TAGS: Waterborne Adhesives Sealants
Markets and Markets (M&M) anticipates that the global adhesives & sealants market size will grow to USD 80.0 billion by 2025 from USD 63.2 billion in 2020, at a CAGR of 4.8 percent during the 2020-2025 forecast period. The growth of the market is supported by the increasing construction and automobile applications, advancements in formulating technologies, and growing demand in the APAC region.
Water-based: Largest Formulating Technology
The adhesives market in the water-based segment is driven by the steady increase in demand from building & construction applications in North America and new infrastructure projects in India, Taiwan, and other developing countries across the world.
Water-based adhesives provide excellent adhesion to different substrates and are used in a wide variety of packaging applications, such as bookbinding, paper bags, cartons, labels, foils, films, paperboard decals, wood assembly, automobile upholstery, and leather binding.
Medical: Fastest-growing Application Segment
Medical is the fastest growing application in adhesives market, in terms of volume. Recently, with the outbreak of COVID-19, the governments, the private sector, and people throughout the world have been affected hugely due to the pandemic. Hence, the healthcare and medical devices sector has become the centerpiece for the recovery of patients.
Medical devices are being used in large numbers due to the increased number of positive cases. This has increased the use of adhesives. Another driving factor is the aging population, driven by increasing life expectancy, which fuels the demand for medical devices, ultimately increasing the demand for adhesives.
Highest Growth in APAC Region
APAC is projected to lead the adhesives & sealants market during the forecast period which is driven by high economic growth and heavy investments in packaging, automotive, building & construction, medical, and electronic industries. APAC is increasingly becoming an important global trade and commerce center.
Various companies and other international players are setting up new plants or expanding their existing adhesives & sealants production units in this region because of the low cost of production and the ability to serve the local emerging market.
Source: Markets and Markets