TAGS: Sealants Acrylic Adhesives Epoxy Adhesives Polyurethane Adhesives
Research and Markets (RM) anticipates that the global waterproof adhesives & sealants market is expected to increase at an impressive rate in the forthcoming years. According to Statista, the Global market value of adhesives in 2020 is 43.75 billion US dollars and is expected to reach 64.71 billion US dollars in 2027. Hence, globally the demand for adhesives in the market is expected to rise rapidly owing to population and increasing trends.
Adhesives are polymers with an enclosed molecular structure that doesn’t allow penetration between the binding. The primary use of adhesive is to make two surfaces stick together and can’t be separated easily from each other. There are many types of adhesives in the market, and different industries use them for various purposes. Some examples of adhesives & sealants are silicon, butyl, polysulfide, EVA, acrylic, epoxy, and polyurethanes. Waterproof adhesives & sealants play an important role. They are used for door and window assembly, vehicle parts, the HVAC industry, prefabricated houses, construction material, packaging, the woodwork industry, and other work.
Automobiles, construction, healthcare, aerospace, logistics, and electronics are the primary growth sectors driving that modern economy. All the sectors, as mentioned earlier, required adhesive in their operations. Therefore, the demand for adhesives in the market is expected to grow globally, and the ever-increasing demand can propel the market growth in the projected year.
Expanding Infrastructure Sector is Boosting the Market Growth
Adhesives & sealants are cement glue, mucilage, and paste, a non-metallic substance used on the surfaces of the components or substances to bind them together and provide durability and water resistance. According to the report published by Statista in 2022, the amounted size of the construction market is 6.4 trillion dollars in 2020 and is expected to reach 14.4 trillion USD in 2030. Thus, the growth in the sector is expected to influence market growth.
Growing manufacturing industries will influence the adhesive market growth. Adhesives & sealant bind the substance at the molecular level, which helps the product to spread the pressure over the surface if any strain is enforced. Due to these properties, Adhesive & sealant is demanded by many sectors to provide the solution for heat resistance, vibration, sealing, and binding. The report published by Statista is projected that the global automotive industry will reach 3.8 trillion US dollars from auto sales by 2030. Thus, rising demand for automobiles will propel the growth of the manufacturing sector. Growing manufacturing industries will increase the adhesive market's market share.
Additionally, Government initiatives around the world like FTA (Free Trade Agreement) between countries like Mexico, USA, Canada, Europe, Australia, and other countries are impacting the market's growth. Such an agreement helps industrialists lower the cost of the product and the final cost of the goods. Furthermore, growing packing industries, Construction infrastructure, automotive market, and packaging industries will impact the growth of the adhesive market. All the factors mentioned above led to the growing demand for Waterproof Adhesives & Sealants Market products and are expected to drive the market share development in the region.
Environmental Challenges are Affecting the Growth
For many ongoing technological changes, environmental, health, and safety issues are significant forces driving them. In the adhesive market, manufacturers are instructed to produce products that release a lesser quantity of volatile organic compounds (VOC). Many organizations are working on reformulating their products to achieve this result. Different methods for reaching this goal include reducing petroleum with water-based products, increasing solid compounds, and more. Supply chain disturbance, for various reasons, is also creating hurdles for growth.
Merger and Acquisition to Penetrate the Market Growth
Many firms are signing or collaborating with foreign firms to gain access to new markets and technology. Mergers and acquisition help firms use the expertise of each other firm and earn more revenue without spending extra time and effort. Due to globalization, there is a change in ownership of the firms in some SMEs through acquisitions and mergers. New technologies and innovations such as UV, Silicon, and other product are responsible for market growth.
Market Segmentation
The Global Waterproof Adhesives & Sealants Market is segmented based on resin type, and end-user industry. Based on resin type, market is divided into Epoxy, Silicones, Acrylics, Polyurethanes, and Others. Based on end user industry, market is divided into electrical & electronics, Construction, healthcare, automotive, packaging, and others, by company.
3M Company, Henkel AG, Avery Dennison Corporation, Dow Chemical Company, H.B. Fuller Company, Huntsman Corporation, Sika AG, Mapei Spa, Bostik SA, RPM International, Inc are the key players operating in the Global Waterproof Adhesives & Sealants Market.
Source: Research and Markets