The global market for adhesives and sealants is predicted to grow in value over the next six years, as several expanding industries worldwide spur demand.
A new study from Grand View Research estimated that the adhesives and sealants sector will be worth approximately $43 billion (£26.8 billion) by 2020.
This will largely be due to construction, packaging and automotive expansion in Brazil, China and India.
According to the results, adhesives will experience a compound annual growth rate (CAGR) of 4.7 per cent between this year and 2020, while sealants will enjoy a CAGR of 4.3 per cent over the same period.
Acrylic adhesives are the largest section of the market, comprising 36.9 per cent of total volumes shifted in 2013. The segment is also forecast to be the fastest-growing adhesive segment, with an estimated CAGR of 5.3 per cent until 2020.
Across sealants, silicones were the most popular category, making up 30.3 per cent of market volumes last year. At a CAGR of 4.9 per cent over the next six years, they are also expected to have the highest growth.
However, the report highlighted several problems that adhesive and sealant providers will need to overcome in the coming years in order to maximise performance.
"Fluctuation in prices of key feedstocks is expected to remain a primary challenge for industry participants," the study stated.
"In addition, stringent regulatory framework, mainly in the US and Europe, owing to growing environmental concerns is expected to hinder the market growth over the next six years."
Despite this, market players are already beginning to update their products to adapt to these changing conditions. For example, the development of more eco-friendly adhesive and sealant alternatives is becoming more widespread.
Renewable products can be made from vegetable oils, while water-based adhesives - which have no VOC emissions - are enjoying high market penetration.
Grand View Research predicted water-based products will replace solvent adhesives in the US and Europe within the next ten years, reporting a CAGR of 5.4 per cent between now and 2020.
Posted by Simon Tourle