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Acrylic based adhesives emerged as the largest consumed adhesive in almost all industries including electronics, medical, construction and packaging among others, owing to its fast curing nature. These additives accounted for 29.8% of the total adhesives consumed in 2012. Ethyl vinyl acetate (EVA) based adhesives are expected to be the fastest growing market owing to its fast setting characteristics and ability to bind wide range of surfaces including wood, plastics and metal foil among others. EVA adhesives are expected to grow at an estimated CAGR of 5.6% from 2013 to 2019. Silicone based sealants were the leading sealants consumed in Latin America and accounted for approximately 30% of the total market in 2012. Silicone based sealants are also expected to be the fastest growing sealants growing at a CAGR of 5.3% from 2013 to 2019. The growth in demand for silicone-based sealants is mainly due to increasing innovative product development catering to the growing automobile and packaging industries where sealants are extensively used for lamination and protection.
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Pressure sensitive applications (PSA) dominated the Latin American adhesives market and accounted for 27% of the total market in 2012. Furniture is expected to be the fastest growing market for adhesives at a CAGR of 6.1% from 2013 to 2019. The growing disposable income in Brazil and Argentina is one of the major factors driving the demand for furniture and further demand for adhesives. Construction emerged as the leading market for sealants and accounted for 28% of the total sealants consumed in 2012. Sealants usage in the construction industry was followed by the automotive and packaging industry, which together accounted for approximately 35% of the total market in 2012. The automotive industry is expected to be the fastest growing market for sealants at an estimated CAGR of 5.7% from 2013 to 2019. The growing auto production in Brazil, Mexico and Argentina is expected to drive the demand for sealants in the automobile industry.
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Brazil continued dominating the adhesives market in Latin America and accounted for more than 50% of the total volume in 2012. Brazil along with being the largest market is also the fastest growing market for adhesives and sealants at an estimated CAGR of 5.5% from 2013 to 2019. Brazil is all set to host the FIFA World Cup in 2014 and the Olympics in 2016. These events have been prompting the growth of construction activities in Brazil, which is expected to drive the market for adhesives and sealants over the forecast period. Brazil also emerged as the leading market for sealants in Latin America and accounted for 75% of the total volume in 2012. Rapid development of the Brazilian automotive industry is expected to drive the market for sealants in the country. Brazil along with being the largest market is also the fastest growing market for sealants at an estimated CAGR of 5.1% from 2013 to 2019. Brazil was followed by Mexico and Argentina, which together accounted for over 20% of the total market in 2012.
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