The adhesives & sealants market is projected to grow from USD 58.9 billion in 2019 to USD 73.8 billion by 2024, at a CAGR of 4.6%, between 2019 and 2024. The major driving factors in the adhesives & sealants market are growing trend of lightweight and low carbon emitting vehicles, increasing demand for adhesives & sealants from the building & construction industry, shift in preference to hot-melt adhesives and high demand for adhesives & sealants in the APAC region.
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. The wide acceptance of adhesives & sealants in paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, assembly, and other applications is mainly driving the market growth.
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The water-based adhesives segment to lead the adhesives market
The adhesives market is classified into water-based, solvent-based, hot-melt, and reactive and others based on formulating technology. Formulating technologies that do not emit VOC (volatile organic compounds) fumes are gaining prominence among adhesive manufacturers. Typical examples of such technologies are hot-melt, water-based, and solvent-free acrylic systems. The manufacturers also prefer these technologies as they save process time and investments. The adhesives market is witnessing a shift from solvent-based technology to water-based and hot-melt technologies in North America and Europe to minimize VOC emissions. The growing need for adhesives with low VOC content and eco-friendliness of these two technologies have fueled their demand in the global market.
The ‘automotive & transportation segment’ to register the highest growth in the adhesives market during the forecast period.
Automotive & transportation is projected to register the fastest growth in the adhesives market during the forecast period. The rising demand for lightweight and fuel-efficient vehicles is expected to boost the demand for adhesives in the automotive & transportation industry.
APAC to grow at the fastest rate during the forecast period.
APAC is projected to be the fastest-growing market, in terms of value during the forecast period. A huge and increasing population base and a shift in manufacturing from North America and Europe to APAC are driving the adhesives & sealants market in the region. APAC is projected to register the highest CAGR of 6.1% during the forecast period, in terms of value.
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