Adhesives And Sealants Market Growth Is Attributed To The Rising Construction Industry
According to Precision Business Insights (PBI), the latest report global adhesives and sealants market was valued at USD 77,200.3 million in 2022, growing at a 4.2% CAGR from 2023 to 2029. The rising adoption in the electronics industry for component assembly and sealants to shield electronic equipment from external factors drives the market. Furthermore, the expanding packaging industry that uses adhesives for packaging materials and sealants to guarantee the integrity and freshness of the product is anticipated to propel the market demand.
The expansion of e-commerce and the demand for creative packaging solutions both support market expansion. Additionally, the production and installation of solar panels, wind turbines, and related components present opportunities for adhesives and sealants given the rising emphasis on renewable energy sources like solar and wind power. Currently, the creation and use of environmentally friendly and sustainable adhesive and sealant compositions are in trend in the market. By minimizing the amount of volatile organic compounds (VOCs) and employing renewable resources, manufacturers are aiming to have a less negative impact on the environment. Moreover, the increased urbanization, & industrialization, ongoing research activities, technological advancement, the emergence of new key players, and increasing disposable income are anticipated to heighten the market growth.
Based on the adhesive technology, the market is segmented into the following:
Based on the sealant product type, the market is segmented into the following:
Based on the end-user industry, the market is segmented into the following:
Based on the sealant type, the silicone segment is anticipated to show a significant growth rate in the market share over the forecasting period. Due to their adaptability, silicone adhesives and sealants can be used on a variety of surfaces, including metals, plastics, glass, and ceramics. They are excellent for a variety of applications in many industries because of their adaptability. Silicone has replaced butyl, neoprene, bituminous, and polyurethane sealants in high-demand applications such as filling expansion joints in concrete motorways. This is because employing a sealer with worse performance causes the concrete of the roadway and the rock substrate beneath it to deteriorate quickly. The need for one- and two-component silicone sealants has expanded globally due to the increased development of curtain wall constructions. Since they are increasingly used to shield electronic components from heat, moisture, contamination, and unintended damage, silicone sealants have gained appeal in the electronics industry. Furthermore, the rising construction, automotive, and electronics industries are anticipated to propel the market demand over the forecast years.
Based on Geography, the market is segmented into the following:
North America accounted for a significant share in the adhesives and sealant market. The market is expected to grow at a significant CAGR over the forecast years owing to the United States and Canada having a well-developed construction and automobile industry. Furthermore, the presence of prominent industries in the U.S. is anticipated to propel the market demand. The Environmental Protection Agency (EPA), that is in charge of product monitoring and marketing, has considerable influence over the North American adhesives and sealants sector. These elements are most likely to have a significant impact on boosting the market for adhesives and sealants during the anticipated term. Moreover, the significant research activities and the technological advancement in the area drive the market. Asia Pacific region is also anticipated to grow owing to the sizable textile &garment, and paper industry in the region. Furthermore, the availability of cheap raw material and labour also contributes to the increase in the market.
Adhesive and Sealants market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,
The adhesives and sealants market key players are Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), Dow, Inc. (US), and Wacker Chemie AG (Germany).
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