The Adhesives and Sealants Market is anticipated to foresee massive growth through 2026, says Global Market Insights Inc.
The growth of the adhesives and sealants market is driven by its surging adoption in the construction sector, usage of lightweight plastic in the automotive industry, and a rise in demand for the product in the packaging sector, says this report.
SELBYVILLE, Del., March 25, 2020 (Newswire.com) - According to the report published by Global Market Insights Inc., the global adhesives and sealants market was estimated at $43.9 billion and $10.1 billion in 2019 and is expected to surpass $69.7 billion and $15.2 billion by 2026, registering a CAGR of 6.6% and 6.0% from 2020 to 2026. The report provides a detailed analysis of the market size and estimations, key investment pockets, crucial winning strategies, opportunities and drivers, competitive scenario, as well as wavering market trends.
Growing product utilization across several application areas like packaging, construction, furniture, and automotive would proliferate adhesive and sealants market growth. In fact, the adhesives industry is set to witness heavy growth from packaging applications, the segment surpassed an industry share of 19% in 2019 and is projected to witness considerable gains during the forthcoming timeframe. The product aids in binding two substrates and also helps prevent their separation. Rising investments for creating enhanced bonding solutions would escalate the overall adhesives and sealants market.
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The adhesives industry from hot melt technology is anticipated to grow more than 5% till the end of forecast timespan. Good adhesion properties offered by the material for several substrates including metal, wood, glass, and plastics are increasing the product penetration. Growing demand for hot melt sealants due to their extensive adhesive properties in metalworking and woodworking sectors is likely to further drive adhesives and sealants market size.
Key reasons for adhesives and sealants market growth
- Rising demand in packaging applications across the world.
- Growing demand for lightweight plastics in the automotive sector.
- Increasing the use of adhesives and sealants for bonding tiles and fixtures in the construction sector.
Growing adoption of adhesives in pressure-sensitive applications
The adhesives industry from the pressure-sensitive application is estimated to grow at a healthy CAGR of more than 5% over 2020-2026. Pressure-sensitive adhesives form a bond with substrates on applying pressure and is utilized for tapes, labels, notepads, and automotive trims.
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North America and APAC to witness elevated demand:
Based on geography, North America is estimated to grow more than $3.25 billion through to the end of the forecast timeframe. Sealants have major applications in the automotive sector and are utilized for water shield sealing and spot weld sealing. The growing need for lightweight solutions to produce cars would propel the regional adhesives and sealants market share.
Meanwhile, Asia Pacific is projected to grow more than 5.5% CAGR over the forecast timeframe owing to rising construction activities across the region. The region already accounts for a significant adhesives and sealants industry and is further projected to experience growth due to increasing furniture demand in the region.
Leading market players:
The key market players analyzed in the global adhesives and sealants market report include Ashland Inc, Sika AG, BASF AG, Bostik SA, 3M, Uniseal Inc., Dow Chemical Company, Eastman Chemical Company, Avery Dennison among others.
Related Reports:
Hot Melt Adhesives Market is Expected to Reach $10.85 Billion by 2026
Polyurethanes (PU) Market is Expected to Garner $93.1 Billion by 2026
Pressure Sensitive Adhesives Market Sales Marking $10.5 Billion by 2026
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
