A new report from MarketsAndMarkets, a B2B research firm, finds that the global adhesives and sealants market size will grow to U.S. $80 billion by 2025 from $63.2 billion in 2020 — and at a CAGR of 4.8% during this period. The growth of the market is supported by the increasing construction and automobile applications, advancements in formulating technologies, and growing demand.
The water-based is projected to be the largest formulating technology of the adhesives market It’s being driven by the steady increase in demand from building & construction applications in North America and new infrastructure projects.
Water-based adhesives provide excellent adhesion to different substrates and are used in a wide variety of packaging applications, such as bookbinding, paper bags, cartons, labels, foils, films, paperboard decals, wood assembly, automobile upholstery, and leather binding.
Medical-related adhesive are the fastest-growing application segment in this market, in terms of volume. Recently, with the outbreak of COVID-19, the governments, the private sector, and people throughout the world have been affected due to the pandemic. As a result, the healthcare and medical devices sector has become the centerpiece for the recovery of patients.
Medical devices are being used in large numbers due to the increased number of positive cases. This has increased the use of adhesives. Another driving factor is the aging population, driven by increasing life expectancy, which fuels the demand for medical devices, ultimately increasing the demand for adhesives.
The new report will cover the expected developments in the adhesives and sealant industry, including significant trends leading to that growth.