Elastic Adhesives & Sealants Market by Resin Type (Polyurethane, Silicone, SMP), End-Use Industry (Construction, Industrial, Automotive & Transportation), Region (North America, Europe, APAC, South America, Middle East & Africa) - Global Forecast to 2024
The elastic adhesives & sealants market is projected to register a CAGR of 6.9%, in terms of value, between 2019 and 2024.
The elastic adhesives & sealants market is projected to grow from USD 16.4 billion in 2019 to USD 22.3 billion by 2024, at a CAGR of 6.3%, between 2019 and 2024. The growth of end-use industries such as construction, industrial, and automotive & transportation as well as growing demand for silicone and SMP adhesives are the key factors driving the elastic adhesives & sealants market. However, the lack of acceptance from end-users is expected to hamper the growth of the market.
The SMP segment is estimated to be the fastest-growing segment of the overall elastic adhesives & sealants market during the forecast period.
SMP resin market is projected to register the highest CAGR, aided by the stringent environmental regulations. These regulations prohibit the use of highly toxic solvents, which have VOC emissions. As SMP adhesives & sealants are odorless, free of isocyanates and solvents, and emit no VOCs, their demand is expected to increase. In addition, they do not require primers and have adhesion with almost every substrate, excellent weathering resistance, color stability, and UV resistance, and are easily paintable and retain the quality of paint.
The elastic adhesives & sealants market in the automotive & transportation end-use industry is expected to witness the highest CAGR during the forecast period.
Elastic adhesives & sealants find numerous uses in automobiles, such as in front glass windshield, side glass, and car body. They are used in places requiring moderate adhesion but high elongation. For vehicle manufacturers, the use of elastic adhesives with their multi-function properties reduces the number of separate processing stages and enables a more streamlined production operation. Further, the customer also benefits from fuel savings with the use of lightweight and elastic bonded materials.
APAC elastic adhesives & sealants market is estimated to register the highest CAGR during the forecast period.
The APAC elastic adhesives & sealants market is segmented into China, Japan, India, Indonesia, and Rest of APAC. The APAC region is a lucrative market for elastic adhesives & sealants owing to the increasing demand from packaging industries and improving economic conditions. Product innovations, new research and development projects, and increasing demand from various end-use industries have also fueled the demand for elastic adhesives & sealants in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in elastic adhesives & sealants market, and information was gathered from secondary research to determine and verify the market size of several segments and subsegments.
By Company Type: Tier 1 - 70%, Tier 2 - 20%, and Tier 3 - 10%
By Designation: C Level - 40%, D Level - 30%, and Others - 30%
By Region: APAC - 40%, North America - 20%, Europe - 20%, South America- 10%, and the Middle East & Africa - 10%
The key companies profiled in this report are the Henkel AG & CO. KGAA (Germany), Arkema S.A. (France), H.B. Fuller Company (US), DowDuPont Inc. (US), Sika AG (Switzerland), and 3M Company (US).
This report provides detailed segmentation of the elastic adhesives & sealants market based on, resin, end-use industry, and region. With respect to resin, the elastic adhesives & sealants market has been segmented into polyurethane, silicone, SMP, and others. Based on end-use industry, the market has been segmented into construction, industrial, and automotive and transportation. Based on the region, the market has been segmented into the Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
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