By Cynthia Challener, CoatingsTech Contributing Writer
Adhesives and sealants (A&S) are used in the production of many consumer items, including diapers, personal hygiene products, envelopes, labels, cellophane and duct tape, food and other packaging, furniture, and footwear, as well as in structural bonding solutions for the automotive, aerospace, industrial assembly and construction industries.
Prior to the COVID-19 pandemic, the global adhesives and sealants market was expanding at a compound annual growth rate (CAGR) of approximately 4%, according to Uwe Bankwitz, global head, corporate target market sealing and bonding, with Sika Services AG. The strongest growth in this mature market is expected in the Asia-Pacific region with demand increasing in most end-use applications, but particularly the packaging, automotive, and construction sectors.
In North America, the three-year volume CAGR is forecast to be 3% for adhesives and 2.6% for sealants, or slightly above and below predicted GDP, respectively, according to ChemQuest’s 2020–2023 A&S CAGR forecast for prepared for the Adhesive and Sealants Council’s North American Market Report for Adhesives & Sealants, with a Global Overview.
The COVID-19 pandemic has—and will continue to have—an impact on all aspects of the market for some time, as will increasing expectations for more sustainable solutions. With the continuously expanding variety of chemistries and formulation types offered today, adhesive and sealant manufacturers and their suppliers have tremendous opportunity to help address crucial societal needs while facing a range of challenges.