Adhesives and Sealants Market Overview
The adhesives and sealants market is poised to expand due to its widening range of applications in different industry verticals. Market Research Future (MRFR) has asserted in its latest report that the global adhesives and sealants market will witness intense competition and will grow significantly throughout the forecast period 2016 to 2024.
Adhesives and sealants have become an indispensable part of industries such as construction, packaging, automotive, etc. and the bullish trend demonstrated by these industries is fueling market growth for adhesives and sealants globally. Other factors that are influencing the growth of the market are its characteristics such as extensive flexibility, durability, resistance, corrosion, enhanced fatigue, homogenous distribution, etc.
The strict laws enforced by the governments and regulatory bodies are the key restraints to the market expansion. However, it has also paved the way for eco-friendly products which is poised to drive growth in the region over the next couple of years. The research & development activities undertaken by the key players coupled with growth strategies deployed will catalyze the revenue generation from the market.
Adhesives and Sealants Market Competitive Dashboard:
The key players profiled by MRFR in its report for drawing a conclusive and comprehensive insight into the market include 3M (Germany), AVERY DENNISON CORPORATION (U.S.), BOSTIK SA (France.), Eastman Chemical Company (U.S.), H.B. Fuller Company (U.S.), Ashland (U.S.), Beardow Adams (U.K.), The Dow Chemical Company (U.S.), Ellsworth Adhesives (U.S.), and, Henkel AG & Co. KGaA (Germany) among others. The market tactics implemented by the prominent players of the market for multiplying their revenue generation include expansion of product portfolio, innovation, mergers & acquisitions, agreements, research & development activities, etc.
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Adhesives and Sealants Market Segmentation:
By technology, the global adhesives and sealant industry has been segmented into water based, solvent based, hot melt, and, reactively based. The water-based segment generates the highest amount of revenue and is projected to perpetuate its supremacy over the next couple of years.
By product, the global COVID-19 analysis on adhesives and sealant market is segmented into acrylic, polyurethane, polyvinyl acetate, epoxy, and, others. The steep rise of the growth of the acrylic segment can be ascribed to its excessive consumption in the construction sector. The polyurethane segment will witness an upswing in the market expansion at a comparatively higher CAGR due to its growing demand in different industry verticals such as packaging, construction, automotive, etc.
By application, the market is segmented into pressure sensitive, construction, automotive, packaging, furniture, and, others. The pressure sensitive segment accounts for 25% of the market size and is poised to lead the market throughout the assessment period. The growing application of adhesives and sealants in the construction sector will catapult the CAGR of the construction segment.
Adhesives and Sealants Market Regional Analysis:
By region, the global adhesives and sealants market has been segmented into Asia Pacific, North America, Europe, Latin America, and, Middle East & Africa. Asia Pacific market will witness intensified demand for acrylic adhesives across different industry verticals such as automotive, construction, packaging, furniture, etc. which will multiply the market revenue generation of adhesives and sealants market in the region. Furthermore, the dominance of pressure sensitive segment will enable the market expansion at a faster pace over the projection period. The primary contributors of revenue in the market will be China, India, and, Japan.
North America market will exhibit significant growth rate which can be ascribed to the elevated demand for waterproof sealants across different industries. The booming automotive sector has propelled the demand for high-temperature adhesives in the region which is one of the most significant factors contributing towards market growth in the region. The U.S., and, Canada will steer growth in the market through significant revenue generation.
The growth curve of Europe market will rise higher steadily during the forecast period, countering the hindrance induced by government regulations for containing the hazards of toxic and volatile organic compound (VOCs) emitted by solvent-based adhesives. The water-based adhesives were introduced as a product of innovation and technological advancement by the manufacturers which helped in revamping the market. A growing inclination towards eco-friendly adhesives and sealants has been witnessed in the region and the trend will continue to propel growth in the market. The major markets in Europe region include U.K, Italy, Germany, and France.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.