Market research firm Lucintel expects the global adhesive and sealants industry to reach an estimated value of USD 58.14 billion by 2018.
The adhesive and sealants market is primarily boosted by the emerging economies, technological advancement, globalization, and increased usage of adhesives and sealants to seal and protect materials in an environmentally friendly manner. Packaging, automotive, construction, and furniture industries are the major drivers of the adhesive and sealant industry. Sealants are mainly driven by the construction, electronics, and automotive industries, according to "Global Adhesives and Sealants Industry 2013-2018: Trend, Profit, and Forecast Analysis” the new report by market research firm Lucintel.
Traditional mechanical fastener-based technologies shift to adhesive-based technologies
The study indicates that a growing number of end-use applications have exhibited a marked shift from traditional mechanical fastener-based technologies to adhesive-based technologies, prominent among them being the transportation, electronic devices, and medical sectors. Technology innovation is one of the major drivers of this industry. The stringent regulations of EPA (Environmental Protection Agency) and REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals) in the US and Europe lead the adhesive and sealants industry towards a shift of technology from solvent-based adhesives to 100% solid adhesives.
The report outlines that the main challenge in the industry is increasing fluctuations in raw materials’ prices for adhesives and sealants manufacturing. Keeping pace with the changing environmental regulations is another challenge that the industry is facing. Manufacturers are under pressure to produce products with less volatile organic compounds (VOC), considering health and safety issues.