Fluctuation in prices of key feedstocks is expected to remain a primary challenge for industry participants. In addition, stringent regulatory framework, mainly in the U.S. and Europe, owing to growing environmental concerns is expected to hinder the market growth over the next six years. In order to overcome the aforementioned challenges, the industry has been shifting its focus towards developing renewable alternatives to petroleum based adhesives and sealants. Renewable adhesives and sealants are produced using vegetable oils and are environmental friendly in nature.
Water based adhesives dominated the global market, accounting for over 46% of total market volume in 2013. Water based adhesives have low environmental impact with no VOC emissions, a key factor for their high market penetration. Water based adhesives are expected to completely replace solvent based adhesives in the U.S. and European markets over the next decade. Water based adhesives are also expected to be the fastest growing technology, at an estimated CAGR of 5.4% from 2014 to 2020. The global market for hot melt adhesives is expected to reach 2,379.9 kilo tons by 2020, growing at an estimated CAGR of 5.1% from 2014 to 2020.
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Further key findings from the study suggest:
The global market for adhesives was 8.976.6 kilo tons in 2013 and is expected to reach 12,392.2 kilo tons by 2020, growing at a CAGR of 4.7% from 2014 to 2020. On the other hand, the global market for sealants was 1,764.5 kilo tons in 2013 and is expected to reach 2,371.5 kilo tons by 2020, growing at a CAGR of 4.3% from 2014 to 2020.
Acrylic adhesives emerged as the leading product segment in the overall market for adhesives and accounted for 36.9% of total market volume in 2013. Acrylic adhesives are also expected to be the fastest growing adhesive product at an estimated CAGR of 5.3% from 2014 to 2020. Acrylic adhesives were followed by Polyvinyl Acetate (PVA) adhesives which accounted for 28.1% of total market volume in 2013. Silicones emerged as the leading product in the overall sealants market and accounted for 30.3% of total market volume in 2013. Along with being the largest product segment, silicones are also expected to be the fastest growing, at an estimated CAGR of 4.9% from 2014 to 2020.
Pressure sensitive applications emerged as the largest segment and accounted for 29.1% of total market volume in 2013. However, furniture is expected to be the fastest growing market for adhesives at an estimated CAGR of 5.9% from 2014 to 2020. Growing disposable income level in China, Brazil and India is expected to drive the demand over the forecast period. Construction remained the largest application segment for sealants and accounted for 27.3% in 2013. Automotive followed construction and accounted for 19.2% of total sealants market volume in 2013.
Asia Pacific dominated both, adhesives and sealants demand and accounted for 42.6% and 39.2% of total market in 2013, respectively. Europe followed Asia Pacific in the overall market and accounted for over 28% of total market volume in 2013. Asia Pacific is also expected to be the fastest growing regional market for adhesives and sealants, at an estimated CAGR of 5.9% and 5.3% from 2014 to 2020, respectively.
The global market for adhesives and sealants is dominated by multinational corporations, present across the value chain. The global market is fairly concentrated with top four companies including Henkel, 3M, HB Fuller and Dow Chemical Company, which accounted for nearly 48% of total market in 2013. Some other key companies operating in the global market include Avery Dennison, BASF, Eastman Chemical Company, Bostik SA, Ashland Inc. and Ellsworth Adhesives.
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For the purpose of this study, Grand View Research has segmented the global adhesives and sealants market on the
basis of technology, product, application and region:
Global Adhesives Technology Outlook
Reactive & Other
Global Adhesives Product Outlook
Global Adhesives Application Outlook
Pressure Sensitive Applications
Adhesives Regional Outlook,
Middle East & Africa
Global Sealants Product Outlook
Global Sealants Application Outlook
Pressure Sensitive Tapes
Sealants Regional Outlook,
Middle East & Africa
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