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Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global adhesives and sealants market was estimated at $51.9 billion in 2020 and is expected to accrue a sum of $85.0 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Technical advancements and rise in R&D activities which led to the increased demand for a wide range electrical & electronic devices and increase in government spending on the building & construction sector act as the key drivers for the growth of the adhesives and sealants market. However, harmful effects on health due to prolonged exposure to volatile organic compounds (VOC) released during the manufacture of adhesives and sealants and increase in regulatory pressure and growing public awareness regarding health issues and adverse environmental effects are likely to diminish the demand for adhesives and sealants in various sectors, thus restraining the market growth. On the other hand, the emergence of non-hazardous and sustainable adhesives & sealants offers lucrative opportunities for market growth.
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Covid-19 Scenario-
- The Covid-19 outbreak impacted the adhesives and sealants market negatively owing to the industry's dependence on sectors such as automotive, aerospace, building & construction, healthcare and packaging and others. Several auto plants witnessed shutdown of operations due to fear of infection spread. Restrictions on travel and the falling income of customers led to reduced demand for adhesives & sealants among the aerospace sectors. Many construction projects also got stalled due to the pandemic, which affected the sales of adhesives and sealants.
- As the healthcare and packaging sector started showing a positive growth, the adhesives and sealants market is also expected to recover soon.
The global adhesives and sealants market is analyzed across product type, application and region. Based on product type, the adhesive segment accounted for more than four-fifths of the total market share in 2020, and is projected to rule the roost by the end of 2030. The sealant segment, however, would cite the fastest CAGR of 5.4% throughout the forecast period.
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Based on application, the building and construction segment was the largest in 2020, grabbing nearly one-third of the global market and is expected to lead the trail through 2030. However, the medical segment would exhibit the fastest CAGR of 6.0% during the forecast period.
Region wise, Asia-Pacific garnered more than two-fifths of the global market in 2020 and would maintain its leadership status during the forecast period. The same segment would witness the fastest CAGR of 5.6% during the forecast period. The other regions covered in the report include North America, Europe, and LAMEA.
The key players of the adhesives and sealants market analyzed in the research include Arkema S.A., BASF SE, Evonik Industries AG, H.B. Fuller, Henkel AG & Co. KGAA, Lord Corporation, Scott Bader Co., Sika AG, The 3M Company, and Uniseal, Inc.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research , is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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