Analysis of Adhesives & Sealants Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~8% During 2023–2035 and Attain ~USD 85 Billion by 2035
Research Nester assesses the growth and market size of the global adhesives & sealants market which is anticipated to be on account of the rising demand for adhesives in the construction and automotive industries.
New York — May 30, 2023- Research Nester’s recent market research analysis on “Adhesives & Sealants Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global adhesives & sealants market in terms of market segmentation by resin type, technology, application and by region.
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Growing Popularity of Sustainable Adhesives to Promote Global Market Share of Adhesives & Sealants
The global adhesives & sealants market is estimated to grow majorly on account of the various initiatives taken for promoting the use and production of environmentally friendly chemical materials. Companies are posed with various regulations for maintaining the standards of the products. For the development of sustainable adhesives, the Environmental Protection Agency has recommended a few norms and labels for private enterprises. Cradle to Cradle certification, UL 2818 Greenguard certification, SCS Indoor Advantage Gold Certificate, are some of the certifications provided by the government as a sustainability mark.
Besides this, market growth is also expected owing to the rising demand for adhesives and sealants in the construction and automotive industry. Adhesives are used to bond various automotive components, such as body panels, roof systems, doors, and interior trim. It provides excellent bonding, distributes the load of the components evenly, and improves overall vehicle stiffness. Moreover, the popularity of electric vehicles has further increased the use of adhesives & sealants, since they are employed in the assembly of batteries of the vehicles. EV sales surpassed 10 million, with electric vehicles accounting for 14% of all new vehicles sold, a significant increase from 9% in 2021 compared to less than 5% in 2020. As a result, a total of 26 million electric cars are deployed on worldwide roads in 2022.
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Some of the major growth factors and challenges that are associated with the growth of the global adhesives & sealants market are:
Growth Drivers:
· Rising Use of Adhesives in the Construction Industry
· Growing Demand for Consumer Electronics
Challenges:
Fluctuation rules and regulations for the production of adhesives and sealants and growing prices of raw materials used for its production. Both of these factors slow down the overall production and supply chain of the industry. Hence, these are some of the major factors anticipated to hamper the global market size of adhesives & sealants. On the other hand, the other various negative impact of adhesives and sealants on the environment, which is further expected to impede the industry’s growth. The presence of volatile organic compounds in these chemicals is the most harmful factor since these VOCs easily evaporate into the atmosphere, causing severe air pollution and also resulting in the formation of smog in the air, and respiratory issues in humans. Moreover, they can also contain hazardous secondary chemicals, such as isocyanide, formaldehyde, and heavy metals. Improper waste management of these substances can severely impact the environment.
By resin type, the global adhesives & sealants market is segmented into silicone, polyurethane, plastisol, polysulphide, butyl, and emulsion. The polyurethane segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment is expected on account of the versatility of the polyurethane resin. These resins are highly compatible with different sorts of substrates, such as metals, plastics, composites, and glass. Thus, increasing its area of application in various industries, including construction, electronics, aerospace, and automotive. Furthermore, on the basis of technology, the market is further fragmented into hot-melt, reactive, water-based, and solvent-based. Amongst all, the hot-melt segment will dominate the market growth. By application, the construction sector is likely to grow significantly in comparison to the packaging, transportation, medical, footwear, and leather industry.
By region, the Asia Pacific adhesives & sealants market is to generate the highest revenue by the end of 2035. The rising automotive industry in the region is driving market expansion. The Asian car industry is predicted to increase in the next 30 years due to expanding population and economic growth. Furthermore, Chinese output will be important, and India’s automobile sector will grow tenfold by 2050. Adhesives are utilized in the construction of automotive interiors such as dashboard panels, door trims, and headliners. Furthermore, adhesive-based dampening materials are employed in automobiles to reduce sound production control.
This report also provides the existing competitive scenario of some of the key players of the global adhesives & sealants market which includes company profiling of 3M Company, Ashland Inc., Avery Denison Corporation, H B Fuller, Henkel AG & Co, KGaA, Sika AG, Pidilite Industries Ltd., Huntsman Corporation, Wacker Chemie AG, and RPM International Inc.
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