The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Elastic Adhesives & Sealants Market.
It was estimated prior to this unanticipated outbreak that the Elastic Adhesives & Sealants Market was expected to grow at a CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Elastic adhesives & sealants are widely used in areas such as industrial production and assembly. They offer a combined advantage of adhesive bonding and technology of sealing, and also have usage where the elasticity of the material and sealing of joints are the most important factors.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the resin type, the market is segmented as PU, silicone, Silane-modified polymers (SMP), and others. Polyurethane is expected to hold the largest share of the market during the forecast period. PU-based elastic adhesives and sealants provide high toughness, abrasion resistance, flexibility and strength, low cure temperature, excellent low-temperature resistance, high environmental resistance, and adhesion to a wide variety of substrates. Depending on the structure of thermoset or elastomer and curing techniques, PU adhesives can be elastic or rigid. They are moisture sensitive and have relatively high shear and peel strength. PU adhesives are used in bonding windscreens and windows of passenger cars, trucks, tractors, and special vehicles, owing to their high elongation properties and stronger bonding. They also find applications in bonding fiberglass-reinforced plastic elements such as roof, side, and frontal panels.
Based on the end-use industry and application type, the elastic adhesives & sealants market is segmented as construction, industrial, and automotive & transportation. Automotive & transportation is estimated to be the fastest-growing segment of the market during the forecast period. Elastic adhesives & sealants are used in places that require moderate adhesion but high elongation. The use of elastic adhesives with their multi-function properties decreases the number of separate processing stages, thus facilitating a more streamlined production operation for vehicle manufacturers. They are used for various applications in automobiles, such as front glass windshield, side glass, and car body. Further, with the use of lightweight and elastic bonded materials, the customer earns on fuel savings. These factors are expected to drive the demand for elastic adhesives & sealants in the automotive & transportation segment.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing elastic adhesives & sealants market during the forecast period, with China, Japan, India, and Indonesia being the major countries with lucrative growth opportunities. The increase in demand from various packaging industries and improving economic conditions are the major factors for the promising market of the Asia-Pacific region. Factors such as new product innovations, new research and development projects, and the increase in demand from different end-use industries have also significantly contributed to the increasing demand for elastic adhesives & sealants in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the elastic adhesives & sealants market are-