The adhesives and sealants market is forecast to exceed $40 billion and $9.5 billion by 2023, respectively, according to a recent report from Global Market Insights Inc. Automotive, packaging and construction have traditionally been high consumption application avenues for the industry. Technology innovation focused on smart and sustainable product solutions could see over 4.5% compound annual growth rate (CAGR) by 2023.

Chinese construction spending was approximately $1.7 trillion in 2013, while India spent approximately $426.5 billion in the same year. A significant chunk of this spending was for the infrastructure, construction and automotive industries, which is likely to impact adhesives and sealants market size. Flooring, insulation, panel and partitions, roofing, facades, fire protection, and IG units are some notable industry application avenues. Growth in infrastructure development, driven by positive economic indicators, will directly influence adhesives and sealants industry demand.