Global Adhesives and Sealants Market to cross USD 72.93 BN by 2024
An adhesive is a mixture that bonds matters together and can exist in various states, such as liquid, powder, paste etc. whereas a sealant is a viscous substance that converts to solid upon application, thus, creating a barrier. The sealant barrier prevents the diffusion of many different components, such as water and air depending on the exact nature of the sealant. A sealant is generally used to close gaps between the two surfaces. The global adhesives and sealants market is estimated to exhibit a CAGR of 5.15% and reach USD 72.93 Bn by 2024. These numbers are as per the report available with DecisionDatabases.com. The market was valued USD 51.31 Bn in 2017.
The rapidly increasing construction sector is the primary driver of the adhesive and sealant market growth. Owing to its application in various industry such as construction, packaging, automotive, pressure sensitive accessories, and tapes is projected to grow at a healthy rate in the coming few years. Consequently, waterproofing system is a key element expected to be the fastest growing market for adhesives as well as sealants. Also, furniture industry is set to become the leading application of adhesives in the global perspective. Acrylic adhesives appeared to be the fastest growing product segment of the global adhesives market, whereas the sealants market is being led by silicone-based sealants.
The growing concern over economic infrastructure development in the various nations is thus propelling the market by leaps and bound. Due to their property of bonding two matter together, they are considered as an important component as a result, construction and automotive industry are a natural end-users of adhesives and sealant which is a major growth driver expected to shape the demand globally in the next few years.
Moreover, to reduce the environmental effect on their usage. Major industry participant have shifted their focus to developing bio-based adhesive and sealant which are made by using the renewable raw material. As bio-based adhesive and sealant contain fewer toxins than those synthetic ones. Therefore, rising trend of Go- Green is driving demand for the manufacturers to produce bio-based adhesive and sealant products.
Asia Pacific is expected to lead the global adhesives and sealants market in the coming years, due to the strong growth of the automotive construction and industries in India, China, Japan, South Korea, and other developing Asian countries. At the same time, North America is a saturated marketplace and is anticipated to show moderate growth. Thus, continuously developing new technologies coupled with a wide range of applications of adhesives and sealants are expected to uplift the market growth under the study period.
The report “Global Aerospace Adhesives & Sealants Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017-2024
” is a detailed study which gives a worldwide market picture of adhesives and sealants. Some of the key market players featured in the report are BASF AG, Dow Chemicals, 3M Company, Bostik SA, Ellsworth Adhesives, Avery Dennison Corporation, Bostik SA, DAP Products, Franklin International, H.B. Fuller, Henkel AG & Company, Illinois Tool Works Corporation, Royal Adhesives & Sealants, Sika AG among others.
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