The constantly changing consumer demands and rapid advancement of the world are some of the major factors influencing the rapid change in the production techniques and applications of the products like sealants and adhesives. Growing restriction of price and better performance are also driving the existing manufactures in the industry to come up with new technologies and products to grow their own businesses. The changing demand patterns of the global customers and rising demand from the emerging markets are the crucial driving factors for the global adhesives & sealants market. The industry is expected to perform exceptionally across the emerging regions like Asia Pacific, while technological advancements are also expected to create strong business opportunities during the next few years.
Drivers for Sealants & Adhesives Market
As mentioned before, the global market is strongly driven by the advancement in the product portfolio for both sealants and adhesives. Wide range of applications for both the products are also creating rise in demand for these products. Technological advancements, especially across the end-user industries are also expected to drive the global industry at a healthy growth rate. Higher demand from Asia Pacific region with increased production activities and growing applications are also expected to create strong demand in the adhesives & sealants market.
Growth in demand for low VOC, environment friendly and sustainable products is anticipated to create business opportunities for the existing players in the market. Growing applications in surgical procedures and demand for lightweight and low carbon emitting products are also expected to be strong driving factors for the market. Major restraining factors for the industry include changing economic cycles and volatility of the market in terms of the prices of the raw materials. However, researchers are hoping for a steady growth of business despite these restraining factors.
Segmentation and Forecasting
The global adhesives & sealants market is segmented on the basis of the types of products, which include:
- Adhesives: Acrylic, epoxy, PVA, EVA, polyurethanes, Styrenic Block, and others
- Sealants: Silicon, acrylic, polyvinyl, polyurethane and others
On the basis of the basic applications, the global market is segmented into building and construction, pressure sensitive products, automotive, furniture, woodworking, packaging, footwear, consumer DIY, assembly, automotive and transportation, etc. On the basis of the types of technologies, the industry is segmented into solvent-borne, water-borne, hotmelt and reactive techniques. Geographically, the industry is segmented into Europe, Asia Pacific, North America, and rest of the world. Analysis of all these segments provides details of the trends, drivers, challenges, restraints and opportunities in the market.
According to this analysis, the global adhesives & sealants market is expected to grow at a CAGR of over 4.4% by 2018. The Asia Pacific region is expected to record strongest growth in terms of development, demand, application and production of these products. Rapid industrialization and rising demand from Korea, Japan and Taiwan are expected to drive growth in this region.