The global adhesives and sealant market is expected to see substantial gains in the upcoming time period due to escalating product usage across numerous end-user industries such as construction, transportation, automotive, packaging, furniture, and footwear among others.
Rising consumer preference for home interiors and carpeting, and increasing use of silicone sealants in construction and automotive would also foster the industry share. Adhesives is a substance which can hold materials or objects such as substrates together in a functional manner by surface attachment resisting separation. Both adhesives and sealants enhance product durability and flexibility and also increases quality of product as well as product performance.
The global adhesives and sealant market are bifurcated into various segments with the adhesives market segmented in terms of technology, product, application, and regional landscape.
With respect to technology, the global adhesives market is classified into hot melt, reactive, solvent-based, and water based. Among these, the solvent based segment is anticipated to witness a CAGR of more than 3% over the forecasted time period. Hotmelt technology segment is likely to witness a respectable CAGR of around 5.7% through the forthcoming time period.
Based on product, the market for adhesives is categorized into EVA, epoxy, styrenic block, polyurethane, PVA, and acrylic. Among these, the PVA adhesive segments market volume estimates is expected to be around 3650 tons over the forecasted time period.
Meanwhile, the market volume estimates of styrenic segment is anticipated to be more than 2.6% CAGR over the projected time period. The epoxy adhesive market revenue evaluations are expected to be about 2.7% CAGR through the forthcoming time period.
In terms of application, the overall adhesives market is segmented into footwear, automotive, furniture, packaging, pressure sensitive application, and construction. The pressure sensitive adhesive market volume estimates in terms of application is likely to be over 4245 tons by 2026. Automotive adhesive market revenue estimates are anticipated to be more than $3135 million by 2024.
Meanwhile, the global footwear adhesive market revenue evaluations are projected to be over $4150 million by 2025. Global furniture adhesive market revenue estimates are likely to be approximately $8343 million by 2026.
From a regional frame of reference, in 2020, the LATAM adhesive market volume estimates was estimated to be over 735 tons and is expected to witness robust growth over the coming time period.
Meanwhile, the market volume estimates of adhesive market in MEA is anticipated to be more than 200 tons by 2023.
The global sealants market is bifurcated in terms of product, application, and regional landscape.
With respect to product, the market for sealants is classified into EVA, polyvinyl acetate, acrylic, polyurethane, silicone, and epoxy. Silicone sealants segment is expected to witness robust growth owing to high product usage in numerous end use industries including construction and automotive.
The product is highly favored owing to its ability to block dust and sound. Epoxy product segment is widely used in sealing and patching of tiles and concrete floorings pertaining to its wide scope in construction industry.
Meanwhile, polyvinyl acetate segment is widely used as a film forming ingredient in water-based paints and also used as an adhesive owing to its increased market demand.
In terms of application, the overall sealants market is categorized into consumers, assembly, pressure sensitive tapes, packaging, automotive, and construction. The automotive application segment will witness robust growth over the coming years. The product has wide application in bonding and laminating of interior part of vehicles owing to its application in automotive industry.
Pressure sensitive tapes are widely used for surface covering in painting applications pertaining to its application in automotive and paint industry. This in turn is likely to drive the demand for pressure sensitive tapes segment.
Meanwhile, the assembly segment is expected to witness strong growth over the coming time period. In fact, the product offers greater flexibility in designing and assembly for production of innovative products thereby stimulating the overall product demand.
Rising consumer preference for home interiors and carpeting will boost the demand for consumers application segment.
From a regional frame of reference, the sealant market revenue in LATAM was estimated to be around $1515 million in 2020 and is likely to follow promising growth over the coming years. The sealant market revenue in Middle East & Africa is anticipated to be more than $2530 million by 2023.