The adhesives & sealants market is expected to grow at a CAGR of above 6% during the forecast period of 2019
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The adhesives & sealants market is expected to grow at a CAGR of above 6% during the forecast period of 2019 – 2024. The major factors driving the growth of market studied are shifting focus toward the usage of composites, escalating demand for fuel-efficient and lightweight vehicles, and increasing demand from the packaging industry. On the flipside, stringent environmental regulations regarding VOC emissions serves as one of the stumbling blocks in growth of the studied market.
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- Packaging segment dominated the market in 2018 and is likely to grow during the forecast period, owing to the robust growth in demand for packaging materials from the food & beverage, and e-retail companies.
- The recovering construction industry in South America, and development of bio-based products are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, with robust demand from the end-user industries, such as packaging, transportation, electronics, construction, and furniture industry in the region.
Key Market Trends
Paper, Board and Packaging Segment to Dominate the Market Demand
- Paper, board, and packaging is the largest consumer of adhesives & sealants market. The packaging industry has been witnessing strong demand from end-user industries, such as food & beverages, cosmetics, consumer goods, stationery, and others.
- Online retail shopping is increasing at a higher rate with rising internet technologies and web applications, which has largely supported the growth of the packaging industry.
- Moreover, the demand for cosmetics and food & beverage products is expected to grow, due to the growing population and demand for quality products, urbanization, and consumers inclining toward technology, hence fueling the demand for packaging industry.
- Asia-Pacific is expected to witness strongest growth in the demand for packaging materials, due to robust economic performance of the developing countries, promising robust market demand, and growing population adding new demand to the market.
- Besides, matured markets like Europe and North America are also expected to witness noticeable growth in their packaging industry due to the influence of online retail business trends.
- Hence, with such robust growth of packaging industry across the globe, the demand for adhesives & sealants market is also expected to increase from the packaging industry during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. The increasing demand from industries, such as packaging, construction, electronics, and transportation.
- Industries, such as food & beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.
- Besides, manufacturing companies have been shifting to flexible packaging as it is light-weight, and it helps to facilitate selling products in different quantities without making much difference in packaging cost, as in case of metal or glass packaging.
- Thus, this has been leading to robust growth in demand for flexible packaging, which is further creating noticeable demand for adhesives for packaging application.
- Besides, the automotive industry have been switching to lightweight materials from heavy metals in order to reduce to the weight of the vehicles. This has been facilitating the use of adhesives & sealants in the automotive industry.
- China, the world's largest automotive producer, is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025.
- India is witnessing investments in automotive industry, which is further expected to increase production in the country. For instance, in 2018, Hyundai planned investment of USD 1 billion in India by 2020. Similarly, SAIC Motor has also announced to invest USD 500 million in India by 2020.
- Besides, countries such as Indonesia, Malaysia, and Thailand have also been witnessing strong growth in the production of vehicles in the region. Hence, all such trends in the automotive industry in the region is expected to add to the demand for adhesives & sealants in the region during the forecast period.
- Besides, countries, such as India, China, Philippines, Vietnam, and Indonesia, have been witnessing strong growth in construction industry. Investments into the residential and commercial construction in such countries have been increasing at a robust rate, which is further expected to increase the demand for adhesives & sealants for construction application in the coming years.
- Hence, all such market trends is expected to drive the growth of adhesives & sealants market in the region during the forecast period.
Competitive Landscape
The adhesives & sealants market is a partially consolidated market, where few major players account for significant share of the market demand. Some of the major players in the market include Henkel AG & Co. KGaA, 3M, H.B. Fuller, Arkema Group, and DowDuPont, amongst others.
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