Elastic Adhesives Market Overview
The global elastic adhesives market is expected to exhibit strong progress over the forecast period till 2023, according to the latest market report from Market Research Future (MRFR). The global elastic adhesives market is mainly driven by the growing demand from the construction industry in developing economies such as China, India, and South Korea. Growing demand for stronger adhesives in the construction industry is likely to be a major driver for the global elastic adhesives market over the forecast period. The report examines the major drivers and restraints affecting the global elastic adhesives market and compiles a detailed statistical database about the market’s growth trajectory over the historical review period. The leading players in the global COVID-19 analysis on elastic adhesives market are also profiled in the report.
The construction industry is the major consumer for the elastic adhesives market application, followed by the automotive and aerospace industries. The marine sector also accounts for a sizeable share in the global elastic adhesives market. The growing construction industry in India, China, South Korea, the Philippines, Brazil, South Africa, Egypt, and other developing economies has been a major driver for the global elastic adhesives market. The global elastic adhesives market is also driven by the growing regulatory oversight in the construction industry in developing Asia Pacific economies, which has driven the demand for high-quality components. Growing demand for sturdy, long lasting construction in the infrastructure sector is likely to be a major driver for the global elastic adhesives industry.
The automotive and aerospace industries are also likely to be the biggest industries inducing demand in the elastic adhesives market due to the growing demand for lightweight construction in both industries. The aerospace industry has grown at a high rate recently due to the high demand for commercial aircraft. This has driven new production in the industry, leading to a growing demand for high-quality components such as elastic adhesives. The automotive industry is also likely to remain a notable player in the elastic adhesives market, with the growing demand for lightweight vehicles likely to drive the demand for elastic adhesives.
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Elastic Adhesives Market Competitive Analysis:
Leading players in the global elastic adhesives market include SAMEDIA, Mapei Construction Products India Pvt. Ltd., WEICON GmbH & Co KG, ThreeBond Holdings Co., Cemedine Co. Ltd., H. B. Fuller, Wacker Chemie AG, 3M, DowDuPont, Arkema, and Henkel AG & Co KGaA. Major players in the elastic adhesives market are likely to focus on product development in the coming years, with applications likely to open up in a number of end-use industries.
In September 2019, Sika showcased the SikaTack panel system, designed for construction applications.
Elastic Adhesives Market Segmentation:
The global elastic adhesives market report is segmented on the basis of type, application, end-use industries, and region.
On the basis of type, the market is segregated into silicone, silicone modified polymers, polyurethane, and others. Silicone is further sub-segmented into denatured silicone and blend of denatured silicone and epoxy.
Based on the application, the market is segmented into building maintenance, domestic appliances, floor covering, automobiles, aircraft, ships, and others. Building maintenance and floor covering collectively account for more than 50% of the global elastic adhesives market, underlining the importance of the construction industry as a consumer for the elastic adhesive market.
Based on the end use industry, it is segmented into transportation, construction, packaging & labelling, electronics, and others.
Asia Pacific is likely to be the leading regional market over the forecast period due to the growing demand for elastic adhesives in construction and automotive applications. The domestic construction sector in many countries in this region has undergone rapid growth over the last few years due to the growing influx of rural immigrants into the developing urban areas. This has driven the demand for high-quality components such as elastic adhesives.
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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.