The global adhesives & sealants market is estimated to value over US$ 92.4 Bn by 2030 and is anticipated to grow at a CAGR of 5.5% from 2022 to 2030.
Adhesive is a substance capable of holding two surfaces together, they have high shear and tensile strength. Sealant acts as a barrier by attaching two surfaces together, by filling the space between them. They are generally lower in strength when compare to adhesive, but have better flexibility. They are often considered the same industry; however, their properties are mainly dependent upon how they are applied.
Growing demand for light weight vehicles with high fuel efficiency is the major factor driving the adhesives & sealants Industry growth. Rising demand from construction sector is another factor propelling the market growth. However, due to stringent government guidelines and volatility in the prices of crude oil are two major barriers towards the market growth.
Adhesive market by technology is segmented into solvent-based, hot-melt, water-based and reactive and others. In 2018, water-based technology dominated the market. Owing to their environment friendly formulation they are widely used in various applications. Moreover, adhesive made using water-based technology are highly versatile materials with high tack and excellent heat and water resistance.
Adhesive market by product type is segmented into acrylic, polyvinyl acetate (PVA), polyurethanes, styrenic block, and epoxy and other. In 2018, polyurethanes segment accounted for the largest share of the market in terms of value and volume. Polyurethanes adhesives due to their low viscosity, waterproof property and its ability to set in high moisture conditions features are widely used in various applications such as footwear, automotive, packaging and fiberglass. Moreover, growth is projected to be fastest from acrylic segment. Acrylic based adhesives possess excellent environmental resistance, along with h3 bonding characteristics and fast setting time. Owing to these significant features acrylic segment is penetrating in various applications.
Sealant market by product type is segmented into silicone, polyurethane, acrylic sealants, polyvinyl acetate and others. In 2018, the market was led by silicone segment. This segment is gaining popularity owing to its high flexibility and high temperature resistance. Growth is anticipated to fastest from acrylic sealants segment over the forecast period. Owing to its excellent adhesion properties it is significantly used in construction, automobile, and consumer applications.
Adhesive market by application is segmented into paper & packaging, construction, furniture, automotive, footwear and others. Automobile segment is anticipated to witness fastest growth rate over the forecast period owing to rise in demand for increased fuel efficiency by reducing vehicle weight. Moreover, growing demand for automobile from emerging economies is another factor propelling the market growth.
Sealants market by application is segmented into construction, automotive, packaging and others. In 2018, the market was led by packaging application. Sealants are used to maintain the packaging of the product throughout the value chain. The market is driven owing to growing flexible packaging market.
By region, Asia Pacific emerged as the clear leader in adhesives and sealants market and is anticipated to maintain its position throughout the forecast period. Rapid industrialization, infrastructural development, growing automotive & electronics industries, rise in purchasing power of the consumer are the factors driving the growth of the adhesives and sealants market in Asia Pacific region. North America is another major market for sealants. The market is mainly driven by growing infrastructural activities in U.S, and rising demand from various end use industries. Moreover, easy availability of raw materials is another factor propelling the market growth.
To enhance their market share and geographical reach market leaders are adopting mergers and acquisition strategy. Handful of prominent players accounts for the significant share of the market while the remaining market is highly fragmented. Consolidation is anticipated to continue over the next seven years. Some of the prominent players present in this market are Henkel AG & Co. KGaA, Sika AG, Arkema (Bostik), H.B. Fuller, Huntsman International LLC , 3M Company, Ashland Inc. and Akzo Nobel N.V. among others.
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