Increasing focus on reducing overall weight of automobiles in order to improve fuel efficiency, coupled with growth of construction activities in the Asia-Pacific region, is expected to drive the global adhesives and sealants market, according to a new report from Grand View Research. The global market for adhesives and sealants is expected to grow at a considerable rate, due to technological advancements and product innovation. Product innovation, as well as internal competition in the market to reduce prices, is expected to provide opportunities to new entrants in the market.
Demand for superior performance and growing environmental concerns of adhesives are slowly moving the market from traditional solvent-based adhesives to waterborne formulations. This shift is expected to further spur growth in the global adhesives and sealants market. However, volatile raw material pricing is expected to remain a key challenge for manufacturers. In addition, increasing government intervention to reduce environmental impacts might dampen market growth. In order to overcome such challenges, the industry has shifted its focus toward the development of bio-based adhesives and sealants. Major adhesives and sealants manufacturers have been forming joint ventures and are collaborating with top biotechnology firms in order to gain competitive advantage and further sustainability.
The global market for adhesives was affected due to economic crises in North America and Europe. However, the market has begun to recover in these regions. Increased demand for adhesives in construction and packaging industries has led to the recovery of the adhesives and sealants market in Europe, and is expected to drive the market in future. Asia-Pacific is expected to grow at a rapid rate in the future, due to growth in major end-use industries such as construction, automotive, clothing, and packaging, particularly in China and India.
For more information, visit www.grandviewresearch.com.