May 19, 2020
According to the research report titled ‘Adhesives and Sealants Market Size By Technology, By Product, By Application By Product, By Application Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global adhesives & sealants market is predicted to generate lucrative revenues by the year 2026.
Rising adoption of adhesives & sealants across various applications such as automotive, construction and packaging is a major factor driving the market growth. An adhesive is a substance that can hold two surfaces together in strong and permanent manner. While sealants attack two surfaces by filling the space between them and provide a protective coating. The adhesives & sealants market is expected to expand owing to their ability to seal and adhere while being resistant to operating environment.
In terms of technology, solvent based adhesives market segment is expected to grow with a CAGR of 2.5% during 2020-2026. These adhesives offer better binding attributes with various materials. Meanwhile, reactive & others segment is anticipated to record a y-o-y growth rate of 4.5% through 2026.
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As per adhesive product type, PVA segment is predicted to expand with a CAGR of 4% between 2020-2026. The product offers abrasion resistance, solvent & oil resistance, air barrier ability, protective colloid property and superior smoothness. On the other hand, polyurethanes accounted for 12% market share in 2019. Epoxy and EVA segments are poised to register 3.7% and 5.5% growth rates respectively during the analysis timeframe.
Based on sealants product landscape, silicones market segment is anticipated to witness a 5.4% CAGR through 2026, primarily due to its superior thermal stability, low toxicity, small chemical reactivity and minimal thermal conductivity. Alternatively, polyurethanes segment accounted for 2 % market share in the recent past.
Citing the application spectrum for adhesives, packaging segment is reckoned to record 4.2% CAGR through 2026. Parallelly, construction segment accounted for 15% market share in 2019, owing to increasing infrastructural development across the globe. The footwear application segment held 6% market share in 2019 and is set to register an appreciative growth in the subsequent years.
The report cites that automotive application of sealants is expected to grow with a CAGR of 3.9% during the forecast period 2020-2026. On the other hand, packaging segment accounted for 2% market share, primarily due to growing demand from FMCG sector. The pressure sensitive tapes application holds 2% market share, on account of growing demand from packaging industry.
Considering the geographical landscape, adhesives market in North America and Asia-Pacific is estimated to grow with a CAGR of 3.5% and 6% respectively between 2020 and 2026. Flourishing automotive industry is promoting the business scenario in APAC.
Furthermore, Europe sealants market is expected to grow by 3.5% during the forecast period. While sealants market in Latin America is set to record a 5.4% CAGR through 2026, primarily due to booming packaging industry.
The major companies in global adhesives and sealants market are Sika AG, Momentive Specialty Chemicals Inc., Eastman Chemical Co., Beardow & Adams Adhesives Inc., Ashland Inc., Uniseal Inc., ND Industries Inc., Bostik SA, BASF AG, Dow Chemical Co., H.B. Fuller Co. and 3M Co among others.