"Top companies covered are 3M, Arkema S.A, Ashland Inc., Avery Dennison, BASF SE, H.B. Fuller Company, PPG Industries and many more profiled players covered in Adhesives and Sealants Market research report
The global adhesives and sealants market size is projected to reach USD 66.44 billion by 2027, exhibiting a CAGR of 4.51% during the forecast period. Surging growth in building and construction activities worldwide will be a prominent growth factor for this market, states Fortune Business Insights™ in its report, titled “Adhesives and Sealants Market Size, Share &COVID-19 Impact Analysis, By Adhesive Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive), By Adhesive Application (Paper & Packaging, Building & Construction, Woodworking, Consumer/DIY, Automotive & Transportation, Leather & Footwear), By Resin (Silicone, Polyurethane, Plastisol, Emulsion, Polysulfide, Butyl), By Sealant Application,and Regional Forecast, 2020-2027”. A collaborative study released by Oxford Economics and Global Construction Perspectives predicts that by 2030, global volume of construction output will skyrocket by 85% and reach USD 15.5 trillion in value. The main countries contributing to this prolific rise will be China, US, and India, according to the study. Adhesives and sealants are some of the most essential materials in the construction industry as they are the agents that bind dissimilar components, playing a key role in giving different parts of a building the desired shape. More importantly, these materials are critical in maintaining the structural strength of any building and thus, escalating demand for infrastructures, especially in developing nations, is likely to propel the growth of this market in the coming years.
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As per the report, the global market value stood at USD 47.28 billion in 2019. The other highlights of the report include:
- Precise projections of upcoming investment opportunities;
- In-depth examination of the factors driving and constraining the market growth;
- Actionable insights into the individual market segments;
- Detailed profiling and study of key market players and their growth strategies; and
- Thorough analysis of the regional dynamics influencing the market.
Sizeable Dip in Revenue Earnings of Key Players amid COVID-19 to Hit Growth
The momentum gained by the adhesives and sealants market growth in the past year is likely to hit a major roadblock as the coronavirus pandemic has led to a sharp drop in the revenues of key market players. For example, in July 2020, the US-based conglomerate 3M reported a 12% fall in revenue in the current quarter, with net sales sliding to USD 7.2 billion from USD 8.2 billion owing to the economic downturn caused by COVID-19. In Europe, BASF, the German chemicals leader, suffered heavy losses in the second quarter, driven primarily by shrinking demand from the auto sector. Revenue shortfalls will inevitably lead to lower investments, which in turn will have negative implications for the demand for adhesives and sealants. Furthermore, lockdowns and social distancing measures have forced companies to limit the number of workers working in factories and plants, thus contracting production activities in the process.
Promising Economic Growth in Asia Pacific to Accelerate Market Expansion
Economic growth and development in Asia Pacific, mainly witnessed in India and China, has been reflected in commensurate growth in core sectors such as building & construction, energy & power, and manufacturing. Moreover, rising investments in industries have further boosted the demand for bonding materials in the region. Together, these factors are ensuring that Asia Pacific, where the market size stood at USD 21.03 billion in 2019, dominates the adhesives and sealants market share during the forecast period.
In North America, the market is anticipated to grow at an unvarying pace owing to increasing demand in the region for flexible packaging. In Europe, on the other hand, presence of well-established chemicals industry and growing demand for green adhesives will brighten market prospects in the near future.
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Strategic Operational Expansion by Key Players to Heat up Competition
In a bid to penetrate and establish presence in unexplored territories, key players in this market are making strategic investments to expand their operations on foreign shores. In addition to this, companies are also acquiring other entities that are specializing in adhesives & sealants to further cement their position in the market.
- January 2020: BASF announced plans to increase production of its leading antioxidant offering, Irganox®1520L, by 20% at its site in northern Italy. The product is a highly effective thermo-stabilizer, utilized in a vast array of solutions including adhesives, sealants, , oils, and polymers.
- September 2019: Sika AG, a specialty chemical company based in Switzerland, inked an agreement to acquire the Chinese sealants and adhesives manufacturer, Crevo-Hengxin. This takeover will allow Sika to gain entry into the Chinese and Asia Pacific market and also enable the company to strengthen its portfolio of silicone sealants.
List of Key Players Covered in the Adhesives and Sealants Market Report:
- 3M (U.S.)
- Arkema S.A. (France)
- Ashland Inc. (U.S.)
- Avery Dennison (U.S.)
- BASF SE (Germany)
- B. Fuller Company (U.S.)
- PPG Industries (U.S.)
- RPM International Inc. (U.S.)
- Sika AG (Switzerland)
- Other Players
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