Adhesives & Sealants Market is anticipated to grow at a 3.8% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Adhesives & Sealants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global adhesives & sealants market was valued at over US$ 50.0 Bn in 2018 and is anticipated to grow at a CAGR of 3.8% from 2019 to 2030.
Growing demand for light weight vehicles is the prime factor driving the market growth. Moreover, growing construction industry is another factor driving the market growth. However, due to volatility in the prices of crude oil and stringent regulation reading emission of volatile organic compounds (VOC) are the factors hampering the market growth.
Rising Demand for Lightweight Vehicles
Rise in demand for increased fuel efficiency by reducing the weight of the vehicle is the major factor driving the demand for adhesives and sealants from automotive industry. Traditionally, adhesive are used in brake shoes, threadlockers and windshields applications, but now it also find it usage in the mechanical and thermal joining methods such as engine, dashboard and weather stripping. Adhesives will benefit from the rising usage of plastics in manufacturing of motor vehicle, owing to its excellent compatibility with plastics. The demand for adhesives is witnessing growth. Moreover, structural adhesive due to their light weight and improved crash resistance is rapidly being used in vehicle assembly.
Sealants are widely being used in manufacturing of motor vehicles owing to its capacity to fill gaps and voids. They are also insoluble and resistance to corrosion. Moreover they help to reduce the noise and vibration along with providing significant cost savings.
Thus, as the demand for lightweight vehicles is witnessing growth. It will in turn increase the demand for adhesives and sealants.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Adhesives & Sealants Market by Adhesive Technology (Solvent-based, Hot-Melt, Water-based, Reactive & Others), Adhesive Product (Acrylic, Polyvinyl acetate (PVA), Polyurethanes, Styrenic block, Epoxy and Others), Application (Paper & Packaging, Construction, Furniture, Automotive, Footwear & Others), by Sealant Product (Silicone, Polyurethane, Acrylic Sealants, Polyvinyl Acetate and Others), Application (Construction, Automotive, Packaging, and Others) - Global Analysis & Forecast, 2019-2030. in detail along with the table of contents: https://www.marketindustryreports.com/adhesives-sealants-market/75
Stringent Government Guidelines & Fluctuating Prices of Raw Materials
Stringent government guidelines are formulated on the usage of adhesives and sealants. These laws are in effect owing to presence of volatile organic compounds (VOCs) in adhesive and sealant products. These regulations has set limits for VOC emissions for variety of products, thus are hampering the market growth. Moreover, adhesives and sealants manufacturers are sensitive to crude oil prices owing to most of the raw materials are sourced from crude oil. Any fluctuation in the prices of raw materials will impact the pricing of the final product. Recently owing to supply and demand imbalance of crude oil affected the profit margins of the market players. This is in turn is impacting negatively towards the growth of the adhesives and sealants market.
The adhesives and sealants market is highly characterize by mergers and acquisition strategy. The top five players account for one third share of the market, whereas the remaining market is highly fragmented, comprising more than 100 companies. Consolidation is projected to continue for over next seven years. Expansion is another strategy adopted by market players to enhance their market position. Henkel, Sika, Arkema (Bostik), H.B. Fuller, Huntsman International LLC, Ashland Inc., Akzo Nobel N.V. and 3M Company are some of the leading players present in this market.
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