Hybrid Adhesives & Sealants Market Is Expected To Grow At A CAGR Of 8.3% During the Forecast Period
Industry Insights
Hybrid sealants and adhesives are a combination of two resins that inherit the pros of both resins, but avoid most of their cons. When compared to single resin-based adhesives and sealants they offer a better and efficient performance, which is driving their increasing application.
Growth of the global market is attributed to the increasing infrastructural developments and automotive production across the globe. The global construction industry is expected to progress at a growth rate of 6% over the forecast period. Asia Pacific is expected to remain the largest market while Middle East and Africa is expected to witness the fastest growth over the coming years. Developing Asian countries are showing rapid progress. For instance, the government of India has increased its infrastructure budget by approximately USD 14.3 billion (₹ 1 lakh crore) for financial year 2018-2019.
The global automotive production has also witnessed a growth of 2.04% from 2014 to 2017. The growing population, technological developments, and increasing disposable income are all contributing to the growth of the automotive industry. The global hybrid adhesives & sealants market is mainly driven by the increasing demand for lightweight vehicles, as the products contribute significantly towards weight reduction of vehicles. The global lightweight vehicles production is expected to expand at a CAGR of 2% over the forecast period.
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Application Insights
In terms of revenue, automotive was the second largest application segment in 2017. Hybrid adhesives play a significant role in production of lightweight vehicles. They provide strong adhesion and bonding in less time that allows increased usage of lightweight materials and reduces the use of mechanical fasteners to a larger extent. Use of hybrid adhesives eliminates the cost of mechanical fasteners, improves time efficiency, and eventually increases productivity. Growth of the lightweight vehicles market is strongly contributing towards rising demand for hybrid adhesives.
The other applications include industrial assembly, marine production, and heavy equipment pulling. Hybrid adhesives and sealants are used in industrial assembly as a replacement to mechanical fasteners. For instance, usage of screws and rivet connections make the components weak due to processes like drilling holes and welding. Usage of these products does not involve such procedures, which leads to strong bonding between components. They are used in construction of boats, yachts, and ships. For example, in July 2015, Sika’s hybrid adhesives & sealants were used in the exterior and interior structure of a floating restaurant, called La Vue, situated at the Durban Harbor.
Resin Type Insights
The epoxy-cyanoacrylate segment is expected to witness significant growth over the forecast period. The low market share of the segment is owing to the high cost of epoxy-cyanoacrylate. However, the product excels in terms of performance when compared to other hybrid adhesives.
Epoxy-cyanoacrylate based products are extremely efficient as they overcome the disadvantages of individual epoxy and cyanoacrylate. For example, unlike cyanoacrylate, epoxy-cyanoacrylate offers a deeper gap filling and reduces the risk of blooming. Unlike epoxy, the product offers rapid fixture time and enhanced bonding ability with various types of substrates.
Regional Insights
In terms of revenue, Europe was the second largest segment in 2017. The region is expected to witness slow growth as compared to other regions due to sluggish building and construction industry growth. Europe’s automotive production grew by 2.05% from 2014 to 2017. Germany was the highest contributor in 2017, with a share of 25.5% in total cars and commercial vehicles produced in Europe.
Demand from Central and South America and Middle East and Africa is expected to grow at a rapid pace over the forecast period owing to significant infrastructural developments taking place in both regions. Brazil witnessed a growth of 3.6% in automotive production and its construction industry is also expected to witness steady growth during the coming years in comparison to previous falls. Residential sector is the key contributor to the Brazil construction industry.
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Report Scope
| Attribute | Details |
| Base year for estimation | 2017 |
| Actual estimates/Historical data | 2014 - 2016 |
| Forecast period | 2018 - 2025 |
| Market representation | Revenue in USD Million, Volume in Kilotons & CAGR from 2017 to 2025 |
| Regional scope | North America, Europe, Asia Pacific, Central & South America, Middle East & Africa |
| Country Scope | U.S., Germany, U.K., China, India, Brazil |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
| 15% free customization scope (equivalent to 5 analyst working days) | If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
