The global adhesives market was valued at USD 43,909.30 million in 2016 and is projected to reach USD 56,309.79 million by 2021, at a CAGR of 5.10% during the forecast period, 2016 to 2021. The global sealants market was valued at USD 8,991.70 million in 2016, and is projected to reach USD 12,255.91 million by 2021, growing at a CAGR of 6.39%, during the forecast period 2016-2021.
Adhesives and sealants are often grouped together, as they both are applied to the surfaces of materials to adhere and seal them together. They are generally available in the liquid form, which is viscous in nature, with no or little flow characteristics. Adhesives are majorly chosen for their bonding and holding power and have high tensile and shear strength. Adhesives are of two varieties, namely structural adhesives (strength is vital for the success of the assembly) and non-structural adhesives (generally have low strength, are used to bond weak substrates and for temporary fastening). However, sealants are majorly selected for their ability to resist relative movement of the substrates, to fill gaps, and to contain or exclude another material. They have less strength compared to adhesives, but are more flexible in nature.
The major raw materials of adhesives and sealants are petroleum-derived, whose prices are directly linked to the price of oil & gas; hence, the low crude oil prices are driving the market, currently. These factors are accelerating the demand from the automotive industry, increasing the demand from the packaging industry, and shifting focus towards composites. However, the market faces certain drawbacks, such as stringent environmental regulations regarding VOC emissions, and economic slowdown in Europe. These factors may act as a roadblock to the growth of the market.
The Asia-Pacific adhesives and sealants market has been segmented, by end-user industry which includes building & construction, packaging, wood-work & joinery, transportation, footwear & leather, healthcare, electronics, and certain other industries. The paper, board, and packaging segment accounted for 21.08% share of the Asia-Pacific adhesives market, while building and construction segment accounted for 46.06% Asia-Pacific sealants market in 2016.
The Asia-Pacific adhesives market, by technology, is broadly segmented into water-borne adhesives, solvent-borne adhesives, reactive adhesives, hot melts adhesives, and others. The hot melt adhesives segment is expected to witness the highest growth rate during the forecast period. The water-borne adhesives segment accounts for the highest share, accounting for 45.62% of the Asia-Pacific market. The sealants market has been further segmented by the product type into - silicone, polyurethane, acrylic, polyvinyl acetate, and others.
The water-based adhesives have been further segmented by the product type into acrylic, polyvinyl acetate (PVA) emulsion, ethylene vinyl acetate (EVA) emulsion, polyurethane dispersions & CR (chloroprene rubber) latex, and others. The solvent-borne adhesives market has been further segmented into- styrene buta-styrene (SBS), chloroprene rubber (CR), polyacrylate, and others. Hot-melt adhesives market has been segmented into ethylene vinyl acetate, synthetic rubbers, thermoplastic polyurethane, and others. Reactive adhesives market has been segmented into epoxy, modified acrylics, cynoacrylates, silicone, polyurethane, anaerobic, and others.
The market has also been geographically segmented into China, India, Japan, South Korea, Thailand, Malaysia, Indonesia, Australia & New Zealand, and Rest of Asia-Pacific. In 2016, in terns of revenue, China is expecetd to dominate the Asia-Pacific adhesives market with a marke share of 52.11%. The country is expecetd to witness the consistenly increasing demand for adhesives, as the country is gradually becoming the manufacturing hub. Another major reason for the growth of the market is the growing aerospace industry in the country, owing to the increasing both inter and intra-tourism
Furthermore, the growing aerospace industry in China and the increasing demand of electric vehicles will offer numerous opportunities in the growth of the Asia-Pacific adhesives and sealants market. Some of the major companies dominating this market for its products, services, and continuous product developments are 3M, Dow Chemicals, Henkel AG & Co. KGaA, Avery Dennison, and Ashland Inc.
Key Deliverables in the Study