Market Trends of Elastic Bonding Adhesive and Sealant Industry
This section covers the major market trends shaping the Elastic Bonding Adhesive & Sealant Market according to our research experts:
Automotive and Transportation to Dominate the Market
- Elastic adhesives and sealants have a range of characteristics and physical properties, such as good cohesion, adhesion, elasticity, high cohesive strength, flexibility, and improved peel strength.
- It provides environmental resistance from corrosion, UV light, saltwater, rain, and other weathering conditions, and maintains adhesive chemistry and physical bond. Therefore, it has a wide range of applications.
- The market is quite extensive and includes many applications in the transportation industry, such as aircraft and aerospace, railways, vehicle assembly, marine, windshields, automotive module sealing, etc.
- The global automotive manufacturing sector is growing at a consistent rate, with Asia-Pacific and Europe witnessing steady growth in the total number of motor vehicles produced.
- However, the trend changed in 2019 with the aforementioned regions witnessing a decline in automotive production. Factors, such as low costs of skilled labor, abundant availability of raw materials, and regular advances in the manufacturing technologies, are encouraging many automotive OEMs to emphasize on expanding their production facilities in the regions.
- Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have either set up their automotive manufacturing facilities or are planning to start new facilities in the Asia-Pacific region. This is expected to increase the demand for elastic bonding adhesives and sealants during the forecast period.
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The Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the dominating region in the elastic adhesives market, with the steady growth in the new construction projects and established industrial and automotive industry.
- Countries, like China, India, Indonesia, Thailand, and Vietnam, are the key countries attracting the demand for these adhesives.
- China remains the industrial base in the region with recognized automotive manufacturing. The country produces approximately 50% of the automotive of the total production in the region. Other major automotive producing nations include Japan, India, South Korea, and Thailand.
- Japan and South Korea also possess a well-positioned shipbuilding industry in the region, which is also likely to add up to the demand for these adhesives.
- China and India are witnessing investment in the construction sector, as the demand for commercial and residential building is on the rise. The investment slowed down due to the sudden outbreak of COVID-19. However, it is expected to gain pace by 2021 again.
- These factors are expected to majorly contribute to the demand for elastic bonding adhesives and sealants during the forecast period.
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