PORTLAND, Oregon, May 18, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, World Adhesives & Sealants Market -Opportunities and Forecasts, 2015 -2022, the adhesives & sealants market is expected to reach $66,876 million by 2022, growing at a CAGR of 3.7% from 2016 to 2022. Water-based adhesives segment held about 40% share of the global adhesives market in 2015, owing to its viability as an alternative choice to conventional solvent-based adhesive products.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/adhesives-sealants-market
Factors driving the overall adhesives & sealants market are increasing automobile production and surging demand for packaging material. The automotive industry is gradually replacing welding activities of engine parts assembly with adhesives & sealants products to reduce the vehicle weight, which in turn increases fuel efficiency. Strong growth in infrastructure activity is also expected to drive the growth of adhesives & sealants market. Rapid urbanization and population growth in developing countries combined with rebounding construction activities in developed markets of Europe and the U.S. is fueling the demand for adhesives & sealants products. Stringent regulations on volatile organic chemical (VOC) emission is likely to restrain the market, as solvent-based adhesives (vinyl acetate, resins, rubber and others) have the tendency to react with nitrogen oxides present in the atmosphere to form ozone, which poses a health threat by causing respiratory problems. The increasing popularity of environment-friendly adhesives over traditional solvent-based and water-based adhesives acts as an opportunity for the market growth.
Water-based adhesives segment is expected to continue its lead throughout the analysis period. This is owing to inkling of major end-user industries namely packaging and construction toward water-based adhesive products; as solvent-based adhesive products are highly prone to volatile organic compound (VOC) emissions. Other factors attributing to its growth are its user-friendly nature and safety in the working environment. Water-based adhesives are free of toxic elements and hazardous organic elements, thus fulfilling the regulations. In the year 2015, the silicone-based sealants segment occupied more than 40% of the world Sealants market revenue due to compatibility, strength, stability, and durability. Compatibility of silicone sealants in construction applications has made it the most commendable type in the market.
The demand from footwear and medical applications is increasing at the higher CAGRs of 5.6% and 4.8%, respectively, during the forecast period. This is due to reasons such as, increasing global footwear production, especially in China & other emerging countries, and growing Adhesives usage in several medical areas, such as implant, tissue bonding, dental and wound closure.
Key findings of the study
- Asia-Pacific is expected to continue to lead the market throughout 2022, followed by Europe.
- Silicone sealants are expected to dominate the sealants market until 2022.
- Paperboard & packaging and building & construction together accounted more than half of the global Adhesives & sealants demand in 2015.
- Hot melt adhesives market volume is projected to grow with a higher CAGR of 6.1% during the forecast period.
- China alone contributed to around 20% of the world adhesives & sealants revenue in 2015.
Asia-Pacific and Europe dominate the adhesives & sealants market, together contributing two-thirds of the worlds revenue. Globally, Asia-Pacific dominates the building & construction, packaging, and automotive production, where adhesives & sealants are majorly applicable. Hence, this region was the major consumer of adhesives & sealants in 2015, and is expected to maintain this position throughout the forecast period.
Most of the companies in this market are investing significantly in R&D to develop environment-friendly products. The prominent players profiled in this report include Henkel AG & Co. KGaA, Sika AG, H.B. Fuller, 3M Corporation, Bostik SA, Huntsman International LLC, Avery Dennison Corporation, Dow Corning Corporation, Wacker Chemie AG, and RPM International Inc.
See reports related to renewable, specialty and fine chemicals at https://www.alliedmarketresearch.com/materials-&-chemicals/speciality-and-fine-chemicals-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research