TAGS: Polyurethane Adhesives Reactive Adhesives Hot-melt Adhesives Solvent borne Adhesives
Research and Markets (RM) anticipates that the adhesives & sealants market is projected to grow from USD 71.4 billion in 2021 to USD 85.8 billion by 2026, at a CAGR of 3.7% between the 2021 and 2026 forecast period.
The major drivers for the market are increased demand for adhesives in the medical industry, increasing demand for adhesives & sealants from the building & construction industry, and growth in the appliances industry.
Reactive Adhesives: Fastest Growing Technology
The
reactive & other formulating technologies segment is projected to register the fastest growth during the forecast period because they exhibit high bond strength and long-term durability under severe environmental conditions. They have a better performance advantage than hot-melt or
solvent-borne technologies.
Paper & Packaging is the largest application segment, in terms of both volume and value, in 2020. This is because of the increased use of adhesives in a wide variety of paper bonding applications ranging from corrugated box construction and the lamination of printed sheets to packaging material used for all types of consumer products. The production of large industrial tubes and cores used by manufacturers of roll goods and other materials. The increased demand for flexible packaging will play an important role in driving the adhesives market.
Highest Growth in APAC Region
Automotive & transportation application is the fastest-growing segment, in terms of volume, between 2021 and 2026. The growing transportation industry is driving the sealants market. Sealants are replacing mechanical gaskets owing to their resistance to corrosion and chemicals.
The popular sealants used for automobiles include polyvinyl, polyurethanes, silicones, and other elastomeric rubbers. The increasing use of plastics, composites, and fibers in automobile manufacturing has aided the growth of the sealants market, as plastics cannot be welded.
The Asia Pacific is projected to be the largest and the fastest-growing market for adhesives & sealants during the forecast period. The Asia Pacific is an emerging market in terms of demand for adhesives & sealants.
China and India have been the driving forces behind the rapid development of the market in the Asia Pacific, as well as globally. The growth in these countries is attributed to high economic growth and heavy investments in the packaging and automotive & transportation sectors.
Source: Research and Markets