Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 52.10 Billion | USD 69.0248 Billion | 4.80% | 2021 |
FrequentlyAsked Questions
The main reasons anticipated to propel the adhesives & sealants market during the forecast period are Rising demand for adhesives in the medical business, increased demand for adhesives & sealants in the building & construction industry, and expansion in the appliances industry are the primary market drivers.
According to the report, the global adhesives & sealants market size was worth USD 52.10 billion in 2021 and is estimated to grow to USD 69.024 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.80 percent over the forecast period.
The Asia Pacific region is expected to be the fastest expanding market due to the emerging countries' strong economic performance, which drives strong market demand, and population growth, which continues to provide fresh demand to the market. As a consequence of the effect of online retail business patterns, developed regions such as Europe and North America are expected to witness significant expansion in their packaging sectors.
Some of the main competitors dominating the global adhesives & sealants market include - include Arkema S.A., The 3M Company, BASF SE, Evonik Industries AG, Scott Bader Co., H.B. Fuller, Henkel AG & Co. KGAA, Lord Corporation, Sika AG, and Uniseal, Inc.
The global adhesives and sealants market is segmented based on adhesive formulating technology sealant resin type, application, and region.
Based on adhesive formulating technology, the market is segmented into water-based, solvent-based, hot-melt, and reactive. The reactive & others category dominated the global adhesives & sealants market. Reactive technology-based goods provide various benefits and drive the segment's growth. These benefits include faster manufacturing speeds due to the reduced setting time, increased heat resistance, and good adhesive qualities to various substrates. The hot-melt category is expected to increase rapidly. Polyester hot melt adhesives have gained popularity in textiles and fabrics during the previous decade. Over the last few years, the product has seen increased application in the cotton, wool, and textiles sub-sector.
Based on sealant resin type, the market is segmented into silicone, polyurethane, plastisol, emulsion, polysulfide, and butyl. During the forecast period, polyurethane is expected to expand quickly in the sealants market. Polyurethane sealants are a popular technology for both new building and restoration projects. These sealants come in single-component and multi-component compositions. These sealants outperform silicone sealants in tenability, adhesion, and abrasion resistance. They are frequently used in automobile, parking deck & sidewalk sealing, construction, and marine industries.
Based on application, the market is segmented into automotive & transportation, consumer, building & construction, and others. The building & construction segment dominates the adhesives & sealants industry. Sealants also serve as adhesives in a variety of applications. Sealants, for example, bind the glass to the building framework in structural glazing on glass-walled buildings. Sealants, unlike adhesives, do not have strong tensile strength but have improved durability and reliability when subjected to high humidity, chemical assault, or electrical stress.
The adhesives and sealants sector are subject to periodic changes in standards and regulations. Due to the new laws, manufacturers must shoulder the increased burden of labeling & documentation and higher external testing expenses. Additional material warnings concentrating on biocides and waste packaging are issued regularly, causing regulatory requirements to shift. Producers must follow the norms and changing requirements to market their products, adhesives, and sealants. This presents a problem for producers.
Adhesives and sealants are in high demand in the building and construction industries. The residential building is driven by rising population and urbanization in emerging nations such as China, India, Indonesia, Vietnam, Brazil, and Mexico. In these nations, there is a rising demand for permanent housing, boosting the global adhesives and sealants market. Adhesives and sealants are used in various building applications, including carpet, tiling, wallpaper, and external insulation systems. Curtain wall panels and insulating glass modules are also held with adhesives and sealants.
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