Adhesives and Sealants Market Projected to Surpass USD 114 Billion by 2031, Witnessing 6.0% CAGR Growth
WESTFORD, MASSACHUSETTS, UNITED STATES, July 1, 2024 /EINPresswire.com/ -- Adhesives and Sealants Market1 size was valued at USD 67.48 billion in 2022 and is poised to grow from USD 71.5 billion in 2023 to USD 114 billion by 2031, growing at a CAGR of 6.0% in the forecast period (2024-2031).
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Adhesives and coatings are materials that bind two materials together or prevent moisture from moving between them. Adhesives are typically used to join two materials together, while coatings are used to fill gaps and prevent water leakage. It is widely used in industries such as construction, automotive, aviation and electronics. Each product has its own unique properties, such as adhesion strength, curing time, and heat and moisture resistance.
Due to materials used in the construction industry, the market is expected to grow significantly. Their use has increased rapidly with the introduction of high-performance polymers and solvents. They are considered essential components of construction activities and new technologies, and design techniques can drive the growth of the market.
Sustainable Packaging Solutions Taking Charge in Market
The packaging segment is the largest user of the adhesive and sealants market. The packaging industry is witnessing a surge in demand for end-use industries such as food, beverages, cosmetics, consumer goods and labels.
Higher oil costs now favor paper for plastic, eventually giving paper an advantage, rising to 41% of global packaging sales a decade, although over the same period, plastic share rose from 5% to 37%.
According to the CEPI, the EU member states produced a total of 84.8 million tonnes of paper and pulp in 2022. In 2022, there will be a decline in almost all categories of paper and board except household and sanitary labels, which showed that it is different and distinctive.
The differential development of products and designs in the United States is a result of changing consumer behavior and innovations in the marketplace and this is driving fundamental changes in the packaging industry.
Technological Advancements in Adhesives and Sealants Market Over Next 5 Years
The following are the key Adhesives And Sealants Trends2 that will shape the growth of the market in the next 5 years
Several key factors are expected to shape the adhesives and sealants market over the next 4-5 years:
Technological advances: Continued advances in adhesive technology, including nanotechnology and bio-based adhesives, will improve performance characteristics such as bond strength, durability and environmental sustainability.
Expansion in emerging markets: Rapid industrialization and urbanization in emerging economies will drive demand for textiles and coatings in manufacturing, automotive and packaging in materials.
Compliance: Stricter regulations on VOC emissions and the environment will impact product development and market channels, spurring manufacturers to innovate and conquer all world standards.
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Shift Towards Bio-based Sustainable Products to Reshape Global Market Over Next Ten Years
Advances in smart sealants: Integrating smart technologies into sealants, such as self-healing capabilities and system monitoring sensors, will increase productivity and extend product life.
Market consolidation and consolidation: Increasing competition and the pursuit of market dominance will lead to mergers and acquisitions among key players, shaping industry growth and market consolidation.
May 2023: Henkel AG & Co. KGAA, the global leader in adhesives, sealants and functional coatings, officially opened its technology center in Bridgewater, New Jersey, USA. The facility showcases the entire Henkel technology portfolio of adhesives, sealants, functional coatings and specialty products.
September 2022: Henkel AG & Co. KGAA expanded its manufacturing facility to manufacture heating elements and adhesives in Brandon, South Dakota. These adhesives are used in the electronics and automotive industries and are marketed under Loctite and Bergquist.
February 2022: Arkema textile solutions company Bostic signs a distribution deal with specialty chemicals distributor DGE Group in Europe, the Middle East and Africa. The deal developed Born2Bond engineered adhesives for automotive, electronics, packaging attractive and many other packaging materials.
In June 2023, H.B. Fuller acquired Beardow Adams, an adhesive manufacturer offering a range of UK industrial adhesives. With the adoption of H.B. Fuller's growth in several key markets, enhancing profitability and business synergies through product efficiencies, delivery capabilities and innovative solutions.
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The adhesive and sealants market are poised for growth, driven by technological advances, sustainability initiatives and expanding applications in various industries. As the demand for high performance, eco-friendly products increase, manufacturers continue to innovate, market trends, regulatory and will adapt to the needs.
Related Report:
Pressure Sensitive Adhesives Market3
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2 https://www.skyquestt.com/report/adhesives-and-sealants-market
3 https://www.skyquestt.com/report/pressure-sensitive-adhesives-market
