Press release
Why the Adhesives & Sealants Market is set to explode? Top Companies: Sika, PPG Industries, Avery Dennison, Arkema, RPM International Inc., Huntsman Corporation, BASF, Ashland Industries, Inc., 3M, etc
Adhesives and Sealants Market
A collaborative study released by Oxford Economics and Global Construction Perspectives predicts that by 2030, global volume of construction output will skyrocket by 85% and reach USD 15.5 trillion in value. The main countries contributing to this prolific rise will be China, US, and India, according to the study. Adhesives and sealants are some of the most essential materials in the construction industry as they are the agents that bind dissimilar components, playing a key role in giving different parts of a building the desired shape. More importantly, these materials are critical in maintaining the structural strength of any building and thus, escalating demand for infrastructures, especially in developing nations, is likely to propel the growth of this market in the coming years.
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Competitive Landscape
Strategic Operational Expansion by Key Players to Heat up Competition
In a bid to penetrate and establish presence in unexplored territories, key players in this market are making strategic investments to expand their operations on foreign shores. In addition to this, companies are also acquiring other entities that are specializing in adhesives & sealants to further cement their position in the market.
Industry Developments:
January 2020: BASF announced plans to increase production of its leading antioxidant offering, Irganox® 1520L, by 20% at its site in northern Italy. The product is a highly effective thermo-stabilizer, utilized in a vast array of solutions including adhesives, sealants, lubricants, oils, and polymers.
September 2019: Sika AG, a specialty chemical company based in Switzerland, inked an agreement to acquire the Chinese sealants and adhesives manufacturer, Crevo-Hengxin. This takeover will allow Sika to gain entry into the Chinese and Asia Pacific market and also enable the company to strengthen its portfolio of silicone sealants.
List of Key Players Covered in the Adhesives & Sealants Market Report are:
• 3M (United States)
• Arkema S.A. (France)
• Ashland Inc. (United States)
• Avery Dennison (United States)
• BASF SE (Germany)
• H.B. Fuller Company (United States)
• PPG Industries (United States)
• RPM International Inc. (United States)
• Sika AG (Switzerland)
• Other Players
Market Restraint
Sizeable Dip in Revenue Earnings of Key Players amid COVID-19 to Hit Growth
The momentum gained by the adhesives and sealants market growth in the past year is likely to hit a major roadblock as the coronavirus pandemic has led to a sharp drop in the revenues of key market players. For example, in July 2020, the US-based conglomerate 3M reported a 12% fall in revenue in the current quarter, with net sales sliding to USD 7.2 billion from USD 8.2 billion owing to the economic downturn caused by COVID-19.
In Europe, BASF, the German chemicals leader, suffered heavy losses in the second quarter, driven primarily by shrinking demand from the auto sector. Revenue shortfalls will inevitably lead to lower investments, which in turn will have negative implications for the demand for adhesives and sealants. Furthermore, lockdowns and social distancing measures have forced companies to limit the number of workers working in factories and plants, thus contracting production activities in the process.
Regional Insights
Promising Economic Growth in Asia Pacific to Accelerate Market Expansion
Economic growth and development in Asia Pacific, mainly witnessed in India and China, has been reflected in commensurate growth in core sectors such as building & construction, energy & power, and manufacturing. Moreover, rising investments in industries have further boosted the demand for bonding materials in the region. Together, these factors are ensuring that Asia Pacific, where the market size stood at USD 21.03 billion in 2019, dominates the adhesives and sealants market share during the forecast period.
In North America, the market is anticipated to grow at an unvarying pace owing to increasing demand in the region for flexible packaging. In Europe, on the other hand, presence of well-established chemicals industry and growing demand for green adhesives will brighten market prospects in the near future.
Browse a detailed summary of adhesives and sealants market research report enabled with TOC, list of tables and figures: https://www.fortunebusinessinsights.com/industry-reports/adhesives-and-sealants-market-101715
Optimistic Projections for Electric Vehicles to Aid Market Growth
One of the top emerging Adhesives & Sealants Market trends is the encouraging outlook for electric vehicles for the next couple of decades. According to the International Energy Agency (IEA), in 2017, over 3 million hybrid cars were running on roads across the globe. Moreover, the IEA's New Policies Scenario projects that the number of electric cars on the road could reach 220 million by 2030. Adhesives and sealants are expected to play a crucial role in the manufacturing of electric vehicles as they make possible the bonding of dissimilar materials. Adhesives are already widely applied in automotive manufacturers such as for thermal conductivity and management and corrosion protection. The emergence of electric vehicles would open a new avenue for these materials.
Rapid Industrial Development to Drive the Market in Asia-Pacific
Asia-Pacific is foreseen to lead the Adhesives & Sealants Market share owing to the speedy development of industries in the region. In addition to that, the rapid expansion of the middle class in India and China is generating tremendous demand for building and construction activities, which is auguring well for the market in the region.
North America boasted of the market size of USD 11.32 billion in 2018 and will remain a key region in this market during the forecast period. The primary factor driving the market here is the growing preference among consumers for flexible packaging solutions. In Europe, strong environmental regulations are firing up the demand for green adhesives and boosting the market in the region.
Introduction of Innovative Offerings to Make Competition Fierce
The adhesives and sealants market forecast predict a period of fierce competition in the market as companies develop and launch interesting solutions. "These measures are aiding players to diversify their portfolio and entrench their position in the market", says one of our lead analysts.
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