Global Adhesives & Sealants Market Research Report: by Technology (Water Based, Solvent Based), Product (Acrylic, Polyurethane, Polyvinyl Acetate, Epoxy), Application (Pressure Sensitive, Construction, Automotive) – Forecast till 2024
Pune, India -- (SBWIRE) -- 08/17/2018 -- Market Insights
Market Research Future has disclosed that the global market for Adhesives and Sealants is expected to grow with a consistent CAGR over the forecast period of 2017 to 2023. The report contains detailed insights on market drivers, trends, challenges, and opportunities during the review period. The Adhesives and Sealants Market is expected to grow at a steady yet significant pace due to their versatility and capability for application in various industries such as construction, aerospace, packaging, and automotive.
Adhesives have been finding growing applications. The automotive industry has been replacing welding of parts with the use of adhesives due to their lightweight nature and indirect ability to affect fuel efficiency. Although sealants have less strength than adhesives, they are more flexible and have increasing adopting in end-use applications such as insulation, coatings, and lamination, thus driving strong demand and as a result market growth.
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Growing packaging industry, ongoing construction, and the increase in demand for automotive are key market driving factors that continue to motivate growth.
Challenges that this market represent include stringent regulations implemented by several environmental bodies and government agencies. However, these challenges have prompted increased research into environmentally-friendly innovations in this market. Ongoing development of new applications for these products and advancements in the products themselves, create promising future opportunities for the Global Adhesives and Sealants Market as there is a high demand for up-to-date, high-performance materials in the manufacturing sector.
MRFR's report segments the market to provide a comprehensive analysis of accurately identified factors that affect market growth. The Global Adhesives and Sealants Market has been segmented by Technology, Product, Application and Region.
By Technology, the market has been segmented into water, solvent, hot-melt, and reactively based segments. Water-based technology holds the most significant market share due to its growing popularity in various end-user industries. This lead is owing to the harmful volatile organic compound (VOC) emission associated with solvent-based adhesives.
By Product, the market has been segmented into acrylic adhesives, acrylic sealants, silicone, polyurethane, polyvinyl acetate, epoxy, and others. The acrylic segment, which presently dominates the market, is expected to continue to do so over the forecast period owing to its thriving use in the construction industry for caulking, embedding and joining. MRFR's report also predicts the highest CAGR for the polyurethane segment for its increasing use for applications in packaging, automotive and construction industries. Meanwhile, silicone-based sealants are widely used in electronics, automobiles, and machinery.
By Application, the market has been segmented into pressure sensitivity tapes, textiles, appliances, HVAC & refrigeration, construction, automotive, packaging, and others. The pressure sensitivity tapes segment holds the over a quarter of the total market share. This is primarily due to its abundant use for non-structural applications such as in tapes or labels.
By Region, the market has been segmented into the Americas, Europe, Asia-Pacific and the Middle East & Africa.
The Asia-Pacific leads the global market with the most significant share which can be attributed to the flourishing consumption of acrylic adhesives, pressure sensitivity tapes and silicone sealants across various industries in the manufacturing sector. Emerging economies such as India, China, and Japan are expected to lead market growth for this region due to the booming demand for adhesives and sealants in end-use industries.
The Americas are a growing segment, and North America is expected to contribute significantly due to the high demand for water-based adhesives. The strong presence of market players in the region further facilitates market growth. Moreover, the environmental concerns have encouraged investment in research and development for eco-friendly options. Meanwhile, Latin America is expected to contribute to global market growth due to rising consumption of composites.
Europe is expected to witness a steady CAGR during the forecast period 2017 to 2023. Research and development of eco-friendly option is a prominent effort in developed economies of this region which fuels the consistent growth of the market.
The Middle East & Africa is expected to drive modest growth due to a significant demand for silicone sealants in end-use industries in that region. Rapid construction in the Middle East is also likely to foster market growth for the Adhesives and Sealants Market.
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Key players that participate in the Global Adhesives and Sealants Market and have been featured in the report include Eastman Chemical Company, Henkel AG &CO. KGaA, 3M Company, Ashland, Avery Dennison Corporation, Beardow Adams, Bostik SA, The Dow Chemical Company, Ellsworth Adhesives and H.B. Fuller Company.
Latest Industry News
3M's Industrial Adhesives and Tapes division recently conducted its inaugural Disruptive Design Challenge (DDC) which was created with an aim to educate and introduce budding engineers at a collegiate level, to the varied uses and design capabilities of chemical bonding and adhesive solution. The challenge is designed to be creative and encourage creative use of adhesives which could allow future engineers to discover various new applications for adhesives. Students from North Dakota State University won the competition; their task was to develop an emergency relief container using 3M adhesives and tapes instead of mechanical fasteners.
Scientists at the Indian Institute of Technology (IIT), Roorkee have developed a proprietary sealant that has innovative applications in road safety. The sealant has strong adhesive properties which allow it to line the tire and effectively seal punctures. The material has a considerably high operating temperature which makes it well suited for extreme weather conditions and poor roads.