Pune, India, July 14, 2021 (GLOBE NEWSWIRE) -- The global adhesives and sealants market is set to gain traction from the increasing adoption of adhesive tapes by engineers from numerous fields, especially aviation and automotive. These tapes can be drawn into films and can be formulated with multiple viscosities. As per a report by Fortune Business Insights™, titled, “Adhesives and Sealants Market, 2021-2028,” the market size was USD 59.95 billion in 2020. It is projected to grow from USD 62.64 billion in 2021 to USD 87.47 billion in 2028 at a CAGR of 4.9% during the forecast period.
COVID-19 Pandemic: Lack of Workforce and Resources are Obstructing Growth
The COVID-19 pandemic affected the supply chains of a wide range of industries across the globe. The lack of availability of resources and manpower has also taken a huge toll on this industry. Many manufacturers are nowadays shifting towards the production of cleaning products and sanitizers to keep up with the exponentially high demand. H. B. Fuller Co., for instance, declared that it exhibited a decline of 11% during the second quarter of 2020 unlike 2019.
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A list of renowned manufacturers presents in the global adhesives and sealants market:
- 3M (Minnesota, U.S.)
- Arkema S.A. (Colombes, France)
- Henkel Corporation (Düsseldorf, Germany)
- Ashland Inc. (Delaware, U.S.)
- Avery Dennison (California, U.S.)
- BASF SE (Ludwigshafen, Germany)
- Evonik Industries (Essen, Germany)
- H.B. Fuller Company (Minnesota, U.S.)
- PPG Industries (Pennsylvania, U.S.)
- RPM International Inc. (Ohio, U.S.)
- Sika AG (Baar, Switzerland)
- Wacker Chemie AG (Munich, Germany)
- Other Key Players
Segments-
Building & Construction Segment Held 19.50% Share in 2020: Fortune Business Insights™
Based on applications, the adhesives market is divided into paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, and others. Out of these, the building & construction segment earned 19.50% in 2020 in terms of the adhesives and sealants market share. The paper & packaging segment, on the other hand, procured the largest share the same year. This growth is attributable to the surging demand for packaged food items, which, in turn, would spur the need for sealants and adhesives.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/adhesives-and-sealants-market-101715
Report Coverage-
The report studies decisive segments of this industry containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each segment by taking into consideration sales volume, growth prospects, revenue share, and demand. In addition to this, it will help our clients to determine the market size to choose the right segment for their business growth.
Drivers & Restraints-
Rising Middle-class Population in China to Propel Growth
The high economic growth in developing regions, such as Asia Pacific is set to propel the adhesives and sealants market growth in the upcoming years. China would be the major contributor to this growth stoked by the increasing middle-class population. Besides, the presence of multiple automotive OEMs and manufacturers of packaging materials, such as Mondi, Crown Holdings, and Amcor would bolster demand. However, various toxic gases are released amid the application of sealants and adhesives. It may hinder growth.
Regional Insights-
Asia Pacific to Remain at Forefront Fueled by Increasing Demand from Automotive Industry
Geographically, Asia Pacific is anticipated to remain at the forefront throughout the forthcoming years. The region held USD 22.06 billion in 2020 in terms of revenue in the market. The high demand for these products from the automotive industry is set to boost growth. In North America, a surging shift of manufacturers towards eco-friendly and recyclable products would drive growth. Europe is anticipated to show significant growth because of the high demand for green adhesives and sealants.
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Competitive Landscape-
Key Players Focus on Mergers and Acquisitions to Intensify Competition
The global market is highly fragmented with the presence of multiple companies that are currently striving to compete with their rivals through mergers and acquisitions. These strategies are enabling them to improve or add advanced portfolios.
Below are the two vital industry developments:
- September 2019: Sika acquired a Chinese manufacturer of silicone adhesives and sealants called Crevo-Hengxin. It would help the company to enhance its production footprint and add the former’s silicone technology.
- July 2019: Meridian Adhesives Group acquired PolyCom Industries, LLC and Eco Dispersions, LLC, an affiliate to add the latter’s portfolio of premium hot melt, specialty epoxy, hybrid adhesives, and polyurethane for infrastructure, flooring, medical, and electronics markets.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Regulatory Analysis
- Latest Technological Advancement
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Adhesives and Sealants Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps taken by Government/Companies to overcome this impact
- Global Adhesives Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Technology (Volume/Value)
- Water-based
- Solvent-based
- Hot-melt
- Reactive
- Others
- By Application (Volume/Value)
- Paper & Packaging
- Building & Construction
- Woodworking
- Consumer/DIY
- Automotive & Transportation
- Leather & Footwear
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Technology (Volume/Value)
TOC Continued...!
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Have a Look at Related Research Insights:
Automotive Adhesives and Sealants Market Size, Share & Industry Analysis, By Cure Type (One-part, Two-part, Anaerobic, Heat-cure, Hot-melt, Others), By Resin (Silicone, Polyurethane (PU), Epoxy, Acrylic, Others), By Application (Interior, Exterior, Under the Hood, Others) and Regional Forecast, 2021-2028
Adhesive Tape Market Size, Share & Industry Analysis, By Type (Pressure-Sensitive, Water-Activated, Heat-Sensitive, Others), By Adhesion Technology (Solvent-Based, Water-Based, Hot-Melt Based, Others), By Resin (Acrylic, Rubber, Silicone), By Base Material (Paper, Polypropylene (PP), Polyvinyl Chloride (PVC), Others), By End-Use Industry (Automotive & Transportation, Electrical & Electronics, Paper & Packaging) and Regional Forecast, 2021-2028
Pressure Sensitive Adhesives (PSA) Market Size, Share & Industry Analysis, By Technology (Water-based, Solvent-based, Hot melt, Radiation), By Application (Tapes, Label, Graphics, Others) And Regional Forecast 2021-2028
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