industry. In the year 2015, water-based adhesives dominated the overall adhesives market, whereas the sealants market was dominated by silicone-based sealants. Adhesives and sealants have a wide range of applications, such as paperboard & packaging, building & construction, woodworking & joinery, transportation, footwear & leather, medical, and others. Paperboard & packaging and building & construction are the major applications for, which together contributed more than half of the total revenue in 2015.
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