APAC to Dominate the Global Adhesive and Sealants Market | Technavio
The global adhesive and sealants market is expected to grow at a CAGR of above 5% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global adhesives and sealants market 2017-2021 under their chemicals and materials library. (Graphic: Business Wire)
Global adhesive and sealants market segmentation by application and geography
Technavio’s report on the global adhesive and sealants market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application which includes building and construction, paper and packaging, transportation, leather and footwear, and furniture. As projected in 2016, approximately 34% of the market share originated from the building and construction segment. The growing demand for construction activities in APAC is expected to foster the demand for adhesives and sealants market.
Based on geography, the global adhesive and sealants market has been segmented into APAC, the Americas and EMEA. As of 2016, APAC has a market share of approximately 38%. The major factors that are contributing towards growth in APAC are the growing population and increase in middle-class income. The increasing demand for building and construction in this region is expected propel the market growth.
“Various application such as construction, packaging, and transportation are driving the demand for adhesives and sealants. In APAC, countries such as India, China, Japan, Thailand, Indonesia, and Philippines are expected to create demand for the market,” says Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives, and sealants research.
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Adhesive and sealants market: competitive vendor landscape
Due to the presence of a large number of international and regional vendors, the global adhesives and sealants market is fragmented. The market is dominated by vendors such as 3M, Henkel, H.B. Fuller Company, Sika, and The Dow Chemical Company. The rise in industrialization and urbanization in developing countries such as India, Brazil, Mexico, Angola, and China have proved to be beneficial for the local vendors.
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Other topics covered in the report:
Market drivers:
- Growing demand from construction and food packaging applications
- Growing demand from developing countries
Market challenges:
- Volatility in raw material prices
- Lack of awareness of bio-based adhesives and sealants
Market trends:
- Growing use of adhesives in medical devices
- Increasing use of 3D vision in adhesive applications
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