#adhesives and sealants market

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Adhesives and Sealants Market Size, Trend and Forecast 2030

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Adhesives and Sealants Market to Hit $103.8 Billion by 2032

The global Adhesives and Sealants Market was valued at USD 66.8 Billion in 2024 and it is estimated to garner USD 103.8 Billion by 2032 with a registered CAGR of 5.6% during the forecast period 2024 to 2032.

The report throws light on the competitive scenario of the global Adhesives and Sealants Market to know the competition at global levels. Market experts also provided the outline of each leading player of the global Adhesives and Sealants Market for the market, considering the key aspects such as the areas of operation, production, and product portfolio. In addition, the companies in the report are studied based on vital factors such as company size, market share, market growth, revenue, production volume, and profit.

The global Adhesives and Sealants Market is fragmented with various key players. Some of the key players identified across the value chain of the global Adhesives and Sealants Market include Arkema S.A., BASF SE, Evonik Industries AG, H.B. Fuller, Henkel AG & Co. KGAA, Lord Corporation, Scott Bader Co., Sika AG, 3M Company, Uniseal Inc. and others. etc. Considering the increasing demand from global markets various new entries are expected in the Adhesives and Sealants Market at regional as well as global levels.

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Top Competitors:

Arkema S.A., BASF SE, Evonik Industries AG, H.B. Fuller, Henkel AG & Co. KGAA, Lord Corporation, Scott Bader Co., Sika AG, 3M Company, Uniseal Inc. and others.

Understanding the Industry's Growth, has released an Updated report on the Adhesives and Sealants Market. The report is mixed with crucial market insights that will support the clients to make the right business decisions. This research will help new players in the global Adhesives and Sealants Market to sort out and study market needs, market size, and competition. The report provides information on the supply and market situation, the competitive situation and the challenges to the market growth, the market opportunities, and the threats faced by the major players.

Regional Analysis

-North America [United States, Canada, Mexico]

-South America [Brazil, Argentina, Columbia, Chile, Peru]

-Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]

-Middle East & Africa [GCC, North Africa, South Africa]

-Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

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Full Analysis Of The Adhesives and Sealants Market:

Key findings and recommendations point to vital progressive industry trends in the global Adhesives and Sealants Market, empowering players to improve effective long-term policies.

The report makes a full analysis of the factors driving the development of the market.

Analyzing the market opportunities for stakeholders by categorizing the high-growth divisions of the market.

Questions answered in the report

-Who are the top five players in the global Adhesives and Sealants Market?

-How will the global Adhesives and Sealants Market change in the next five years?

-Which product and application will take the lion's share of the global Adhesives and Sealants Market?

-What are the drivers and restraints of the global Adhesives and Sealants Market?

-Which regional market will show the highest growth?

-What will be the CAGR and size of the global Adhesives and Sealants Market during the forecast period?

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Reasons to Purchase this Adhesives and Sealants Market Report:

-Analysis of the market outlook on current trends and SWOT analysis.

-The geographic and country level is designed to integrate the supply and demand organizations that drive industry growth.

-Adhesives and Sealants Industry dynamics along with market growth opportunities in the coming years.

-Adhesives and Sealants Market value (million USD) and volume (million units) data for each segment and sub-segment.

1 year consulting for analysts along with development data support in Excel. Competitive landscape including market share of major players along with various projects and strategies adopted by players in the last five years.

Market segmentation analysis including qualitative and quantitative analysis including the impact on financial and non-economic aspects.

Complete company profiles that include performance presentations, key financial overviews, current developments, SWOT analyzes and strategies used by major Adhesives and Sealants Market players.

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[neha24blog]

Adhesives And Sealants Market Outlook On The Basis Of Product, Technology, Application, And Region, Product, Application, And Region And Forecast From 2023 to 2030: Grand View Research Inc.

