North America Adhesives and Sealants Market Overview, Top Manufacturers, Industry Growth Analysis and Forecast to 2028
The global North America adhesives and sealants market size is expected to gain momentum by reaching USD 19.35 billion by 2028 while exhibiting a CAGR of 4.2% between 2021 to 2028. In its report titled “North America Adhesives and Sealants Market, 2021-2028,”Fortune Business Insights mentions that the North America adhesives and sealants market price stood at USD 14.00 billion in 2020.
The growing demand for packaged food items, residential apartments, automotive, leather, and furniture industries owing to an increased standard of living in the region is expected to fuel the market growth in upcoming years. Furthermore, government initiatives to popularize lightweight vehicle production and strict regulations to minimize carbon emissions are key drivers favoring the growth of the market.
The pandemic has affected the industrial sector adversely. It has impacted supplies of raw materials for adhesives and sealants.used in the chemical industry is now diverted towards the manufacturing of hand sanitizers and other cleaning products. Furthermore, the construction and repairing projects were also at a halt due to lockdown. However, the market is expected to come back to the pre-pandemic level during the forecast period.
By the sealant resin type, the market for North America adhesives and sealants is divided into silicone, polyurethane, emulsion polysulfide, and others. On the basis of sealant application, it is segmented into building & construction, automotive & transportation, consumer, and others.
Based on application, the building & construction segment held a major share in the market owing to increased government spending on various residential and non-residential projects. In addition, the rising awareness about green building construction may provide profitable growth opportunities.
Finally, based on region, the market is divided into Canada and the U.S.
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What does the Report Provide?
The market report for North America adhesives and sealantsprovides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Presence of Key Packaging Players to Propel Market Growth
Increased investments by governments in construction projects are expected to drive adhesive and sealants market growth. Additionally, increased disposable income has positively influenced the demand for residential buildings. For example, if silicone sealants are used in buildings, it provides weather protection. Besides buildings, it also helps in preventing cracks in highways and airport runways. The rising demand for DIY projects and the rising popularity of wallpapers have increased the product’s demand.
Moreover, the presence of packaging key players such as Ball Corporation, Owens Illinois, and International Paper has increased the demand for packaged food & beverages. Thus, fuelingNorth America adhesives and sealants market growth.
Increasing Demand for Recycled Products in the U.S. to Aid Growth
North America adhesives and sealants market share in the U.S. stood at USD 11.88 billion in 2020. The country is expected to experience considerable growth due to the increasing demand for recyclable products during the forecast period.
Theincreasing demand for lightweight vehicles in Canada drives the automotive adhesive and sealants market growth in the region. In addition, Canada accounts for 10% of automotive manufacturing GDP. The report suggests that in 2019 the region revenue was worth USD 98 billion, which included both heavy and light vehicles. Furthermore, the surge in demand for electronics devices such as laptops, smartphones, electronic components is likely to drive the regional market growth.
Key Players to Focus on Facility Expansion to Intensify Competition
The market for North America adhesives and sealants is consolidated by the presence of major companies striving to maintain their position by expanding their services and facility expansion to develop new technologies in the market. For instance, in August 2020, Henkel Adhesive Technologies constructed a high-tech production line for UV-curable acrylic pressure-sensitive adhesives (PSA) at its Salisbury situated in North Carolina. This new facility is expected to be operational by the end of 2021. Additionally, it will help strengthen the company’s capabilities portfolio to provide innovative and sustainable pressure-sensitive adhesives solutions to industries such as graphic films, medical and tape markets. Other key players in the market are adopting proactive strategies such as collaborations, acquisitions, mergers, and facility expansion to favor the market’s growth in the forthcoming years.
Inquiry before buying:
- December 2020: Sika came up with advanced polyurethane technology. It named the brand as t PURFORM. This new Purform technology is highly adaptive and versatile. Therefore, allows the manufacturing of high-performance and durable polyurethane products.
List of Key Players Profiled in thisMarket Report:
- Henkel Corporation (Düsseldorf, Germany)
- Sika AG (Baar, Switzerland)
- B. Fuller Company (Minnesota, U.S.)
- Evonik Industries (Essen, Germany)
- RPM International Inc. (Ohio, U.S.)
- Dow (Michigan, U.S.)
- Wacker Chemie AG (Munich, Germany)
- Arkema (Colombes, France)
- Pecora (Pennsylvania, U.S.)
- Momentive (New York, U.S.)
- MBCC Group (Mannheim, Germany)
- PPG Industries (Pennsylvania, U.S.)
- The Sherwin-Williams Company (Ohio, U.S.)
- Other Key Players
- RPM International Inc.
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