The global market for adhesives was estimated to be worth $21,527.0 million in 2010 and is expected to reach $28,659 million by 2016, growing at a compound annual growth rate (CAGR) of 5.0% from 2011 to 2016, according to a recent report, “Global Adhesives and Sealants Market by Type, Applications, Trends, and Forecasts (2011-2016).” The global market for sealants was estimated to be worth $5,700 million in 2010 and is expected to reach $7,599.5 million by 2016, growing at a CAGR of 4.8% from 2011 to 2016.
Pressure-sensitive applications constitute the largest end market for adhesives and sealants, accounting for 24.7% of the overall market in 2010. Asia-Pacific is the biggest and fastest growing market for adhesives and sealants, whereas North America and Europe are matured markets. The growth in the Asia-Pacific market is expected to be fuelled by countries such as Japan, India, China, South Korea and Australia.
The market for adhesives and sealants is being driven by growth in the various end-user segments, as well as technological advancements in production capabilities and adhesive and sealantproperties . The increasing need for high standard performance across all modern applications is also driving the growth of adhesives and sealants, which results in the development of newer and improved application and performance properties. Adhesive and sealant systems that are fast, easy and low in cost are in demand. The major hurdle currently inhibiting the growth of the market is volatile raw material prices.
For more information, visitwww.marketsandmarkets.com.
Global Adhesives Market to Reach $28 Million by 2016
December 12, 2011