New York, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global adhesives & sealants market size is predicted to grow at a CAGR of over ~8% from 2023 to 2035. The market is projected to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.This growth is predicted to be influenced by growing construction activities. In 2016, the number of built-up areas (BUAs) worldwide was predicted to reach 794,431. Approximately 849,406 people should be included in this number by 2022. Furthermore, by 2050, it's anticipated that 2 million more buildings would be built. Hence, the demand for adhesive & sealants is also growing.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4519
In the building industry, adhesives and sealants consisting of epoxies, methacrylates, silicones, cyanoacrylates, polyurethanes, and silane-modified polymers are frequently utilized. Hence, with the growing production of these adhesive & sealants the marker is projected to grow. For instance, in 2022, the total volume of the polyurethane worldwide reached close to 24 million metric tons. By 2030, the total quantity of polyurethane produced worldwide is expected to reach approximately 30 million tons. As a consequence, the use of adhesive & sealants in construction is growing.
Growing Demand for Smartphones to Boost the Growth of Global Adhesives & Sealants Market
About 5 billion people are estimated to use smartphones worldwide as of 2023, which entails that approximately 84% of people on the entire planet own a smartphone. Consequently, the deployment of adhesive & sealants is also increasing since it gives the flexible circuitry utilized in smartphone applications an additional layer of protection. Additionally, FPCs are safeguarded from harm by its strong adhesion, high flexibility, and crack resistance qualities.
Adhesives & Sealants Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Demand for Electric Vehicles to Drive the Market in Asia Pacific
The adhesives & sealants market in Asia Pacific is projected to capture the largest share of the market at about 38% over the forecast period. This growth of the market in this region is estimated to be influenced by rising demand for electric vehicles. In the Asia-Pacific area, China sold nearly 5 million electric autos in 2022, the highest number among any country. For these electric vehicles (EVs), adhesives and sealants are crucial for firmly bonding the battery cells and modules and sealing the battery container to stop leaks or heat events.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4519
Surge in E-Commerce to Influence the Expansion of the Market in North America
The North America market for adhesive & sealants is poised to have notable growth in the market over the forecast period. The main factor influencing the market expansion in this region is growing e-commerce activity. Currently, approximately 69% of American population is considering online shopping. Hence, this has further increased demand for packaging. Adhesives & sealants are used, for instance, to laminate paper and cardboard and also used to glue labels. Therefore, the market expansion in this region is experiencing surge.
Adhesive & Sealants, Segmentation by Type
- Water-Based
- Solvent-Based
The solvent-based segment is estimated to generate the highest market share of about 60% over the forecast period. The major element to dominate the segment expansion is growing urban population which is further boosting the construction projects. Globally, about 2 billion individuals reside in rural areas and close to 3 billion in metropolitan areas as of 2021. The total number of people living in cities worldwide has increased significantly, from over 750 million in 1950 to about 3 billion in 2021 and is expected to reach over 5 billion by 2050, adding more 2 billion people to metropolitan regions.
Adhesive & Sealants, Segmentation by End User
- Automotive
- Construction
- Electronics
The automotive segment is projected to have significant growth over the forecast period. This growth could be on account of rising demand for automotive. The total quantity of automobiles sold worldwide went up from roughly 65 million in 2021 to roughly 66 million in 2022. As a result, the demand for adhesive & sealants is also increasing. Plastic and composite pieces in vehicles can be joined with ease using automotive adhesives and sealants.
Request for Customization of this Report @ https://www.researchnester.com/customized-reports-4519
A few of the well-known industry leaders in adhesives & sealants market that are profiled by Research Nester are Henkel AG & Co. KGaA, 3M, BASF SE, Sika AG, Dow Inc., H.B. Fuller, Avery Dennison, Wacker Chemical AG, Momentive Performance, Materials, Inc., and others.
Recent Development in the Adhesives & Sealants Market
- On August 12, 2023, Sika made an announcement announcing the acquisition of Chema, a well-known mortar producer in Peru. Chema is a family-run company with more than 50 years of experience in the brick and mortar sector. Through the acquisition, Sika will bolster its position in the Peruvian market and advance its Latin American expansion strategy.
- On August 9, 2023, Sika released a report stating that during the first half of 2023, revenues rose 7.9% to CHF 5.5 billion. Additionally, the company's earnings shot up 113% to CHF 714 million. Strong demand across all regions and the effective consolidation of the MBCC acquisition were cited by Sika as the reasons for the rise.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