San Francisco, 19 June 2023: The Report Adhesives And Sealants Market Size, Share & Trends Analysis Report By Technology, By Product, By Application, By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2023 – 2030 The global adhesives and sealants market size is expected to reach USD 107.27 billion by 2030, according to a new report by Grand View Research, Inc. It is…

[medicaldevicesindustrynews]

Bidding Adieu to Welding and Fasteners with Adhesives and Sealants

Adhesives and sealants have a major role to play in the contemporary industrial spectrum, which is why they are quickly becoming a crucial part of numerous sectors. Their usage is rising in industrial facilities because of their many benefits over other technologies. They help with the challenges related to conformist methods, primarily mechanical bonding, which can deteriorate the quality of…

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Adhesives & Sealants Market - Forecast(2024 - 2030)

Adhesives & Sealants Market Overview

Global Adhesives & Sealants market size is estimated to reach US$ 89.1 billion by 2027, after growing at a CAGR of 5.7% during the forecast period 2022-2027. Adhesives and sealants are the chemical products which are used to create a mechanical seal between components. Adhesives are the non-metallic materials used to hold two substances together, while sealants are material used to fill space between these substances and to provide a protective coating. Adhesives are of various types like polyurethane adhesives, cyanoacrylate adhesive and epoxy adhesives, while sealants consist of resin like silicon, acrylic and butyl. These materials are chemically made with the help of rheology modifiers which are used to improve their viscosity. Adhesives and sealants have high applicability in sectors like construction, automotive, paper, textile, electronics and wood. Their major applicability is in construction sector where adhesives are used in polycarboxylate for concrete production. Factors like growing construction activities, increase in production volume of automotive, increase in aircraft production and high consumption of clothing & apparel items are driving the growth of global adhesives & sealants market. However, adhesives and sealants manufacturing produce volatile organic compounds which can cause environment problems like pollution. The regulation imposed by government to restrict VOC emission can hamper the growth of global adhesives & sealants industry.

COVID-19 Impact

The wide spread of COVID-19 left a negative impact on the activities of various industrial sectors, as the necessary measures taken by countries like consequential lockdown led to lack of availability of labors and raw materials. This disrupted the functionality of various end users of adhesives and sealants like construction, automotive, textile, and aerospace. For instance, as per, International Construction and Infrastructure Surveys, the construction and infrastructure activities across all regions went down in Q1 of 2020 with China in the Asia-Pacific region having the sharpest workload contraction. Also, as per the International Organization of Motor Vehicle Manufacturing, in 2020 there was a 16% global decline in vehicles production. Further, as per the 2021 report of the General Aviation Manufacturers Association, the Global business jet deliveries declined 20.4% to 644 aircraft in 2020 due to the COVID-19 pandemic. Polycarboxylate is used in cement concrete application, cyanoacrylate adhesive is used in automotive interiors while acrylic sealants are used in aircraft to prevent corrosion and fuel leak. Hence, the decrease in productivity of such sector led to decrease in usage of adhesives and sealants in them.

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Report Coverage

The report: “Adhesives & Sealants Market Report – Forecast (2022 – 2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global Adhesives & Sealants Industry

By Type – Water Based Latex, Acrylic, Polysulfide, Silicone, Polyurethane, Epoxies, Polyamides, Cyanoacrylate, Polyethylene Glycol, and Others (Polyisobutylene, Dextrin, Butyl)

By Form – Water based (Solution, Polymer Dispersion), Solvent based (Wet Bonding, Contact Adhesives), Hot Melt, and Reactive

By Application – Bonding (Paper Bonding, Wood Bonding), Concrete Production, Countertop Lamination, Drywall Lamination, Transportation (Automotive Module Sealant, Anti-Fuel Leaking Agent, Anti-Corrosive Agent, Clothing & Apparel (Apparel Laminate, Fabric Combining) and Others (Self-Adhesives Bandages, Circuit Boards Encapsulants)

By End User – Automotive (Passengers Cars, Heavy Commercial Vehicles, Light Commercial Vehicles, Others (Three-Wheeler, Two-Wheeler)), Construction (Residential, Commercial), Aerospace, Wood Industry, Paper, Textiles (Woven, Non-woven), Electronic, Medical and Others (Marine, Plastics)

By Geography - North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa)

Key Takeaways

Asia-Pacific dominates the global adhesives & sealants industry as the region consist of major end users of adhesives and sealants like plastic, construction, automotive, electrical in major economies like China, South Korea, and Australia. 

Rheology Modifier is used in water borne, solvent borne adhesives and sealants of all types, to control viscosity, provide coating performance and build thick adhesion between components. 

In dentistry filed, polycarboxylate cement is used in the fixation of dental crowns, inlays, and along with cavity linings which provide a good adhesion to the tooth structure.

