The adhesives and sealants industry are projected to generate $66,49.9 million revenue in 2021, advancing at a rate of 4.9% from 2021 to 2030, to generate $102,604.3 million revenue in 2030. It is ascribed to the rising product application in the automotive and construction sector. Moreover, the rising materials demand from the packaging industry, with increasing vehicle safety standards and regulations boosts the industry.
The bio-based adhesives and sealants are projected to create lucrative opportunities for industry players. Companies are focusing on developing bio-based products for replacing chemical-based products. In addition, companies are adopting advanced technologies for bio-based products to develop sustainability efforts without impacting performance.
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The major trend in the adhesives and sealants industry is the worldwide rising traction of electric vehicles. The low usage of adhesives and sealants in electric vehicles is ascribed to the lesser automotive engine-related assemblies.
The rising focus on improving structural integrity with growing demand for reducing the overall weight. The demand for adhesives is projected to fuel the coming years.
The Healthcare industry utilizes three types of standard adhesives, such as dissolvable, pressure-sensitive, and electrically conductive adhesives. For instance, pressure-sensitive adhesives are used in medical tapes.
The rising usage of adhesives in various medical applications, such as advanced wound care dressings, dental, skincare, incise and surgical drapes, prostheses, otology, and diabetes care devices is a major driver for the expansion of the industry.
The silicone category captures the largest industry share, accounting for more than 40%. It is ascribed to the chemical properties of silicone adhesives and sealants for withstanding high and low temperatures, high durability, insulating qualities, water repulsion, high thermal stability, and low chemical reactivity.
The major players operating in the industry are:
1- Henkel AG & Co. KGaA
2- Sika AG
3- 3M Company
4- Arkema Group
5- Avery Dennison Corporation
6- PPG Industries Inc.
Therefore, the worldwide rising adoption of the EVs boosts the demand for adhesives and sealants.
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