The growing trend of lightweight vehicles is driving the growth of the Adhesives and Sealants market
The automotive industry is striving to create energy-efficient, eco-friendly, and quality automobiles and its products. One of the easiest and least expensive ways to reduce the energy consumption and emissions of a vehicle is to reduce the weight of the vehicle. It is estimated that every 10% reduction in vehicle weight results in 5-7% fuel saving. Thus, for every 50 kilograms of vehicle weight reduction, there is the potential to reduce carbon dioxide emissions by 5 gm per kilometer. It has become a necessity and common need for many manufacturers to incorporate plastics as a material in automotive products. Therefore, the deployment of plastics in place of metal is increasing the demand for adhesives and sealants for binding automotive parts.
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The market is growing at a steady pace due to its increasing demand in a wide range of industries, such as construction, automotive, furniture, packaging, and consumer products, among others. Growing automotive industry due to the increasing demand for low carbon-emitting and lightweight vehicles is driving the growth of the adhesives and sealants market. Moreover, the increasing adoption of hot-melt adhesives in woodworking and packaging industry is further propelling the market growth across the globe. However, there are certain environmental regulations posed by the European countries on the usage of adhesives and sealants, which is one of the major factor hampering the growth of the global market.
The water-based adhesives segment contributes a major share in the global market
Based on formulating technology, the global adhesives market has been segmented into water-based, solvent-based, hot-melt, and reactive and others. In 2018, the water-based adhesives segment contributes a major share of around 30% share in the global market. Among these technologies, the water-based adhesives segment registers a remarkable share in the market, owing to its eco-friendly nature. Moreover, it consists of high water content and possesses low toxicity, which marks its increased adoption as a less flammable technology.
Global sealants market to be driven by silicone resins
Based on sealants, the market has been segmented into acrylic, polyvinyl acetate (PVA), polyurethane (PU), silicone, and others. The silicone segment primarily contributes the major share in the sealants market due to the several advantageous properties, such as high-temperature resistance. This increases its acceptance in a wide range of industries, such as construction sector.
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Company Profiles and Competitive Intelligence:
The major players operating in the global adhesives and sealants market are 3M Company (US), Arkema Group (France), Avery Dennison Corporation (US), H.B. Fuller Company (US), Henkel Corporation (Germany), Johnson & Johnson Services, Inc. (US), Huntsman Corporation (US), The Dow Chemical Company (US), Sika Corporation (Switzerland), and BASF SE (Germany), among others.
Key Findings:
• Based on formulating technology, the water-based adhesives segment is accounted for the largest share in the market and held for around 30% of the total market in 2018.
• Based on resins, the silicone segment accounted for major share in the global adhesives and sealants market in 2018.
• Based on application, the automotive & transportation segment is expected to grow at the highest CAGR of around 7.5% during the forecast period.
• North America accounted for around 35% share of the global adhesives and sealants market in 2018
Recent News:
• In September 2019, H. B. Fuller Company launched a non-water whitening adhesive for a no-label look, Fulltak SE 8116, which provides superior non-water whitening performance and excellent film clarity.
• In July 2019, Arkema Group announced the acquisition of Prochimir, a France-based company specializing in high-performance thermobonding adhesive films.
• In June 2019, Henkel Corporation invested USD 39.4 billion and opened a high-performing aerospace solution in Spain.
• In May 2019, H. B. Fuller Company launched adhesive solutions for woodworking, Rakoll 4933 and Rakoll 5010, which assist in reducing hazardous emissions in finished goods, considering that wood naturally emits VOCs.
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