$73.8 Billion Adhesives & Sealants Market by Adhesive Formulating Technology, Sealant Resin Type, Application, Region - Global Forecast to 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 14, 2019--
The “Adhesives & Sealants Market by Adhesive Formulating Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive), Sealant Resin Type (Silicone, Polyurethane, Plastisol, Emulsion, Butyl, Polysulfide), Application, Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The adhesives & sealants market is projected to grow from USD 58.9 billion in 2019 to USD 73.8 billion by 2024, at a CAGR of 4.6% between 2019 and 2024.
The rising demand for adhesives and sealants across various applications, such as paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, assembly, and others, is expected to drive the growth of the adhesives & sealants market.
The environmental regulations in the North American and European countries regarding the production of chemical- and petro-based products are restraining the growth of the adhesives & sealants market.
Based on application, the paper & packaging segment is expected to lead the adhesives market during the forecast period
The paper & packaging application accounts for the largest share in the adhesives & sealants market and is expected to remain the largest market segment between 2019 and 2024. The growth of this segment is expected to be driven by increased use of adhesives in a wide variety of paper bonding applications.
These applications range from corrugated box construction and the lamination of printed sheets to packaging material used for all types of consumer products and the production of large industrial tubes and cores used by manufacturers of roll goods and other materials.
The silicone-based resin segment is expected to grow at the highest CAGR during the forecast period
Silicone sealants are very versatile products that have excellent resistance to UV radiation, ozone, and most chemicals. They offer good thermal stability, low-temperature flexibility, and long-term aging properties. The formulations typically include adhesion promoters and fillers to increase flexibility and tensile strength. The use of these sealants in high-growth applications, including expansion joints between dissimilar materials, and for weather sealing in high-rise buildings, airport runways, and highways has also increased their demand.
APAC is expected to lead the adhesives & sealants market during the forecast period
The APAC region is projected to lead the adhesives & sealants market from 2019 to 2024, in terms of value. APAC has emerged as one of the leading producers as well as consumers of adhesives & sealants due to the increasing domestic demand, rising income levels, and easy access to resources. According to OICA, APAC led the vehicle production market in 2018. Automotive & transportation is one of the major application of adhesives & sealants in this region.
The economic growth in the APAC region, particularly in emerging markets, such as India, Taiwan, Indonesia, Malaysia, Thailand, and Vietnam, is contributing to the increase in the number of infrastructure projects, which is expected to drive the demand for adhesives & sealants in the building & construction application.
Henkel (Germany), H B Fuller (US), Sika (Switzerland), Arkema (France), Huntsman Corporation (US), 3M Company (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), DowDuPont Inc. (US), Wacher Chemie Ag (Germany) are the key players operating in the adhesives & sealants market.
Porter’s Five Forces Analysis
Effects of Future Trends and Technology Disruption on Adhesives & Sealants Manufacturers
Automotive & Transportation
Other Key Companies
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INDUSTRY KEYWORD: PACKAGING CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
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PUB: 10/14/2019 07:25 AM/DISC: 10/14/2019 07:25 AM