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Adhesives & Sealants Market Segment Analysis – By Type

Polyurethane held a significant share in global adhesives & sealants market in 2021, with a share of over 22.0%. Polyurethane adhesives are UV, water, and chemical resistant while polyurethane sealants provide long term elasticity and durable adhesion. Polyurethane adhesives are majorly used in automotive windshield while polyurethane sealants are used in sealing gaps and joints in components and structures. The rapid development in automotive and construction sectors has increased their scale of productivity which has positively impacted the usage of adhesives and sealants. For instance, as per European Automobile Manufacturers Association, the production and registration of passenger cars in the EU increased by 53.4% in 2021 with strong volume seen in Spain, France, and Germany. Further, as per US Census Bureau, in 2021, construction activities steadily increased in US, with residential construction showing an increase of 4.1% in November, up by 1% from 2020 same month. Such increase in productivity of these sectors will lead to more usage adhesives and sealants in the, which will positively impact the growth of global adhesives & sealants industry.

Adhesives & Sealants Market Segment Analysis – By End User

Construction sector held a significant share in global adhesives & sealants market in 2021, with a share of over 19.0%. Adhesives & sealants based of resins like polyamide, epoxy resin and plastisol are majorly used in construction sector as they have resistance to excessive sun, rainfall, provide good steel bonding, and act as cement dispersant. The rapid development in the construction sector in countries has increased the scale of construction activities and the undertaking of new infrastructure projects. For instance, as per European Union, in December 2021, construction of building increased by 4.6% and civil engineering by 3.3% compared to 2020. Also, in 2019 a total of US$ 102.3 billion worth of projects were processed across all GCC countries, compared to US$ 101.8 billion in 2018. Hence, such increase in the construction and infrastructure development activities will lead to more usage of adhesives in cement application while sealants will be used in blocking dust and heat transmission. This will have a positive impact on the growth of global adhesives & sealants industry.

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Adhesives & Sealants Market Segment Analysis – By Geography

Asia-Pacific held the largest share in global adhesives & sealants market in 2021, with a share of over 27.0%. The region consists of major end-users of adhesives and sealants like construction, automotive, textiles, in major economies like China, India, Japan, and Australia with China having the largest automotive and construction sector. The economic development in these nations has led to increase in the industrial output of these sectors. For instance, as per the 2021 report of the European Automobile Manufacturers Association on global vehicle production, China produced 32% of 74 million cars manufactured worldwide with Japan & Korea producing 16%. Also, as per the State Council for the People’s Republic of China, in July 2021 China has approved projects related to the development of affordable rental homes. Further, as per October reports of Infrastructure Australia 2021, the major infrastructure activity relating to commercial buildings, civil infrastructure, and residential will double in the next three years. Cyanoacrylate adhesives are used in automotive roof pads, engine hose protectors and flex boards while acrylic and polyurethane based sealants are used to seal joints between components like concrete, steel, and masonry wall. Hence, the growing productivity of construction and automotive will lead to more usage of such adhesives and sealants in them, resulting in more growth of global adhesives & sealant industry.

Adhesives & Sealants Market Drivers

Growing Construction Activities

Emerging economies, rapid urbanization, and various infrastructural developments undertaken by countries have increased the scale of construction activity. For instance, in preparation for the 2021 Expo, Dubai awarded about 47 construction contracts with a total value of US$ 3 billion to local and foreign companies. In 2019 National Development and Reform Commission of China approved 26 infrastructure projects estimated to be completed by 2023. Also, in 2021, Oman’s Ministry of Housing and Urban Planning five new integrated projects that would provide 4800 housing units. Adhesives and sealants in building construction are used as the bonding layer for floor fixing, countertop lamination and wall covering. Hence, the increase in construction activities and infrastructure development projects will lead to more usage of adhesives and sealants, which will have a positive impact on the growth of the global adhesives & sealants industry.

Growing Production of Automotive

Automotive adhesives and sealants are used by automotive original equipment manufacturers (OEMs) to bond different substrate of metal, eliminating the need for welding and mechanical bolts, welds and rivets. The increase in purchase capacity, improvement in living standards, and rapid urbanization have led to an increase in the demand for new automotive vehicles, thereby increasing their production volume. For instance, as per the International Organization of Motor Vehicle Manufacturing, the global production volume of vehicles increased to 57 million in 2021 from 52 million in 2020. Also, as per the November 2021 report of the Europe Automobile Manufacturer Association, the new passenger car registration in the first ten months of 2021 increased up to 2.2% with an increase shown in European Union markets like Italy showed 12.7%, Spain showed 5.6% and France showed 3.1%. Such an increase in automobile production on account of high demand will increase the usage of adhesives and sealants like cyanoacrylate adhesives, which will have positive impact on growth of global adhesives & sealants industry.

