The market for adhesives and sealants is being driven a rising trend in various end user segments to use eco-friendly or green adhesives and sealants or those with low VOC (volatile organic compound), according to a new report from research firm Markets and Markets.
Further, technological advancement in production capabilities and enhancing properties of adhesives and sealants will be fuelling the growth the new group said.
The increasing need for high standard performance across all modern applications is driving the growth of adhesives and sealants, resulting in the development of newer and improved application and performance properties, however the major hurdle is volatility in the prices of the raw material for adhesives and sealants, the report saids.
Demand in coming from the Asia-Pacific region with China and India as the biggest consumers of adhesives and sealants due to rapid industrialization and infrastructure growth.
Japan, Korea, and Taiwan have high per capita consumption of adhesives and sealants and thus, are expected to grow with a moderate CAGR.
The packaging, construction, and automotive industries are growing at a high rate in China and India driving the demand of adhesives and sealants. There is low control on consumption of high VOC adhesives and sealants in China and India due to the absence of related government policies.