Growing Demand for Bio-based Adhesives & Sealants to Bolster Market Growth
The adhesives & sealants market for manufacturing industry is expected to witness exponential growth over the upcoming decade due to increasing demand from end-use industries. Adhesives and sealants are extensively used across a wide spectrum of industries, including electronics & electrical, aerospace, automotive, food & beverages, and transportation. The entry of new manufacturing technologies coupled with increasing usage of new materials in the development of adhesives and sealants are some of the key factors that are expected to drive the overall growth of the global adhesives & sealants market for manufacturing industry during the forecast period.
Market players involved in the current market landscape are expected to focus on innovations and launching environment-friendly and sustainable adhesives and sealants due to evolving consumer preferences and changes in the regulatory framework. Several players involved in the current market landscape are also likely to focus on improving the quality and functional properties, including recyclability and Energy efficiency to gain competitive edge. Moreover, market players are projected to expand their production capacity, eye mergers & acquisitions, and increasingly tap onto lucrative opportunities in developing regions of the world, such as India, China, Brazil, Vietnam, etc.
At the back of these factors, the global adhesives & sealants market for manufacturing industry is on the course to surpass US$ 33.3 Bn mark by the end of 2030.
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Increasing Demand from Automotive Sector to Drive Market
The automotive sector is expected to provide fertile grounds for market growth to the players involved in the current adhesives & sealants market for manufacturing industry. Over the past couple of decades, increasing pressure on OEMs to minimize the weight of the vehicle by regulatory bodies has resulted in significant rise in the demand for lightweight adhesives and sealants– a factor that is projected to boost the growth of the global adhesives & sealants market for manufacturing industry during the assessment period.
The development of new adhesive technologies are increasingly being utilized by the OEMs around the world. Automotive adhesives, including pressure-sensitive adhesive (PSA) tapes and films have garnered considerable popularity worldwide and the trend is set to continue during the forecast period. At present, the usage of adhesives across the automotive sector has expanded from brake shoes to floor underlayment, hood assembly, motor magnets, wire tracking, etc. Market players are expected to focus on refining and introducing innovative PSA films during the forecast period and cater to bonding requirements of the industry.
Market Players Focus on Innovations, Increasing Production, and Expanding Product Portfolio
Players operating in the current adhesives & sealants market for manufacturing industry are expected to focus on both, organic as well as inorganic growth strategies to improve their position in the market. The integration of new technologies and compliance with new environmental regulations are likely to compel the market players to lean toward product innovation. For instance, in 2019, due to the mounting environmental pressure, Jowat announced the launch of a bio-based hot melt adhesive that is primarily developed to fulfil the growing requirement for environment-friendly bonding across the packaging sector. In 2019, H.B Fuller announced the launch of Advantra Warrior ™ – a hot melt adhesive that is primarily developed to fulfil the growing demand for case and carton sealing applications. In June 2020, Bostik announced the launch of a new range of engineering adhesives for high-end packaging applications. Expanding the product portfolio, product innovation, and increasing production capacity are some of the key growth strategies that are likely to gain further momentum during the forecast period.
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Demand to Decline amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic has severely impacted the overall growth of the global adhesives & sealants market for manufacturing industry during 2020. The economic toll of the COVID-19 crisis on stakeholders, suppliers, manufacturers, and end users, especially in 2020, is expected to put forward several barriers for the players involved in the adhesives & sealants market for manufacturing industry, including manufacturing, pricing, and transportation. The downturn in the demand for adhesives and sealants, especially in the first two quarters of 2020, is expected to hinder market growth. However, as lockdown restrictions around the world are being lifted by governments and local authorities, cross-border trade and transportation activities are gradually resuming due to which, the supply chain across the adhesives & sealants market for manufacturing industry is showing signs of recovery.
