DUBLIN, DUBLIN -- (SBWire) -- 03/11/2021 --Adhesives and Sealants Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The strong demand for adhesives and sealants, particularly from the construction and building sector, is a major factor that is responsible for the growth of the adhesives and sealants market size. Additionally, the rising population and urbanization in the developing economies have further surged the demand for living spaces and permanent houses, which in turn, is propelling the market's growth. As per The World Bank Group, the total population of China has increased from 2015-2020 by 100 million, thus increasing the requirement for living space and population. In the building and construction sector, it has various applications such as carpet laying, concrete, drywall lamination, ceramic tiles, among others.
As per the adhesives and sealants market report, the growing penetration rate of lightweight passenger cars with lower emissions and increasing fuel efficiency is another factor that is surging the growth of the market. For instance, these adhesives decrease the weight by substituting bolts and nuts, thus improves the fuel efficiency of the automobile. The traditional methods of using bolts and welding are being replaced by improved adhesives with superior bonding capabilities, which is projected to surge the market growth.
Craftsmen and contractors are increasingly involved in experimenting with the newly developed products and is encouraging the companies in the market to perform trials for novel product development. In 2019, Creative Materials inc. introduced a new adhesive that provides high effectiveness, therefore surging the demand for the adhesives and sealants.
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Adhesives and Sealants Market's leading Manufacturers:
- 3M
- Henkel AG & Co. KGaA
- H.B. Fuller Company
- Sika AG
- Arkema
- HUNTSMAN
- Illinois Tool Works Inc.
- AVERY DENNISON CORPORATION
- Dow
- Wacker Chemie AG
Technology Segment Drivers
Based on the technology, the water-based technology is predicted to lead the market over the forecast period. Its ability to decrease VOC emissions, is one of the biggest factors that is surging the segment's growth. This technology uses water as a diluting medium and sets it by evaporation by the surface.
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Regional Drivers
Based on the region, Asia-Pacific is projected to witness a faster CAGR during the forecast period. The growing industrialization and strong GDP are the two major factors that are contributing to the growth of the regional market growth. Countries such as China, Japan, and India are experiencing a strong demand for adhesives and sealants market in this region. As per IBEF, investments in the Indian infrastructure is projected to surge by USD 778.90 billion by 2022 which will increase the demand for the adhesive and sealants in the country.
Adhesives and Sealants Market Segmentation:
Segmentation by Technology:
- Water Based
- Solvent Based
- Hot-Melt
- Reactive
- Others
Segmentation by Product:
- Acrylic
- Polyvinyl Acetate
- Polyurethanes
- Styrenic Block
- Epoxy
- Ethylene-Vinyl Acetate
- Others
Segmentation by Application:
- Packaging
- Construction
- Furniture
- Footwear
- Automotive
- Others
Segmentation by Region:
- North America
o United States of America
o Canada
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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Adhesives and Sealants Market Size, Share & Industry Forecast Report, 2020-2027
The GMI Research's latest analysis reveals that the Adhesives and Sealants Market is slated to register a higher CAGR over the coming years. The strong demand for adhesives and sealants, especially from the construction and building sector and the growing population rate and rapid urbanization are the two major factors that are surging the growth of the market.