Press release
Global adhesives and Sealants market size to exceed USD 50 billion by 2023: Global Market Insights, Inc.
Adhesives and sealants market size analysis is set to exceed USD 50 billion by 2023. Strong infrastructure development indicators and focus on vehicle weight reduction for better fuel performance will play a key role in demand development.
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Waterborne adhesives market size dominated the technology landscape, with 47% global share 2015. This technology is preferred over solvent borne technology owing to low VoC emissions to curb environmental toxicity.
Hot melt adhesives market size is forecast to gain significantly, with 5.3% CAGR up to 2023. On product basis, acrylic products witnessed most usage, with overall consumption close to 3.6 million tons in 2015, whereas silicone sealants consumption was over 580 kilo tons.
Stringent norms by the EPA and REACH to address environment concerns over VoC emissions may challenge industry growth. Strong focus on developing renewable materials as an alternative to fossil fuel products is likely to support growth. Bio adhesive market size already accounts for over 1% of the total demand and could witness sizable gains over the coming seven years.
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Key insights from the report include:
Global adhesives market size is set to attain grow at 4.9% CAGR, whereas sealants market size is estimated to reach 2.7 million tons by 2023.
Pressure sensitive adhesive (PSA) applications dominate demand and accounted for over 29% of the total demand in 2015, followed by packaging, with overall consumption of close to 2.1 million tons.
Construction sealants market size witnessed consumption of 510 kilo tons in 2015. Automotive sealants market is forecast to significantly grow at 5.4% CAGR and reach 565.0 kilo tons by 2023.
APAC, led by China, Japan & India, was the leading regional industry and accounted for over 40% of the total demand in 2015.
China polyurethane (PU) glue demand was estimated at close to 280 kilo tons in 2015, whereas PU sealants demand in China was calculated at close to 135 kilo tons in the same year.
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North America, driven by stringent norms in the U.S., accounted for over 22% of the total volume in 2015. North America construction glues market was close to 345 kilo tons in 2015.
Global market share is moderately consolidated with multinationals such as Dow, HB Fuller, 3M and Henkel catering to over 47% of the industry demand. Other notable companies include Eastman Chemical, BASF, Avery Dennison, Ashland and Bostik.
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Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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