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Adhesives & Sealants Market Challenges

Stringent Government Regulation

One of the significant issues related to adhesives and sealants is that, their formation causes VOC emission which can lead to serious problems like skin irritation, sour throat and long-term damage to lungs & kidneys. Hence, in order prevent such problems various government organization have imposed certain regulation relating to VOC emission. For instance, Title 40, Code of Federal Regulations of US, Environment Protection Agency deals with EPA’s mission of protecting human health and the environment from VOC emission. Such regulation can restrict the production volume of adhesives and sealants, which can hamper the growth of global adhesives & sealants industry.

Adhesives & Sealants Industry Outlook

The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. The global adhesives & sealants top 10 companies include:

Henkel Corporation

Sika AG

Arkema SA

Evonik Industries

Ashland Inc.

PPG Industries

RPM International Inc.

Wacker Chemie AG

Avery Dennison

Pidilite Industries

Recent Developments

In 2021, Creative Materials introduced 129-06 temperature-sensing conductive adhesive, coating in either one-component or two-component versions, and the product has high reliability due to low hysteresis, high flexibility and strong adhesion.

In 2020, Arkema acquired Fixatti, a manufacturer of thermos-bonding adhesives powder and such acquisition will strengthen the global offering of hot melt adhesives solution for niche industrial applications.

In 2019, Sika AG acquired China based Crevo-Hengxin a manufacturer of silicone sealants and adhesives, and such acquisition will expand the adhesives & sealant market share of Sika in China

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https://logcontact.com/blogs/213228/Medical-Adhesives-and-Sealants-Market-Size-Analysis-and-Forecast-2031

Medical Adhesives and Sealants Market Size, Analysis and Forecast 2031

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[researchrealmblog]

How Do Bio-Based Adhesives and Sealants Provide Lucrative Opportunities to Industry Players? 

The adhesives and sealants industry are projected to generate $66,49.9 million revenue in 2021, advancing at a rate of 4.9% from 2021 to 2030, to generate $102,604.3 million revenue in 2030. It is ascribed to the rising product application in the automotive and construction sector. Moreover, the rising materials demand from the packaging industry, with increasing vehicle safety standards and regulations boosts the industry.

The bio-based adhesives and sealants are projected to create lucrative opportunities for industry players. Companies are focusing on developing bio-based products for replacing chemical-based products. In addition, companies are adopting advanced technologies for bio-based products to develop sustainability efforts without impacting performance.

The major trend in the adhesives and sealants industry is the worldwide rising traction of electric vehicles. The low usage of adhesives and sealants in electric vehicles is ascribed to the lesser automotive engine-related assemblies.

The rising focus on improving structural integrity with growing demand for reducing the overall weight. The demand for adhesives is projected to fuel the coming years.

Among all technologies, water-borne adhesives capture a significant industry share, accounting for over 50%, of the adhesives industry. These adhesives are created by combining polymers, water, and additives. They suit both porous and non-porous materials. These are massively used in the manufacturing of various products, such as home appliances, books, medical tapes, and packaging.

That is why they have lesser VOCs, and hence do not impact the environment-friendly. In addition, they offer excellent heat resistance, better water resistance, and high tack.

Under the application segment, healthcare is projected to witness the fastest growth in the coming years. Medical-grade adhesives are utilized for bonding products such as needles, catheters, dialysis filters, blood bags, syringes, and tube connectors. The manufacturing of such medical products involves types of synthetic materials, such as PEEK, PE, and PP, and difficult-to-bond plastics.

The Healthcare industry utilizes three types of standard adhesives, such as dissolvable, pressure-sensitive, and electrically conductive adhesives. For instance, pressure-sensitive adhesives are used in medical tapes.

The rising usage of adhesives in various medical applications, such as advanced wound care dressings, dental, skincare, incise and surgical drapes, prostheses, otology, and diabetes care devices is a major driver for the expansion of the industry.

The silicone category captures the largest industry share, accounting for more than 40%. It is ascribed to the chemical properties of silicone adhesives and sealants for withstanding high and low temperatures, high durability, insulating qualities, water repulsion, high thermal stability, and low chemical reactivity.

