Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the USD 65 billion in 2022 global adhesives and sealants market will reach USD 105.87 billion in 2032. Given China and India's expanding populations, the Asia Pacific region's automotive, real estate and electronics industries now have access to a sizable market. The number of government measures to enhance the area's infrastructure to draw in foreign capital and raise citizens' quality of life is also increasing. Due to developing nations' appealing markets, significant market players are becoming more prevalent in the worldwide adhesives and sealants industry. The market will rise during forecasting due to the region's expanding construction, automotive, and electronics industries.
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Key Insight of the Global Adhesives and Sealants Market
Asia Pacific will dominate the market during the forecast period.
The Asia Pacific area presently dominates the worldwide adhesives and sealants market due to the region's growing population, which also drives the growth of the construction, automotive, packaging, and electronics sectors and the demand for adhesives and sealants. Due to the growing number of major market players concentrating on establishing their production facilities in developing economies to consolidate profits from the region's expanding demand for adhesives and sealants, the Asia Pacific will continue to dominate during the forecast period.
In 2022, the adhesives segment dominated the market with the largest market share of 53% and revenue of 32.46 billion.
The product type segment is divided into adhesives and sealants. In 2022, the adhesives segment dominated the market with the largest market share of 53% and revenue of 32.46 billion.
In 2022, the building and construction segment dominated the market with the largest market share of 32% and market revenue of 20.80 billion.
The application segment is divided into paper board and packaging, woodworking and joinery, footwear and leather, building and construction, transportation, medical, automotive, packaging, aerospace and others. In 2022, the building and construction segment dominated the market with the largest market share of 32% and market revenue of 20.80 billion.
Advancement in Market
October 2023 - Henkel's LOCTITE line of Maintenance Repair adhesives offers a better solution for the paper and board industries. The obstacles faced by paper and board industry machinery can be eliminated, and productivity can be increased using LOCTITE Maintenance Repair Adhesives. In the manufacturing of paper and board products, industrial gearboxes are crucial. A crucial need is reliable functioning over a long service life with little maintenance. A medium-strength, all-purpose gasketing material with exceptional contamination tolerance is LOCTITE 518. Ideal for use on flanges made of steel, aluminium, and cast iron. When contained between closely spaced metal surfaces without air, LOCTITE 518 cures. It is a stiff iron, aluminium, and steel flanged mating surface-specific anaerobic gasketing substance.
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Market Dynamics
Driver: The developing construction, automotive, and packaging sectors.
The usage of adhesives and sealants is widespread in the construction, automotive, and packaging sectors. The final items' life cycle is extended by using adhesives and sealants in the automotive and construction sectors. The expanding population and rising standard of living have raised demand for housing and other amenities like malls and parks. Public infrastructure construction costs much money for governments to fund. Due to the increasing need for adhesives and sealants in the packaging, construction, and automotive industries, the market will grow.
Restraints: Government regulations are strict.
The use of adhesives and sealants in any industry that directly impacts consumers, including the packaging industry, is receiving more attention from regulatory organizations. More monitoring is needed at every level since the chemicals used to make adhesives and sealants can potentially harm both people and the environment. Strict regulations that apply to the production and use of adhesives and sealants could cause problems for market participants. The regulatory oversight has grown due to the urgency imposed by international authorities to stop environmental deterioration.
Opportunities: The expansion of the global consumer products market.
The growth of the construction and automotive industries. According to the industry, research and development of novel materials that offer better adhesives and sealants with improved and expanded features is increasing. Because of their improved bacteriostatic, thermal insulation, moisture barrier, and air barrier properties, adhesives and sealants have a larger range of uses. The medical and appliance businesses presently employ them. Improved product advances will give lucrative global adhesives and sealants prospects. Currently, the medical and appliance industries employ them. Due to improved product advancements, lucrative opportunities will arise in the worldwide adhesives and sealants market.
Challenges: Lack of standardized regulatory framework.
Confusion arises while managing cross-border trades as a result of the fact that each government has developed a different set of regulations for manufacturers to adhere to. The conflicting requirements of numerous rules increase the manufacturer's input costs and take up time, which results in inefficiencies and financial losses. Streamlining laws and regulations must address the above-described issues; otherwise, the market participants will suffer significant losses.
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Some of the major players operating in the global adhesives and sealants market are:
• Arkema S.A.
• Avery Denison Corporation
• BASF SE
• Evonik Industries AG
• H.B. Fuller
• Henkel AG & Co. KGAA
• Pidilite Industries
• Sika AG
• The 3M Company
• Uniseal, Inc.
Key Segments covered in the market:
By Product Type
• Adhesives
• Sealants
By Application
• Paper Board and Packaging
• Woodworking and Joinery
• Footwear and Leather
• Building and Construction
• Transportation
• Medical
• Automotive
• Packaging
• Aerospace
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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