The global adhesives and sealants market is slated to observe remarkable growth in the near future, owing to the nearly unaffected nature of infrastructure and construction activities amid the COVID-19 pandemic. While the crisis has impacted several industries, efforts of various governments for economic revival are touted to impel the demand for sealants in construction projects.
To that end, as per the latest study by Global Market Insights Inc., the adhesives and sealants market size is anticipated to surpass USD 64.7 billion and USD 15 billion respectively by 2027.
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The industry growth is attributed to the adoption of collaborative strategies such as acquisitions, mergers, and capacity expansions by major adhesives and sealants manufacturers.
For instance, in April 2021, Sika agreed to the acquisition of Hamatite, which is the adhesives arm of The Yokohama Rubber Co., Limited. The deal will significantly reinforce Sika’s position in the Japanese market, enhance access to all key Japanese OEMs, and notably expand the product offering for bonding and sealing applications in construction sector in Japan.
Speaking of the latest trends of the adhesives and sealants market, the market is witnessing a huge demand from consumer applications. The segment held a valuation of more than USD 600 million in 2020 and is expected to depict commendable growth through the estimated period. This is primarily because sealants are extensively utilized for carpeting, plumbing, and water blocking applications by customers.
Furthermore, the sealants industry growth is propelled by the rising number of modifications, constructions, and other repair works in households. Increasing consumer inclination towards the modernization of exterior and interior designing of houses has led to an upsurge in construction activities in the region. There is a wide demand for acrylic sealants owing to bond strength and reliability, augmenting the demand for various types of sealants through the coming years.
Another significant trend in the adhesives and sealants market is the soaring demand for water-based adhesives across graphic art, packaging, and wood working applications. The segment is anticipated to expand at a CAGR of more than 5.5% between 2021 and 2027. On the other hand, polyvinyl acetate sealants are witnessing an increasing demand due to product application for surface blocking in metals, concrete, bricks, and ceramics. These sealants are expected to grow at a CAGR of 5.5% through the analysis period.
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Considering the regional landscape, the rapid pace of increase in residential construction activities in Canada is expected to impel the growth of North America sealant market size through 2027. The region is estimated to record more than 6.4% gains from 2021-2027. This is because the product has surface application in flooring, ceramics, and cement in the construction sector. Rising investments and planning for the upgradation of infrastructure are expected to stimulate adhesives and sealants industry revenue in the region.
However, the formulation of strict environmental norms by regulators in North America and Europe is expected to hinder industry growth to a certain extent.
On the whole, the rising inclination of consumers towards modern lifestyle and the rising influence of social media for wearable products will impel adhesives and sealants market size through the analysis period.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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