Growing Automotive Market Prompting Continued Demand for Adhesives and Sealants
The global adhesives and sealants market’s value is predicted to grow at a sturdy 5.7% compound annual growth rate (CAGR) from 2012 to 2018, according to “Adhesives and Sealants Market—Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012-2018,” a new report from Transparency Market Research (TMR). In terms of volume, the market will grow at a slightly tepid CAGR of 4.4% in the same period.
TMR’s analysts describe the growth of the construction and automotive industries all over the world as the major growth driver for the global adhesives and sealants market.
The automotive industry is on the rise worldwide, led by China’s dominant presence in the global automotive arena, and is thus propelling the adhesives and sealants market by leaps and bounds. China’s automotive industry has threatened to eclipse the collective might of all of Europe’s established auto industries in recent years. In addition, it is expected to soon become the outright leader in the global market. This is a major growth driver expected to shape demand patterns in the global adhesives and sealants market in the coming years.
The construction industry, on the other hand, has resurrected itself handsomely from the rubble post the economic slowdown in the last decade. Growing consumer confidence in the economic stability of the industry and growing affluence of the urban consumers in emerging economies have resulted in strong growth prospects for the global construction industry, directly improving the growth prospects of the global adhesives and sealants market.
The growing packaging and furniture industries are also expected to be major contributors to the global adhesives and sealants market, with the furniture industry set to become the leading application in the global perspective during the forecast period.
Asia-Pacific is expected to lead the global adhesives and sealants market in the forecast period, due to the strong growth of the construction and automotive industries in China, India, Japan, South Korea, and other developing Asian countries. The regional market held a share of more than 36% in the global market for adhesives and sealants in 2011, and is expected to be growing at a CAGR of more than 5% during the forecast period.
Acrylic adhesives emerged as the largest product segment of the global adhesives market, while the sealants market is being led by silicone-based sealants. Major restraints acting upon the global adhesives and sealants market are volatility in raw material prices and environmental standards governing the amount of volatile organic compounds (VOCs) that adhesives and sealants can contain.
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