Adhesives and Sealants Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the medium term, major factors driving the growth of the market studied are the shifting focus toward the usage of composites and the increasing demand from the packaging industry.
• The packaging segment dominated the market, and it is likely to grow during the forecast period, owing to the robust growth in demand for packaging materials from the food and beverage and e-retail companies.
• The rising demand for bio-based adhesives is likely to provide huge opportunities for the market studied over the forecast period.
• Asia-Pacific dominated the market across the world, with robust demand from the end-user industries, such as packaging, transportation, electronics, construction, and furniture.

Adhesives & Sealants Market Trends

Paper, Board, and Packaging Segment to Dominate the Market Demand

• The paper, board, and packaging segment is the largest consumer of the adhesives and sealants market. The packaging industry has been witnessing strong demand from end-user industries, such as food and beverages, cosmetics, consumer goods, stationery, and other end-user industries.
• Online retail shopping is increasing at a higher rate with the rising internet technologies and web applications, which has largely supported the growth of the packaging industry.
• Moreover, the demand for cosmetics and food and beverage products is expected to grow due to the growing population and demand for quality products, urbanization, and consumers inclining toward technology, hence, fueling the demand for the packaging industry.
• Asia-Pacific is expected to witness the strongest growth in the demand for packaging materials due to the robust economic performance of the developing countries, promising robust market demand, and the growing population, which is adding new demand to the market.
• Matured markets such as Europe and North America are also expected to witness noticeable growth in their packaging industry due to the influence of online retail business trends.
• Hence, with such robust growth of the packaging industry across the world, the demand in the adhesives and sealants market is also expected to increase during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region dominated the global market share of more than 40%. The increasing demand from industries, such as packaging, construction, and electronics in the countries such as China, India, and Japan.
• Industries such as food and beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.
• Manufacturing companies have been shifting to flexible packaging, as it is lightweight and helps to facilitate selling products in different quantities without making much difference in packaging cost, as in the case of metal or glass packaging.
• This has been leading to robust growth in the demand for flexible packaging, which is further creating a noticeable demand for adhesives in packaging applications.
• Automotive and Construction activities are growing in the region with the lockdown measure being eased up, the region has always been at the forefront of infrastructure development and is expected to witness growth in funding for contruction activities in the forecast period hence driving themarket.
• Hence, such market trends are expected to have a significant impact on the growth of the adhesives and sealants market in the region during the forecast period.

Adhesives & Sealants Market Competitor Analysis

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support