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Industrial and energy market research publisher SBI Energy has found that considerable opportunities await adhesive and sealant manufacturers that target the Asia Pacific Rim.
According to a report from the publisher, this growth is largely due to a resurging demand for eco-friendly bonding agents required for growing industrial sectors such as the automotive and electronics industries.
The Asian market for synthetic-based, non-structural, special performance sealants (including polysulfides and urethane-based glues) grew from US$85.5M in sales to US$123.5M from 2006 to 2011, representing one of the hottest growth segments in the region.
The report finds the Asian region is expected to have a combined market value for adhesives and sealants totalling US$12.4bn by 2016, representing a CAGR of 4.5% for the period of 2012 to 2016.
As in Asia, adhesive and sealant growth in Europe and North America is largely tied to mature economies wherein rising standards of living and growing middle classes are increasing the domestic consumption of goods.
According to SBI Energy analyst Darren Bosik: "Seven major sectors define the adhesives and sealants industry in the largest global market of North America, where it was valued at US$11.2bn in 2011."
These sectors include construction, packaging, transportation, rigid and non-rigid bonding, consumer goods and tapes. Growth in market value has been stagnant since 2006, largely due to the financial woes of many manufacturing-driven industries, according to the report. Despite the ongoing economic recession in the USA, SBI Energy believes construction activity should remain strong through 2015 and positively affect growth in adhesive and sealant sales.
"After several years of flat revenues, the adhesives and sealants market is seeing renewed activity,” said Shelley Carr, SBI Energy publisher. "Sealants comprise the faster growing of the two segments, with five-year annual growth for structural and non-structural sealants of 3.7% and 3.1% respectively since 2006.”
More information on the market is available from SBI Energy’s report, Adhesives and Sealants, Global Markets, 3rd Edition, which provides market sizing and future growth estimates by product segment and world region. The report breaks down the market by product category (including natural-based glues and adhesives, synthetic resin and rubber adhesives, structural sealants, and non-structural caulking compounds and sealants), as well as by end use (adhesives and sealants are extensively used in packaging, automotive, electronics, footwear, construction repair and remodelling, textiles, consumer goods, shipbuilding, and other miscellaneous uses).