TAGS: Sealants Waterborne Adhesives
Research and Markets (RM) anticipates that the global adhesives and sealants market size is expected to reach USD 99.48 Billion in 2030 and register a revenue CAGR of 4.6% over the forecast period. The market is being driven by the growing demand from the construction industry.
Increased Demand for High-performance Adhesives
Increase in demand for the product from end-use industries and strict regulations on the volatile organic content (VOC) in adhesives and sealants are projected to drive the market during the forecast period.
Increased demand for high-performance adhesives in the automotive, packaging, and construction industries is expected to fuel the growth of the global adhesives and sealants market. In addition, rapid urbanization and industrialization in developing countries such as China and India are projected to fuel market growth over the forecast period.
Water-based segment accounted for the largest revenue share in 2020 due to its low cost, easy availability, and user-friendly properties. Water-based adhesives are used extensively in the packaging Industry as they can be easily applied on different types of surfaces and offer high initial tack. Moreover, these adhesives do not emit any volatile organic compounds (VOCs), which is anticipated to fuel their demand over the forecast period.
Paper, Board, & Packaging Segment: Largest Revenue Share
Rising automotive production across the globe is anticipated to be a key factor fueling market growth. According to OICA, global vehicle production was approximately 96 million units in 2019 and is expected to reach around 106 million units by 2025. Increasing production of vehicles is likely to increase the demand for adhesives and sealants as they are extensively used in automotive applications such as bonding, sealing, and gluing.
The automotive industry is a major consumer of adhesives and sealants. Adhesives are widely used in the automotive industry for bonding various materials such as metals, plastics, glass, and rubbers. They offer several benefits over traditional joining methods such as welding and mechanical fastening. Adhesives provide improved appearance, weight reduction, and cost saving benefits.
Paper, board, & packaging segment is expected to account for the largest revenue share in the global adhesives and sealants market over the forecast period due to the rising demand for these products from the packaging industry. The growth of the segment can be attributed to the growing demand for packaged food & beverages and pharmaceuticals, which has resulted in the increased use of adhesives and sealants in packaging applications.
Highest Growth in Asia Pacific Region
Silicone segment is expected to register a rapid revenue growth rate in the global adhesives and sealants market over the forecast period, due to its superior properties such as low volatility, flexibility, and resistance to extreme temperatures. Silicone adhesives are used in various applications, including construction, automobile & aerospace, medical & healthcare, electronics, and others.
Polyurethane is another prominent type of adhesive and sealant that is widely used in different industries owing to its superior bonding strength and heat resistance properties. The construction industry is the major consumer of polyurethane adhesives & sealants, due to its high demand in applications such as flooring, paneling, and insulation.
The Asia Pacific region is expected to witness the highest growth rate in the global adhesives and sealants market over the forecast period, due to the increasing construction activities and rising demand from the automobile & aerospace industries in the region. China is the leading market for adhesives and sealants in Asia Pacific, followed by India and Japan.
Source: Research and Markets