Adhesives & Sealants Market for Manufacturing Industry: Introduction
In terms of value, the global adhesives & sealants market for manufacturing industry is expected to cross US$ 33.3 Bn by 2030, expanding at a CAGR of ~8% during the forecast period. The increase in the demand for adhesives & sealants in electronics and automotive sectors is a major factor driving the global adhesives & sealants market for manufacturing industry. Additionally, increasing demand for adhesives & sealants in electric vehicle is estimated to fuel the global market during the forecast period.
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Major Drivers of Adhesives & Sealants Market for Manufacturing Industry
The global adhesives & sealants market for manufacturing industry is primarily driven by the increase in usage of adhesives & sealants in electronic products, batteries, and appliances. Furthermore, the demand for adhesives & sealants has been rising across the globe, owing to its adoption in electric vehicles. Adhesives & sealants are utilized throughout the interior, exterior, and engine compartment of an aircraft. Acrylics, epoxies, cyanoacrylates are considered as aerospace adhesives. Adhesives are preferred in interiors, exteriors, and engine compartments of aircraft, due to their advantages over other types of adhesives. Adhesives carry higher weight loads and improve uniform distribution of stress and strain across joints. Adhesives also maintain integrity and strength of materials, as there is no hole, rivet, or fastening element to weaken the structure. These factors are projected to fuel the global demand for adhesives & sealants during the forecast period.
Automotive Assembling to Witness High Adoption of Adhesives & Sealants
The automotive assembling segment accounted for a leading share of the adhesives & sealants market for manufacturing industry in 2019, led by the growth in the automotive industry. The automotive industry is focusing on the design of lightweight and fuel-efficient vehicles, which can reduce CO2 emissions significantly. Stringent regulations regarding CO2 emissions are being imposed worldwide. Adhesives & sealants play an important role in reducing CO2 emissions. They provide vehicles with structural strength. They possess the ability to bond various surfaces together. The use of adhesives makes the vehicle lighter, quieter, and safer compared to mechanical fastening methods such as welding, bolting, and soldering. Structural adhesives, such as epoxies, acrylic, and polyurethane, are known to distribute load evenly across a surface, resulting in better efficiency as compared to mechanical fastening, which generates local stress in parts joined. Currently, around 12 kilograms of adhesives is used in an average car. This amount is likely to increase over the next few years.
UV Adhesive Type to Dominate Adhesives & Sealants Market for Manufacturing Industry
The UV adhesives accounted for a major share of the global adhesives market for manufacturing industry in 2019. UV adhesives are generally preferred, owing to their fast curing process when exposed to light of the appropriate wavelength and intensity. The polyurethane segment is expected to grow at a significant rate during the forecast period. Polyurethane adhesives provide extremely strong bonding. Even before the adhesive dries and seals completely, the initial bond is strong enough that clamps are unnecessary. The automotive industry generally uses polyurethane adhesives for vehicle interiors and to bond windshields.
Silicone Sealant to be Preferred in Adhesives & Sealants Market for Manufacturing Industry
Silicone sealant type segment is estimated to dominate the global sealants market, followed by modified silane polymer. These segments are projected to grow at significant rate during the forecast period, due to the increasing demand from various end-use industries such as electronics & electrical and automotive industries. Sealant based on modified silane polymer combine the advantages of polyurethanes and silicones, and cancel all their disadvantages. Modified silane polymer sealants are the preferred option for sealing side panels of trailers and vehicles such as trucks, assembly parts, doors, and windows.
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Asia Pacific Holds Prominent Share of Adhesives & Sealants Market for Manufacturing Industry
Asia Pacific is a highly lucrative region of the global adhesives & sealants market for manufacturing industry. China is likely to hold a major share of the market in the region during the forecast period. Wide industrial manufacturing base, high availability of raw materials, and broad consumer base are some of the key factors driving the demand for adhesives & sealants in China. North America is another major consumer of adhesives & sealants, due to the presence of a well-established electronic industry as well as adhesives & sealants manufacturing facilities in the region. Rise in production of industrial electronic and consumer electronic products is estimated to boost the demand for adhesives & sealants for manufacturing industry in the region in the near future. The adhesives & sealants market for manufacturing industry in Europe is anticipated to expand in the near future, owing to an increase in automotive sector in Germany, the U.K., Russia, and France.
Few Top Players Accounted for Major Market Share in 2019
The global adhesives & sealants market for manufacturing industry is consolidated. It is dominated by a few large-sized manufacturers. Companies operating in the global adhesives & sealants market for manufacturing industry are investing in R&D to produce advanced and bio-based products, and increasing the production capacities for adhesives & sealants. Major players operating in the global adhesives & sealants market for manufacturing industry include Henkel AG and Co. KGaA, Sika AG, Bostik SA, RPM International Inc., KCC Corporation, H.B. Fuller Company, The 3M Company, Illinois Tool Works Inc., Avery Dennison Corporation, Huntsman International LLC, Dow Inc., and Ashland.
