San Jose, California - A new report by Global Industry Analysts Inc. says the global market for Adhesives and Sealants, by value, is projected to reach $38 000 million and $6500 million, respectively, by the year 2017.
GIA says adhesives growth over the next few years will be driven by growing penetration in new markets, product differentiation, and innovations. "Robust demand from developing markets, particularly Asia-Pacific, also augurs well for the market," says the market research group.
Adhesives and sealants are used in innumerable industrial and commercial applications. Given their high sensitivity to key end-use industries such as packaging, automotive, electronics, footwear, construction repair and remodelling, textiles, consumer goods, and shipbuilding, all of which succumbed to the recent economic recession led slowdown, GIA indicates that it is not surprising that the global market for adhesives and sealants suffered significant declines in volume and value sales during the period.
Adhesives and sealants, however, staged a comeback in 2010, witnessing growth in both volume and dollar sales during the year, GIA said. As well as innovative products, GIA highlights "next-generation technologies," such as new VOC-compliant adhesives and green adhesive and sealants, as continuing to gain attention and demand from key end-use sectors.
Europe represents the largest regional market for adhesives, with Asia-Pacific the fastest growing, with volume sales from the region rising at a CAGR (compound annual growth rate) of about 4.6 percent during the analysis period.
Asia-Pacific is also the fastest growing regional market for sealants.
Growth in the Asia-Pacific adhesives and sealants market is primarily led by China, given the infrastructure development investments and growing number of construction projects in the nation, said GIA.
The report covers all types of adhesives and sealants, including polyurethane. GIA says styrene butadiene rubber is the fastest growing adhesives, while latex is the fastest growing sealant.
For more information, see www.strategyr.com/Adhesives_and_Sealants_Market_Report.asp