TAGS: Sealants
Polyurethane Adhesives
Reactive Adhesives
Markets and Markets (M&M) has anticipated that the global adhesive and sealants market to grow from USD 58.9 billion in 2019 to USD 73.8 billion by 2024, at a CAGR of 4.6%, during the forecast period. The adhesives & sealants market is driven by the growing trend of lightweight and low carbon emitting vehicles and increasing demand from the building & construction industry.
Increased Demand for Green Adhesives
Stringent environmental regulations in Europe and North America are restraining the market growth while the increasing demand for green adhesives offers opportunities to the manufacturers. The wide acceptance of adhesives & sealants in paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, assembly, and other applications is mainly driving the market growth.
Growth in Reactive Adhesives in Formulating Based Technology
The reactive and others segment is projected to grow at a higher rate than the other formulating technologies because reactive adhesives play a vital role in various applications for the adhesion of materials, such as steel, aluminum, components of automotive and transportation, building and construction. Polyurethanes and modified acrylics are some of the primarily used reactive adhesives in the assembly operation of cars and other vehicles.
Polyurethane – Fastest Growing Sealant
The polyurethane segment is projected to grow at the highest CAGR between 2019 and 2024. It is most widely used in automotive, parking deck & sidewalk sealing, construction, and marine applications. More than 90% of automobiles are produced with bonded windshields and rear windows using polyurethane sealants, globally. Therefore, the increasing demand from automotive and other applications is expected to drive the polyurethane sealants segment.
Highest Growth in APAC Region
The adhesives and sealants market in the APAC region is expected to grow at the highest CAGR during the forecast period, owing to the rising demand for adhesives & sealants from emerging economies, such as India, China, South Korea, Vietnam, Taiwan, and Singapore. China is leading the market for adhesives & sealants in the APAC region. Continuous growth in infrastructure and increase in production of automobiles are driving the adhesives & sealants market in the region.
Major players in the adhesives & sealants market include Henkel (Germany), H.B. Fuller (US), Sika (Switzerland), Arkema (France), Huntsman Corporation (US), 3M Company (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), DowDuPont Inc. (US), and Wacker Chemie Ag (Germany).
Source: Markets and Markets