According to the new market research report "Adhesives & Sealants Market by Adhesive Technology (Water-based, Solvent-based, Hot-Melt, Reactive & Others), Sealant Resin (Silicone, Polyurethane, Plastisol, Emulsion, Butyl, Polysulfide), Application, and Region - Global Forecasts to 2023", published by MarketsandMarkets™, the market is estimated at USD 56.59 billion in 2018 and is projected to reach USD 71.99 billion by 2023, at a CAGR of 4.93% between 2018 and 2023. The Adhesives & Sealants Market is driven by the growing trend of lightweight and low carbon emitting vehicles and increasing demand from the building & construction industry. Stringent environmental regulations in Europe and North America are restraining the market growth while the increasing demand for green adhesives offers opportunities to the manufacturers. Acceptance of adhesives and sealants in applications such as paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, assembly, and others is mainly driving the market growth.
Based on adhesive formulating technology, the reactive & others segment is expected to grow at the highest CAGR during the forecast period.
The reactive & others segment is projected to grow at a higher rate than the other adhesive formulating technology segment because reactive adhesives play a vital role in various applications for the adhesion of materials, such as steel, aluminum, and other components, used in the automotive and construction industries. Polyurethanes and modified acrylics are some of the primarily used reactive adhesives in the assembly operation of cars and other vehicles.
Based on sealant resin, the polyurethane segment of the Adhesives & Sealants Market is expected to grow at the highest CAGR during the forecast period.
The polyurethane segment is projected to grow at the highest CAGR from 2018 to 2023. It is most widely used in automotive, parking deck & sidewalk sealing, construction, and marine applications. More than 90% of automobiles are produced with bonded windshields and rear windows using polyurethane sealants, globally. Therefore, the increasing demand from automotive and other applications is expected to drive the polyurethane sealants segment.
The Adhesives & Sealants Market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
The Adhesives & Sealants Market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, due to the rising demand for adhesives & sealants from emerging economies, such as India, China, South Korea, Vietnam, Taiwan, and Singapore. China is the leading the market for adhesives & sealants in the Asia Pacific region. Continuous growth in infrastructure development and increase in production of automobiles are driving the Adhesives & Sealants Market.
Henkel (Germany), Sika (Switzerland), Arkema (France), H.B. Fuller (US), Huntsman (US), 3M (US), and Illinois Tool Works (ITW) (US) are some of the key players operating in the Adhesives & Sealants Market.