BUSINESS: By Daniel Webster, dWeb.News Publisher
Northbrook, IL — (SBWIRE) — 10/12/2021 — The report “Adhesives & Sealants Market by Adhesive Formulating Technology (Water-based, Solvent-based, Hot-melt, Reactive), By Sealant Resin Type (Silicone, Polyurethane, Plastisol, Emulsion, Polysulfide, Butyl), Application, Region – Global Forecast to 2025” The global adhesives & sealants market size will grow to USD 80.0 billion by 2025 from USD 63.2 billion in 2020, at a CAGR of 4.8% during the 2020-2025 period. The market’s growth is due to the growing use of adhesives and sealants in construction and automotive applications, as well as advances in formulation technologies and growing demand from the APAC region.
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Water-based adhesives are expected to dominate the market.
The steady rise in demand for adhesives in the water-based market is due to the increasing number of building and construction projects in North America, as well as new infrastructure projects in India and Taiwan. Water-based adhesives are excellent at adhering to various substrates. They can be used in many packaging applications such as bookbinding and paper bags, papers, labels, foils and films, wood assembly, leather binding, automobile upholstery, car upholstery, and paperboard decals.
The fastest-growing segment of the adhesives market is medical.
The fastest-growing application in adhesives market volume is medical. Recently, with the outbreak of COVID-19, the governments, the private sector, and people throughout the world have been affected hugely due to the pandemic. The recovery of patients has been made possible by the medical and healthcare sectors. The increased number of positive medical cases has led to a greater use of medical devices. This has led to an increase in adhesive use. The aging population is another driving factor. This is due to an increase in life expectancy. This drives the demand medical devices and ultimately the adhesives market.
APAC is the largest market for adhesives and sealants worldwide.
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APAC is expected to be the market leader in adhesives & sealants during the forecast period. This is due to high economic growth and large investments in packaging, electronic, medical and building & construction. APAC is becoming a major global trade and commerce hub. Because of its low production costs and ability to service the emerging market, many companies and international players have set up new plants in the region or expanded their existing adhesives and sealants production units.
Do not miss the business opportunities in the Adhesives & Sealants Market. Talk to an analyst to gain valuable industry insight that will assist your business.
COVID-19 Impact on the Global Adhesives & Sealants Market
COVID-19 has posed many challenges for the automotive sector. The major industrialized countries most affected by COVID-80 include the USA, Germany, Spain, Italy, South Korea and Spain. A Boston Consulting Group study found that despite positive reports about progress towards a vaccine, there are still many risks. It is projected that the sales in Europe and the US will not rebound to pre-COVID levels until 2023 at the earliest.
COVID-19 has posed many challenges in the construction sector. The pandemic has impacted major economies around the globe, including the US, Germany and the UK. Due to disruptions in supply chains, shortages of raw materials, and worker dislocation, social distancing, supply chain disruptions, as well as workforce dislocation, have caused the suspension of construction activities across most of the affected countries. A liquidity crisis was faced by construction companies that had high levels of debt and low cash reserves. This outbreak of coronavirus caused an increase in the construction of temporary hospitals, quarantine centers, and other facilities.
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