Global Adhesives and Sealants Market Size to Exceed Usd 50 Billion by 2023.

Global adhesives and sealants market size was estimated at 9.8 million tons and 1.9 million tons in 2015, as per the latest research report by Global Market Insights, Inc. Construction, automotive and packaging were key revenue generating applications for the industry.

Adhesives and sealants market size analysis is set to exceed USD 50 billion by 2023. Strong infrastructure development indicators and focus on vehicle weight reduction for better fuel performance will play a key role in demand development.

Waterborne adhesives market size dominated the technology landscape, with 47% global share 2015. This technology is preferred over solvent borne technology owing to low VoC emissions to curb environmental toxicity.

Hot melt adhesives market size is forecast to gain significantly, with 5.3% CAGR up to 2023. On product basis, acrylic products witnessed most usage, with overall consumption close to 3.6 million tons in 2015, whereas silicone sealants consumption was over 580 kilo tons.

Stringent norms by the EPA and REACH to address environment concerns over VoC emissions may challenge industry growth. Strong focus on developing renewable materials as an alternative to fossil fuel products is likely to support growth. Bio adhesive market size already accounts for over 1% of the total demand and could witness sizable gains over the coming seven years.

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https://www.gminsights.com/industry-analysis/adhesives-and-sealants-market

Key insights from the report include:

Global adhesives market size is set to attain grow at 4.9% CAGR, whereas sealants market size is estimated to reach 2.7 million tons by 2023.

Pressure sensitive adhesive (PSA) applications dominate demand and accounted for over 29% of the total demand in 2015, followed by packaging, with overall consumption of close to 2.1 million tons.

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