Published: Mar-2021 | Format: PDF | Market Research Store | Number of pages: 110 | Code: MRS - 828560
The adhesives & sealants market is set for rapid growth over the forecast period. In terms of revenue, the global adhesives & sealants market accounted for USD 60 Billion in 2019 and is anticipated to reach around USD 84 Billion by 2026, growing at a CAGR of 4.8%.
Adhesives and sealants are products that are used in commercial applications as adhesive or fastening agents. Adhesives are used to fuse two surfaces together, whereas sealants are used to fill empty spaces. Due to increased demand from automotive applications, the adhesives and sealants market is anticipated to grow.
The increasing demand from the construction and building industry is expected to drive the adhesives and sealants market. In developing countries such as India, China, Brazil, Mexico, Vietnam, and Indonesia, population growth and urbanization are pushing the residential construction market. In these countries, there is a raising need for permanent residence, which is driving demand for adhesives and sealants. Wallpapers, tiling, external building systems, and carpets are some of the uses of adhesives and sealants in the building industry. Curtain wall panels and insulating glass units are also kept in place with adhesives and sealants. As a result, the construction industry's rising demand for adhesives and sealants is a significant growth factor.
COVID-19's outbreak in 2020 has had an impact on the global economy and market scenario in major industries around the world. The limitation in industrial operations, trade practices, supply-chain uncertainty, and other events in global lockdown has resulted from the pandemic scenario. During this situation, adhesives and sealants' main end-use sectors, such as automotive, oil and gas, construction, engineering, and shipping, were also impacted. The economy has been affected by a drop in oil prices and delays in new pipeline completion, lower demand from the automobile industry, and a partial freeze in construction activities across the globe for a few months in 2020. As a result of slow demand from end-use sectors, the high-growth adhesives & sealants industry is projected to slow down in 2020. The economy, on the other hand, is improving, and businesses have resumed operations with limited capability and in accordance with government guidelines. From the beginning of 2021, all end-use industries are projected to be fully operational, resulting in strong demand for adhesives & sealants. As a result, the demand is expected to grow at a rapid rate over the forecast period. Several applicants in the automotive, furniture, construction, packaging, and transportation sector have endorsed the usage of adhesives & sealants products as it can ideally enhance the product offered by many. In increasing sales, making things more recognizable and appealing to a buyer plays a critical role. This also serves to show in the shop the range of items or product combinations available.
During COVID-19 lockdowns, the adhesives & sealants industry faced both a supply and demand crunch. If COVID-19 infections spread across the workforce, plant capacity may be harmed unless appropriate preventative measures are taken. The lockdown slowed the manufacturing of adhesives and sealants. Due to the lockdown, the supply of finished goods and the procurement of raw materials were also hindered in the supply chain and logistics. Because the majority of the adhesives & sealants industry's production workforce is employed in on-site jobs that cannot be performed remotely, the industry may be particularly vulnerable. Furthermore, given the nature of the industry, businesses may need to consider how to generate social distancing in workplaces where workers are often crowded. Trade limitations, market fluctuations, production chain disruption, unpredictable demand, and workforce shortages are estimated to affect the chemical industry as a whole.
The global adhesives & sealants market is bifurcated into its technology, adhesives product type, sealants product type, application, and regions. Based on the technology, the global market is divided into solvent-based, water-based, hot-melt, and reactive & others. Based on adhesives product type, the market is bifurcated into PVA, styrenic block, EVA, acrylic, polyurethanes, epoxy, and others. Based on the sealants product type, the market is bifurcated into polyurethanes, polyvinyl acetate, silicones, acrylic, and others. Based on the application, the global market is divided into automotive, pressure-sensitive applications, assembly, construction, packaging, furniture, footwear, and others. Geographically, the global adhesives & sealants market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Asia Pacific region dominated the global adhesives & sealants market in 2019 and is anticipated to continue its dominance in the upcoming years. The Asia Pacific market is also anticipated to a significant growth rate in the forecast period. The dominance of the Asia Pacific market can be attributed to the rapid industrialization and the growing automotive and transportation industry in the region. The APAC region's economic development, particularly in emerging markets like India, Indonesia, Vietnam, Thailand, Malaysia, and Taiwan, is leading to an increase in the number of infrastructure projects, which is expected to drive demand for adhesives and sealants in the building and construction industry. The automotive, heavy machinery, and electrical and electronics sectors are projected to benefit from the increasing manufacturing sector. Due to technological transfer from western economies, China and India have seen an increase in automobile demand in recent years.
In terms of consumption, Germany, France, and the United Kingdom dominate the European adhesives industry across a broad variety of applications. The engineering, electronics, medical, and automotive industries are all driving regional development. Because of their increasing use in building, paper, and packaging applications, the water-borne and reactive category took the lead. The presence of a large number of end-use enterprises in North America, as well as increasing construction investment in the United States, are driving demand. Furthermore, demand is expected to be driven by the simple supply of raw materials in the form of shale gas, as well as various strategic steps taken by companies such as Avery Denison, BASF, and 3M.
Some of the key players in the adhesives & sealants market are Eastman Chemical Company, Arkema (Bostik), BASF SE, Uniseal Inc., Jowat SE, Soudal Group, RPM International Inc, The Dow Chemical Company, Avery Denison Corporation, Henkel AG & Co., N.D. Industries Inc., Mapei S.p.A., Beardow & Adams Limited, Ellsworth Adhesives, Sika AG, Franklin International, Inc., Pidilite Industries, Master Bond Inc., 3M Company, Ashland Inc., H.B Fuller Company, Momentive Specialty Chemical Industries, Meridian Adhesives Group, and Dymax Corporation among others.
Adhesives & Sealants
Adhesives & Sealants