In terms of value, the adhesives & sealants market in Latin America is anticipated to expand at a CAGR of 4% from 2020 to 2030 and reach ~US$ 5 Bn by 2030. In terms of demand, Brazil is likely to be a key country of the adhesives & sealants market in Latin America between 2020 and 2030. The construction industry in the region is projected to offer lucrative opportunities to the adhesives & sealants market in Latin America in the near future.
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Latin America Adhesives & Sealants Market: Major Drivers and Restraints
High rate of urbanization in emerging markets, such as Latin America, has led to robust growth of the construction industry. This includes not only residential and commercial construction, but also development of infrastructure such as roads, highways, dams, airports, railway stations, and bridges. Adhesives and sealants are widely used in construction to prevent fluids and other substances from passing through material surfaces, joints, or openings. Thus, with the rise in constructional activities, the demand for adhesives and sealants is expected to increase in Latin America, thereby propelling the market in the region during the forecast period.
Increased adoption of electric vehicles across the world in order to curb air pollution has propelled the demand for adhesives and sealants, as they allow automakers to incorporate new materials that offer cost savings and performance improvements. This is estimated to drive the global adhesives & sealants market during the forecast period. Several players have taken strategic initiatives such as mergers & acquisitions in order to expand their adhesives and sealants business, owing to high demand for adhesives and sealants for use in various industrial applications. This factor is also expected to boost the adhesives & sealants market in Latin America during the forecast period. For instance, in July 2017, H.B. Fuller Company signed an agreement to purchase Adecol Ind. Química, Limitada, a manufacturer of high-quality adhesive technologies based in Brazil. The acquisition helped the company expand its business in Brazil by partnering with customers to produce new and better consumer goods in Latin America.
Commercial and industrial applications of adhesives and sealants pose environmental and health-related risks, due to emissions of volatile organic compounds (VOCs). Several countries have set guidelines in order to regulate these emissions, which restrict the amount of gaseous emissions released from adhesives and sealants. Thus, stringent environmental regulations on the usage of adhesives and sealants are expected to restrain the adhesives & sealants market in Latin America during the forecast period.
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Latin America Adhesives & Sealants Market: Prominent Segments
In terms of value, the acrylics segment held a major share of the adhesives & sealants market in Latin America in 2019. This trend is anticipated to continue during the forecast period, due to considerable usage of acrylics in construction and automotive industries in the region. Among applications, the pressure sensitive segment constituted a significant i.e. more than 23% share of the adhesives & sealants market in Latin America in 2019. This trend is estimated to continue throughout the forecast period. On the other hand, construction is projected to be the most rapidly expanding segment of the market in the region during the forecast period.
Major manufacturers of adhesives and sealants in Latin America include Henkel AG and Company KGaA, 3M, H. B. Fuller, The Dow Chemicals Company, Avery Dennison Corporation, BASF SE, Bostik SA, and Grupo Lamosa. Imposition of stringent environmental regulations on the usage of adhesives and sealants acts as a high barrier for new players entering the adhesives & sealants market in Latin America.
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