Adhesives and Sealants Market Classification, Opportunities, Types, Applications, Status And Forecast To 2030
Adhesives and Sealants Market Classification
Technical advancements and increased research and development activities have spurred demand for various electrical and electronic devices.
WILMINGTON, DELAWARE, UNITED STATES, May 2, 2024 /EINPresswire.com/ -- The global adhesives and sealants market, as per a report by Allied Market Research, was valued at $51.9 billion in 2020 and is anticipated to reach $85.0 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.1% from 2021 to 2030. The report offers a comprehensive analysis of key investment areas, winning strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends.
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Technical advancements and increased research and development activities have spurred demand for various electrical and electronic devices, along with augmented government spending in the building and construction sector, driving the growth of the adhesives and sealants market. However, prolonged exposure to volatile organic compounds (VOC) during manufacturing poses health risks, while escalating regulatory pressure and rising public awareness regarding health and environmental issues may restrain market expansion. Nonetheless, the emergence of non-hazardous and sustainable adhesives and sealants presents lucrative growth opportunities.
The Covid-19 pandemic adversely affected the adhesives and sealants market due to its reliance on sectors like automotive, aerospace, building and construction, healthcare, and packaging. Shutdowns in auto plants, travel restrictions, and reduced consumer spending led to a decline in demand. However, with the recovery in healthcare and packaging sectors, the market is expected to bounce back.
In terms of product types, adhesives dominated the market in 2020, accounting for more than four-fifths of the total share and projected to maintain dominance by 2030. Sealants, however, are expected to witness the fastest CAGR of 5.4% during the forecast period.
By application, building and construction held the largest share in 2020, capturing nearly one-third of the market and is expected to continue leading through 2030. Conversely, the medical segment is forecasted to exhibit the fastest CAGR of 6.0% during the same period.
Geographically, Asia-Pacific led the market in 2020, accounting for over two-fifths of the global share and is anticipated to maintain its dominance with the fastest CAGR of 5.6% during the forecast period. Other regions covered include North America, Europe, and LAMEA.
Key players in the adhesives and sealants market, as analyzed in the report, include Arkema S.A., BASF SE, Evonik Industries AG, H.B. Fuller, Henkel AG & Co. KGAA, Lord Corporation, Scott Bader Co., Sika AG, The 3M Company, and Uniseal, Inc.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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