The global adhesives & sealants market size is estimated to be USD 63.2 billion in 2020 and is projected to reach USD 80.0 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. The growth of the market is supported by the increasing construction and automobile applications, advancements in formulating technologies, and growing demand in the APAC region.
The adhesives & sealants market faces a number of challenges related to regulatory compliance, data security, and integration & operational issues, which will have an impact on the growth in the adoption of adhesives & sealants in the end-use industries. Also, the 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. On the other hand, frequent changes in standards and regulations and volatile crude oil prices pose challenges for market growth.
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APAC is the most promising market for adhesives & sealants and is projected to remain the same in the coming years. 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. The growth of the market in the region is mainly attributed to high economic growth and heavy investments in packaging, automotive, building & construction, medical, and electronic industries. Countries such as India and China are investing heavily in various end-use industries, which is likely to influence the growth of the adhesives & sealants market in these countries.
Paper & packaging was the largest application of adhesives, in terms of both volume and value, in 2019. This is because of the increased use of adhesives in a wide variety of paper bonding applications ranging from corrugated box construction and the lamination of printed sheets to packaging material used for all types of consumer products and the production of large industrial tubes and cores used by manufacturers of roll goods and other materials.
Continuous developments in the market, including new product launches, investment & expansion, partnership & agreements, merger & acquisitions, and joint ventures are expected to help the market grow. Several products are being introduced, and investments are made on increasing the production capacity of adhesives & sealants by manufacturers for different applications. New product launch has helped companies enhance their product portfolio.
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The key market players are Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M Company (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), Dow Inc. (US), and Wacker Chemie AG (Germany) and others.
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