Adhesives and Sealants Market Overview, Demand, Global Industry Share, COVID-19 Analysis and Growth 2023
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.
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