North America Adhesives & Sealants Market - Segmented by Technology, Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The North America adhesives & sealants market is expected to grow at a CAGR of 5.01% & 5.86% respectively during the forecast period of 2018–2023. The United States is estimated to lead the market due to its technological advancement and increasing investments in R&D.
Rising Demand in Composites Segment
The usage of adhesives for composite joints has been consistently increasing in numerous applications, such as consumer packaging, aerospace, and automotive. The demand for and usage of composites, owing to their properties (such as reduced weight, improved aesthetics, enhanced environmental resistance, design flexibility, and increased stiffness) has been consistently increasing. Emerging trends, which have a direct impact on the dynamics of the adhesive industry, include increasing penetration of thermoplastic and carbon composites. Strategic alliances between OEMs, carbon fiber, and resin suppliers in the automotive industry in the United States are also the emerging trends.Therefore increase in demand for composite have driven the demand for adhesives and sealants in the region.
Growing Applications of Silicone-based Sealants
Silicone sealants are used in numerous applications due to the excellent properties that they offer. The major end-user industries for these sealants are electronics & electrical, automotive, aerospace, and building & construction. The demand for these sealants is expected to increase in the electronics and automotive sector due to its property to withstand extreme temperatures. Furthermore, in the building & construction sector, majorly concrete repair, rehabilitation, and restoration industry, is growing in the United States and it will augment the consumption of silicone sealants in the region.
United States Dominates the Market
The adhesives & sealants market in the United States is the largest market in North America. The United States has witnessed a constant increase in the use of adhesives and sealants in the recent years, owing to the significant growth of the packaging and automobile sector. Packaging sector and construction industry are growing in the United States at a steady pace. The electronics market in the United States is the largest market in terms of size, and it is expected to remain the leading market because of the advanced technology and R&D, along with increasing demand from the consumers. The country’s consumption of adhesives and sealants is expected to grow further as the market for footwear and textile have increased in the recent years. Therefore, the overall market for adhesives and sealants is expected to have higher growth in the country as its end-user industries are showing positive growth.
Notable Developments in the Market
December 2017: Henkel acquired Darex Packaging Technologies business, the supplier of high-performance sealants and coatings, for USD 1.05 billion.
The major players include - SIKA AG, HENKEL, 3M, ARKEMA GROUP, DOWDUPONT, and H.B. FULLER CO., amongst others.
Reasons to Purchase the Report
To understand the impact of end-user applications on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the dominating technology in the market .
Countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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