Market Report Overview
Furthermore, a joint report produced and published by Global Construction Perspectives and Oxford Economics predicts that the value of this industry will hit $15.5 trillion by 2030, with an 85% rise in volume. India, China, and the US will account for nearly 57% of this rise, the report states. Adhesives and sealants are some of the most vital components in buildings as they hold join two distinctive materials together and keep them in place for prolonged periods of time. Thus, escalating demand for housing and commercial spaces would leverage the adhesives and sealants market growth in the coming years.
The Global Adhesives & Sealants Market Size is expected to reach USD 66.76 billion by 2026, exhibiting a CAGR of 5.05% during the forecast period. Promising growth of the global building and construction industry is touted to be the top factor driving this market in the foreseeable future. According to the French credit insurance company, Euler Hermes, the global construction industry grew by 3.5% in 2018 from 2017 levels, making 2018 the best-performing year for the industry in a decade.
List of Top Players Covered in the Adhesives & Sealants Market Research Report are;
- Sika AG
- PPG Industries
- H.B. Fuller Company
- Avery Dennison
- Arkema S.A.
- RPM International Inc.
- Huntsman Corporation
- BASF SE
- Ashland Inc.
The other highlights of the report are:
- Thorough research into the drivers, trends, and restraints shaping the growth of the market;
- 360-degree analysis of the market segments and their influence on the overall market outlook;
- Meticulous study of the competitive landscape of the market through profiling of key players, their strategies, and other industry developments; and
- Comprehensive evaluation of the regional dynamics of the market.
Optimistic Projections for Electric Vehicles to Aid Market Growth
One of the top emerging Adhesives & Sealants Market trends is the encouraging outlook for electric vehicles for the next couple of decades. According to the International Energy Agency (IEA), in 2017, over 3 million hybrid cars were running on roads across the globe. Moreover, the IEA’s New Policies Scenario projects that the number of electric cars on the road could reach 220 million by 2030. Adhesives and sealants are expected to play a crucial role in the manufacturing of electric vehicles as they make possible the bonding of dissimilar materials. Adhesives are already widely applied in automotive manufacturers such as for thermal conductivity and management and corrosion protection. The emergence of electric vehicles would open a new avenue for these materials.
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Rapid Industrial Development to Drive the Market in Asia-Pacific
Asia-Pacific is foreseen to lead the Adhesives & Sealants Market share owing to the speedy development of industries in the region. In addition to that, the rapid expansion of the middle class in India and China is generating tremendous demand for building and construction activities, which is auguring well for the market in the region.
North America boasted of the market size of USD 11.32 billion in 2018 and will remain a key region in this market during the forecast period. The primary factor driving the market here is the growing preference among consumers for flexible packaging solutions. In Europe, strong environmental regulations are firing up the demand for green adhesives and boosting the market in the region.
Introduction of Innovative Offerings to Make Competition Fierce
The adhesives and sealants market forecast predict a period of fierce competition in the market as companies develop and launch interesting solutions. “These measures are aiding players to diversify their portfolio and entrench their position in the market”, says one of our lead analysts.
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