New York, May 28, 2020 (GLOBE NEWSWIRE) — The global Adhesives and sealants market is forecast to reach USD 81.2 Billion by the year 2027 at a CAGR of 5.13%, and the market was valued at USD 55.7 Billion in 2019. The similar characteristics of Adhesives and sealants result in them serving similar end-user segments. The adhesive is a chemical mixture which is applied to join two surfaces together, a sealant is a semisolid material, which is used to prevent leakage. They are manufactured with similar technologies and chemicals. Adhesives show high tensile and shear strength, whereas sealants are used to fill gaps and resist the movement of substrates and show relatively low strength compared to adhesives but exhibit greater flexibility. Adhesives are used to bond dissimilar metals, and sealants are used as substitutes of synthetic substrate for traditional material.
Glass building construction requires the use of sealants in the panels, for a stable structure. The main challenge the industry faces are the volatile cost of the raw material used for the production of adhesive and sealant products. The market is mainly driven by the robust growth and demand in the packaging industry due to the enormous demand and rise of the food and package industry. The market can be hindered by stringent regulations regarding VOC emissions.
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Covid-19 has impacted every primary industry, including packaging, construction, and automobile. Transportation is a sharply hit sector, with the imposition of lockdown around the globe, the supply chain has been completely disrupted. Production and manufacturing are halted. This has had a very adverse impact on the Adhesives and sealants market. The construction industry has suffered grave loss as well, with the healthy norms of social distancing gatherings of groups in a large number of people have stopped; hence the construction utilization of adhesives has come to a standstill. Packaging demand has also suffered from the covid-19 scare; the online retail market has suffered. The requirement of hot melt adhesives and sealants market has increased as they are helping in the production of masks.
Key Takeaways from the report
- The market for Hybrid electric vehicles (HEVs) and Battery Electric vehicles (BEVs) has increased drastically; out of 94 Billion vehicles produced in 2018, 4.5 Billion were part of HEVs and BEVs, forecasts are showing by 2030 25% of the vehicles will be electrically powered. Adhesives and sealants market are used in the production of battery components such as Battery cells, Battery modules, and battery pack, the demand in this industry will drive the Adhesives and sealants market.
- The largest share is held by a water-based segment in the Adhesives and sealants market. This is due to the regulations on the Volatile Organic Compound emissions; the companies are abandoning the use of solvent-based adhesives and are gearing more towards the use of hotmelt and water-based adhesive types.
- Hot-melt Adhesives have a high demand in industries such as transportation, construction, and packaging; this demand is expected to rise due to the rising demand for light-weight automobiles. Solvent-based adhesives are losing their use due to their tendency to react with nitrogen present in the atmosphere, which is a potential hazard to humans. The hotmelt technology segment will register growth with a CAGR of 5.9%. This due to an increase in the adoption of environment-friendly technologies. Hotmelt adhesives are swiftly produced, provide smooth surfacing, and a have a short setting time, they can also be reactivated by heating. They have full applications in the automobile and construction sector.
- Asia-Pacific will register the most significant amount of growth with an already enormous population which is increasing, and the manufacturing has shifted from North America and Europe to the Asia Pacific, these end-user manufacturing industries will be driving the growth of adhesives and sealants market in this Region. The automotive and packaging industry has boomed in the Asia Pacific region, with an excellent contribution from the ASEAN countries.
- Key participants include 3M Company, Arkema, Dow Chemical Company, H.B. Fuller, Henkel, Bostik, RPM International Inc., Sika AG, Ashland Inc., BASF AG, among others.
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For the purpose of this report, Reports and Data have segmented into the global Adhesives and sealants market on the basis of Adhesive Technology, Resin type, end use industry, and Region:
Adhesive Technology Outlook (Revenue, USD Billion ; Volume, Kilo Ton); 2017-2027)
Resin Type Outlook (Revenue, USD Billion ; Volume, Kilo Ton); 2017-2027)
- Polyvinyl Acetate
End Use Industry Outlook (Revenue, USD Billion ; Volume, Kilo Ton); 2017-2027)
- Building and Construction
- Paper, Board, and Packaging
- Woodworking and Joinery
- Footwear and Leather
- Electrical and Electronics
- Other End-user Industries
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Regional Outlook (Revenue, USD Billion ; Volume, Kilo Ton); 2017-2027)
- North America
- Asia Pacific
- Latin America
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