The global hybrid adhesives and sealants market is expected to grow at a compound annual growth rate of 8.78% over the forecast period to reach a market size of US$20.800 billion in 2027 from US$11.539 billion in 2020.
Hybrid adhesives and sealants are chemically hardening adhesives that are developed by combining two or more polymer resins. These materials are suitable for both sealing and bonding applications. Also, hybrid adhesives and sealants are versatile due to their solvent-free and isocyanate-free nature. This makes it popular for use in various industries. It has high applicability in the construction industry, automotive, and assembly operations in various industries like electronics equipment and appliances, and households, amongst others. Hybrid sealants provide long-lasting flexibility, comfort, and tidiness for users and have the protection attributes of silicone. Hybrid adhesives and sealants comprise no VOCs, are water-resistant, do no longer degrade when flashed by UV light, and are free from isocyanates, solvents, silicone, and PVC. The environment-pleasing nature of hybrid adhesives and sealants assists in growing their call for use in improvement and automobile industries.
The global hybrid adhesives and sealants market is growing rapidly with increasing application of these adhesives and sealants in building & construction, automotive, industrial assembly, and other sectors. Y Hybrid adhesives and sealants have gained popularity as they are versatile and can be used for multi-purposes. This reduces the need for multiple products for various applications, reduces cost, saves time, and streamlines processes. Key market players are investing in R & D to develop advanced products that can overcome the inadequacies of conventional adhesives and sealants. Furthermore, sustainable adhesives and technological development as a way to similarly increase numerous possibilities as a way to cause the boom of the hybrid adhesives and hybrid sealants marketplace within the forecast period.
The growth of the global hybrid adhesives and sealants market can be attributed to the increasing construction activities around the world and more specifically in developing countries like China and India. Countries like China, the United States, and India are major contributors to the growth of the construction industry. China has observed a drastic increase in urban construction in the last decade. According to the World Bank, in 2020, 61.43% of the population was part of the urban population with urban infrastructure. whereas only 49.22% had access to urban infrastructure in 2010. According to China’s National Bureau of Statistics (NBS), the construction industry's value-added grew by 6.6% year on year (YoY) in the fourth quarter of 2020. India’s construction industry is also growing. Govt. initiatives such as the Pradhan Mantri Awas Yojana aim to build 20 million urban homes and 30 million rural houses by 2022, which is expected to massively boost the country’s construction industry. Furthermore, as per India’s National Investment Promotion and Facilitation Agency, India’s construction industry is expected to reach $1.4 Tn by 2025. With exceptional growth in the country’s construction industry, the demand for hybrid adhesives and sealants is also expected to increase exponentially in the upcoming years.
The growth of the global hybrid adhesives and sealants market can be attributed to the automotive industry. Despite the downfall in the automotive industry due to COVID -19, the industry is expected to grow owing to the increasing adoption of autonomous and electric vehicles. Not only the private players but also the governments of various countries are switching to electric vehicles. Governments are making it mandatory in a few countries to use electric vehicles. For instance, in the United States, the federal government fleet is being converted into EV’s. Also, states like California and Massachusetts have committed to phasing out the sales of new gas-powered vehicles by 2035. The European Union proposed a ban on sales of new petrol and diesel cars as of 2035, which would accelerate the switch towards electric vehicles to reduce carbon emissions. With various countries worried about the amount of carbon emission produced due to fossil-fuel-based vehicles, those countries are switching to an alternate source, i.e. electric vehicles. With increasing production to meet the demand, the demand for hybrid adhesives and sealants is also expected to increase. Due to the various uses of adhesives and sealants in the manufacturing process of the automotive industry.
COVID-19's Impact on the Hybrid Adhesives and Sealants Market:
In order to contain the COVID-19 pandemic, strict regulations like lockdown shut down of construction sites and manufacturing negatively affected the global hybrid adhesives and sealants market. As economies are recovering from the COVID Pandemic, the global hybrid adhesives and sealants market is expected to grow. With pandemic stimulus programs, most countries are investing in infrastructural development to boost the employment rate and have an income multiplier effect. In the United States itself, the construction industry added 110,000 jobs in March 2021, removing around 80% of the unemployment generated during the pandemic.
The increasing demand for global hybrid adhesives and sealant solutions has led to the entry of several new players into the global hybrid adhesives and sealants market. To increase their clientele as well as market share, strategic actions like acquisition, merger, and the development of novel solutions are expected to keep the market competitive and constantly evolving. Key market players like Forgeway, American Sealants Inc, and Dymax Corporation, among others, have been covered along with their relative competitive strategies.
December 2021- Meridian Adhesives Group Acquires American Sealants, Inc. ASI specializes in the innovation of product assembly adhesives and sealants and was acquired by Meridian Adhesives Group, a leading manufacturer of high-value adhesive technologies.
December 2021- Meridian Adhesives Group acquires the adhesives division of Tri-Tex. Tri-Tex is a Canadian-based leader in the global chemical industry. Tri-Tex adhesives business will join Meridian’s Industrial Packaging Division.
April 2021- Pacific Adhesive Systems, a Malaysia-based company, was acquired by Meridian Adhesives Group. Pacific Adhesive Systems serves the electronics, semiconductor, and medical markets for adhesive and coating solutions,
|Market size value in 2020||US$11.539 billion|
|Market size value in 2027||US$20.800 billion|
|Growth Rate||CAGR of 8.78% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Adhesives Type, Sealant Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||3M, Forgeway, Meridian Adhesives Group, Dymax Corporation, H.B. Fuller Company, Henkel AG & Co. KGaA, Hermann Otto GmbH, LORD Corporation, Permabond LLC, Sika AG|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the hybrid adhesives and sealants market size by 2027?
A1. The global hybrid adhesives and sealants market is expected to reach a market size of US$20.800 billion in 2027.
Q2. What is the size of the global hybrid adhesives and sealants market?
A2. Hybrid Adhesives And Sealants Market was valued at US$11.539 billion in 2020.
Q3. What are the growth prospects for the hybrid adhesives and sealants market?
A3. The hybrid adhesives and sealants market is expected to grow at a CAGR of 8.78% during the forecast period.
Q4. What factors are anticipated to drive the hybrid adhesives and sealants market growth?
A4. The global hybrid adhesives and sealants market is growing rapidly with increasing application of these adhesives and sealants in building & construction, automotive, industrial assembly, and other sectors.
Q5. How is the global hybrid adhesives and sealants market segmented?
A5. The hybrid adhesives and sealants market has been segmented by adhesives type, sealant type, end-user industry, and geography.
Meridian Adhesives Group
H.B. Fuller Company
Henkel AG & Co. KGaA
Hermann Otto GmbH
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