July 18, 2022 05:30 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global adhesives and sealants market size stood at USD 62.63 billion in 2021. The market could surge from USD 65.38 billion in 2022 to USD 92.29 billion by 2029 at 5.0% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Adhesives and Sealants Market, 2022-2029.”
According to an analysis, adhesives, and sealants, have become sought-after across the automotive, construction, and consumer sectors. Leading companies could invest in advanced technologies to boost their portfolios. To illustrate, in May 2020, Creative Materials, Inc. rolled out a new gold conductive ink adhesive, 128-24, that reportedly provides high effectiveness with less gold.
Dip in Construction Activities Challenged Stakeholders
The onslaught of the COVID-19 pandemic had a notable influence on the construction and automotive sectors. Some of the factors, such as shortage of raw materials and logistical constraints, did not augur well for leading companies gearing to boost their portfolios. A host of projects, including buildings, construction, and irrigation witnessed a temporary shutdown or cancellation of projects. However, adhesive products became sought-after across the healthcare and paper & packaging industries. The resumption of economic activities across emerging and advanced economies could provide impetus to industry growth.
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Major Players Profiled in the Adhesives and Sealants Market Report:
Adhesives and Sealants Market Report Scope & Segmentation:
Water-based Adhesives to Gain Ground with Soaring Demand from Packaging
With respect to adhesive technology, the market is segmented into solvent-based, water-based, reactive, hot-melt, and others. The water-based adhesives segment could account for a considerable share of the global market due to the rising demand from the paper, packaging, and plastics sectors.
Silicone Sealant to Remain Dominant Due to Water Resistance & Flexibility Properties
In terms of sealant resin, the market is segregated into polyurethane, silicone, polysulfide, emulsion, and others. The silicone segment could account for the largest share of the global market on the back of tremendous water resistance properties. Moreover, the rising demand from the construction sector will encourage investments globally.
Paper & Packaging to be Sought-after Due to Surging Demand for Packaged Food
On the basis of the adhesive end-use industry, the market is classified into woodworking, building & construction, paper & packaging, consumer/DIY, leather & footwear, automotive & transportation, and others. The paper & packaging segment could garner the largest share on the back of soaring demand for packaged food.
Building & Construction to Gain Impetus with Expanding Applications in Ceiling and Flooring
With regards to sealant end-use industry, the market is divided into automotive & transportation, building & construction, consumer, and others. The building & construction segment will grow with rising applications in ceiling and flooring.
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The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Burgeoning Urbanization and Rising R&D Activities to Drive Innovations
The adhesives and sealants market share will be pronounced during the forecast period, largely due to exponential growth in population and urbanization. Asia Pacific could provide promising growth opportunities following the expansion of R&D activities and localized production. Besides, the U.S. market could gain traction from the growth of housing sectors, urbanization, and robust policies. Prominently, the trend for electronic devices, including smartphones, electronic components, and laptops will augur well for the business outlook. Meanwhile, use of an increased amount of chemicals in the adhesives and sealants production could impede the industry growth.
Asia Pacific to Gain Ground with Bullish Investments in Automotive Sector
Stakeholders expect the Asia Pacific market growth to be strong on the back of rising demand from packaging, building & construction, and automotive industries. Burgeoning population had a notable influence on the demand for automobiles, auguring well for the regional growth. Besides, presence of leading companies, such as Sika Ltd. and 3M Japan Limited, will solidify the position of Asia Pacific in the global landscape.
North America adhesives and sealants market growth will be pronounced with a notable trend for flexible packaging. Moreover, a notable shift toward recyclable products across the U.S. and Canada will bode well for major companies gearing to propel their regional footprint.
Stakeholders expect Europe to witness investment galore due to the presence of leading companies across the region. Some of the major players in the adhesive market, including Wacker Chemie AG, Arkema, and Henkel could lead from the front in the regional market. Besides, soaring demand for green adhesives will also augur well for the regional outlook.
Stakeholders Prioritize Strategic Approaches to Boost Penetration
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
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