CHICAGO, Aug. 30, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Elastic Adhesives & Sealants Market is projected to reach USD 22.3 billion by 2024 at a CAGR of 6.3% during the forecast period. 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.
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The SMP segment is estimated to be the fastest-growing segment of the elastic adhesives & sealants, by resin, during the forecast period.
The market for SMP is projected to grow at 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. Henkel AG & CO. KGAA (Germany), Arkema S.A. (France), and others have introduced various new products in the past five years to meet the emerging demand from end-users.
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The construction segment is estimated to account for the largest share of in the elastic adhesives & sealants during, by end-use industry, the forecast period.
Traditional fastening techniques such as cement, bolts, and welding are becoming outdated with budding demand for modular construction. Materials being used in modular construction such as plastics, composites, and acrylics require extensive finish work. These cannot be bonded together using the traditional techniques, as these may either not withstand the heat of welding, bolts may hamper the aesthetics, or cannot be bonded with other techniques. This is where elastic adhesives & sealants play an important role. Elastic adhesives & sealants provide strong bonding and excellent stress recovery to retain shape after being pulled or bent.
Elastic adhesives & sealants in APAC is expected to register the highest CAGR during the forecast period.
The APAC elastic adhesives & sealants market is segmented into China, Japan, India, South Korea, Thailand, Malaysia, and Rest of APAC. APAC is an emerging and lucrative market for elastic adhesives & sealants, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
Major players operating in the Elastic Adhesives & Sealants Market include Henkel AG & CO. KGAA (Germany), Arkema S.A. (France), H.B. Fuller Company (US), DowDuPont Inc. (US), Sika AG (Switzerland), and 3M Company (US).
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