The adhesives & sealants market is expected to grow from USD 49.50 Billion in 2016 to USD 63.50 Billion by 2021, at a CAGR of 5.11% between 2016 and 2021.
Adhesives & sealants are versatile products that find application in varied industrial sectors. Opportunities for these products continue to expand, as manufacturers seek new and high performance materials to bond dissimilar materials. Adhesives are used in various applications, due to the ability to bond dissimilar substrates, resist vibration, and distribute stresses over a wide area. The demand for environmental benefits, such as reduced Volatile Organic Compound (VOC), and aesthetic bonding solutions for various substrates are expected to further fuel the growth of the adhesives & sealants market.
Application segments of the market include paper & packaging, construction, manufacturing, woodwork, and consumer products. Paper & packaging was the largest application segment of the adhesives & sealants market in 2015. The growth of the segment is expected to be driven by increase in the demand from the consumer goods sector and the growing population resulting in a large end user base.
Asia-Pacific is the largest consumer of adhesives & sealants and the market in the region is estimated to witness highest growth during the forecast period. Countries such as China, Japan, and India are major market in the Asia-Pacific adhesives & sealants market. China is estimated to be the largest segment of the market in terms of consumption.
The North America and the Europe regions are the most active markets in terms of strategic initiatives by players operational in the market. However, stringent regulations may restrain the growth of the adhesives & sealants market in Europe. With the increase in environmental concerns and various regulatory policies, manufacturers are focusing on the development of eco-friendly products.