Latin America market for adhesives and sealants is expected to reach USD 2.47 billion by 2020, according to a new study by Grand View Research, Inc. Growth of major end use industries such as automotive and construction, mainly in Brazil and Argentina is expected to boost the demand for adhesives and sealants over the forecast period. In addition, increasing market penetration of adhesives in medical industry is also expected to drive have positive impact on demand over the next six years. However, volatility in raw material prices coupled with growing environmental concerns is expected to be a key challenge for market participants.
Water-based adhesives emerged as the leading technology used in Latin America and accounted for 48.3% of total market volume in 2013. Regional market for solvent-based adhesives technology is expected to reach USD 225.4 million by 2020, growing at an estimated CAGR of 4% from 2014 to 2020.
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Further key findings from the study suggest:
- Latin American market for adhesives was 499.1 kilo tons in 2013 and is expected to reach 741.1 kilo tons by 2020, growing at a CAGR of 5.8% from 2014 to 2020. The regional demand for sealants was 67.4 kilo tons in 2013 and is expected to reach 93.9 kilo tons by 2020, growing at a CAGR of 4.9% from 2014 to 2020.
Acrylic adhesives emerged as the leading product segment and accounted for 38.2% of total market volume in 2013. Acrylic adhesives were followed by PVA adhesives which accounted for 27.9% of total regional consumption in 2013. On the other hand, silicone sealants dominated the regional sealants consumption and accounted for 31.1% of total market volume in 2013. Silicone sealants are also expected to be the fastest growing product segment in the Country at an estimated CAGR of 5.3% from 2014 to 2020.
Pressure sensitive applications emerged as the leading application segment in the Country for adhesives and accounted for 26.9% of total market volume in 2013. However, furniture is expected to be the fastest growing application segment at an estimated CAGR of 6.6% from 2014 to 2020. On the other hand, construction dominated the regional sealants demand and accounted for 28.1% of total market volume in 2013.
Brazil dominated the regional market for both adhesives and sealants. Brazilian market for adhesives is expected to reach USD 1,168.6 million by 2020, growing at a CAGR of 6.6% from 2014 to 2020.
For the purpose of this study, Grand View Research has segmented the adhesives and sealants market on the basis of technology, product, application and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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