A strong U.S. economy and new product introductions should help drive the market for sealants and adhesives to $8.4 billion in 2010, from the current $7.9 billion, according to a new report from market research publisher Specialists in Business Information.
The overall adhesives market grew by 2.1 percent in 2005, to $5.6 billion in shipments, propelled in part by the hot melt, epoxy, and vinyl tape sectors. Sealants, meanwhile, saw a 3.1 percent rise, to $2.2 billion. Particularly strong were structural sealants, used mainly in the construction and transportation industries. From 2001 to 2005, these sealants grew at a compound annual growth rate of 27 percent.
“While the market drivers have become stronger over the last year, manufacturers have also stepped up to the plate by innovating new products that can suit a broader range of applications,” said Cara Morrison, associate Editor of SBI, a division of MarketResearch.com. She noted advances in dressing and wound care, lens materials for LED applications, and adhesives for lead-free soldering operations.
“By continuously improving product technology ad re-working methods of manufacturing and production, this industry has managed to continuously assuage forces – such as rising oil and raw materials prices – that over the years could have easily crippled it,” Morrison said.
