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Adhesives and Sealants Industry Size, Leading Players and Forecast Report 2030
APAC rules the adhesives & sealants market by generating the highest revenue, and this trend will be exhibited in the forecast period as well.
By: P&S Intelligence
With the outbreak of COVID-19, several end-use sectors, including electrical & electronics, building & construction, and automotive, were impacted badly. Thus, the pandemic had a negative effect on the adhesives & sealants market, due to the disruption in the supply chain. For example, the automobile industry in China witnessed a 90% fall in the demand for new vehicles. Similarly, there was a drop of 23% in the sales of vehicles in Europe. Nonetheless, with the resumption of activities in these sectors, the business will recover prospectively in the future.
The improvements in bio-based adhesives & sealants (https://www.psmarketresearch.com/
Increasing deployment of electric vehicles globally will spur the adhesives & sealants market growth. The registration of electric cars in 2020 touched a 3-million mark, as per the International Energy Agency. Furthermore, a 10-million mark was touched by the global electric car inventories in the same year, which increased by around 45% as compared to 2019 figures. Even though there is a lower use of sealants and adhesives in electric vehicles, the demand for these products will potentially grow with the rising pivot on emphasizing reducing overall vehicle weight.
Therefore, the snowballing demand for these products in the packaging industry, coupled with the rising vehicle safety standards will create lucrative opportunities for market players to maximize their profits.