Adhesive and sealants are the significant elements of huge number of industries that are used to joint as well as seal several materials such as polymers and steel. In addition, adhesive and sealants can be classified depending on their physical as well as chemical reactions. Since the past few years, adhesive and sealants industry has raised by around 4% per year, backed up by growing development in leading end-user industry such as automotive and construction. In the United States, after downturn double-digit yearly progress rate can be seen across single family housing. On the other hand, commercial construction industry have also witnessed near around 6% growth rates for every year. In addition to this, huge urbanization in emerging countries also further likely to generate a strong demand for adhesive and sealants. However, Europe industry for adhesive and sealants is experiencing several challenges owing to reduce in construction projects.
Moreover, adhesive and sealants industry has been witnessing a huge growth due to the growing demand in automotive sector. Likewise, increasing range of car ownership as well as rising sales of passenger vehicles are also encouraging automotive providers to implement advanced adhesive and sealants to provide high-quality vehicles. In addition to this, decrease in prices of crude oil also resulted into reduced costs of raw materials utilized in manufacturing of sealants and adhesive, providing the huge number of market opportunities for various market opportunities for industry providers to increase the material supply into the adhesive and sealant market. Thus, various market players also expecting high prices in some raw materials after the oil prices increased from the year 2017 that is hampering the progress of the adhesive and sealant market across the globe. Likewise, key raw materials used in production including ethylene and propylene, have substantially shifting hugely in recent days.
In addition, severe rules and regulations from legal environmental policies is one of the major challenges to the various industry players. Such factors are also encouraging the service providers to develop various bio-based products to decrease carbon footprints, offering high competitive advantage for market players. Increasing packaging as well as automotive industry is several emerging regions such as Singapore, India, China, and others is also the major boosting factors contributing to the growth of global adhesive and sealant market. Likewise, automotive sector is more concentrating on exchanging various welding activities for chases and engine assembly along with sealant and adhesive to decrease overall vehicle weight for achieving improved fuel efficiency. Likewise, huge growth across construction industry owing to the growing urbanization in number of different regions is driving the demand for advanced adhesive and sealants. Various applications of adhesive and sealants across pressure sensitive activities based products including footwear, woodworking, and packaging & paperboard are likely to drive the growth of the adhesive and sealants market across the globe. On the other hand, increasing popularity of eco-friendly adhesives than the synthetic adhesives is the key factor which is increasing the demand for the adhesive and sealants market into coming years.
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