The major players operating in the industry are Henkel AG & Co. KGaA, Sika AG, 3M Company, Arkema Group, Avery Dennison Corporation, PPG Industries Inc., and Sika AG.

Therefore, the worldwide rising adoption of the EVs boosts the demand for adhesives and sealants.

Source: P&S Intelligence

[mohitbisresearch]

The Europe additives market for EV adhesives and sealants (excluding U.K.) was valued at $15.83 million in 2023, and it is expected to grow at a CAGR of 24.41% and reach $113.07 million by 2032.

[nmsc-market-pulse]

Revolutionizing Bonding: The Impact of Nanotechnology in Adhesives and Sealants

Introduction:

In the dynamic world of adhesives and sealants, technological advancements continue to push the boundaries of performance and functionality. One such innovation that has gained prominence in recent years is the integration of nanotechnology.

This article explores the transformative role of nanotechnology in enhancing the properties and performance of adhesives and sealants, focusing on its impact on adhesion strength, durability, and resistance to environmental factors.

According to Next Move Strategy Consulting, the global Adhesives and Sealants Market is predicted to reach USD 96.12 billion by 2030, with a CAGR of 3.9% from 2024 to 2030.

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Understanding Nanotechnology in Adhesives: Nanotechnology involves the manipulation and utilization of materials at the nanoscale, typically ranging from 1 to 100 nanometers. When incorporated into adhesives and sealants, nanoparticles can impart unique properties and functionalities that enhance their overall performance.

Enhancing Adhesion Strength: One of the key advantages of nanotechnology in adhesives is its ability to improve adhesion strength. Nanoparticles possess a high surface area-to-volume ratio, allowing them to form strong bonds with substrate surfaces at the molecular level. This enhanced bonding capability results in improved adhesion strength, ensuring reliable and long-lasting adhesion even in challenging environments.

Boosting Durability: Nanoparticles also contribute to the durability of adhesives and sealants by reinforcing their mechanical properties. By dispersing nanoparticles within the adhesive matrix, manufacturers can increase its tensile strength, toughness, and resistance to deformation. This enhanced durability ensures that bonded joints remain intact under mechanical stress, vibration, and thermal cycling, extending the lifespan of bonded assemblies.

Resistance to Environmental Factors: Nanotechnology plays a crucial role in enhancing the resistance of adhesives and sealants to environmental factors such as moisture, temperature extremes, and chemical exposure. Nanoparticles can act as barriers, preventing the ingress of moisture and contaminants into bonded interfaces. Additionally, certain nanoparticles possess inherent properties such as UV resistance or chemical inertness, further enhancing the durability and performance of adhesives and sealants in harsh environments.

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Geographical Analysis

Asia-Pacific accounted for major share in adhesives and sealants market in 2021. This is attributed to factors such as low investment requirement to establish manufacturing units, cheap labor cost, and availability of affordable adhesive & sealant products in the region. Also, the presence of emerging economies along with increasing industries in the countries such as Japan, China, India, Vietnam, and Taiwan are the factors that drive the growth of the market in this region.

Applications Across Industries: The integration of nanotechnology has opened up a wide range of applications for adhesives and sealants across various industries. Some key sectors where nanotechnology-enhanced adhesives and sealants are making an impact include:

1.Automotive and Aerospace: Nanotechnology plays a critical role in automotive and aerospace applications, where adhesives and sealants must withstand extreme temperatures, vibrations, and mechanical stresses. Nanoparticle-reinforced adhesives provide superior bonding performance for vehicle assembly, structural bonding, and composite materials.

2.Electronics and Microelectronics: In the electronics industry, nanotechnology-enabled adhesives are used for bonding delicate components, encapsulating electronic circuits, and assembling microelectronic devices. These adhesives offer high precision, low outgassing, and excellent electrical insulation properties, ensuring the reliability and performance of electronic products.

3.Construction and Infrastructure: Nanotechnology has revolutionized the construction industry by enhancing the performance of adhesives and sealants used in building materials, structural bonding, and waterproofing applications. Nanoparticle-modified sealants provide superior adhesion, flexibility, and resistance to weathering, contributing to the durability and longevity of infrastructure projects.

4.Medical Industry: Nanotechnology-enabled adhesives find applications in the medical industry for wound closure, surgical bonding, and tissue engineering. These adhesives offer biocompatibility, minimal tissue damage, and precise bonding, making them ideal for medical procedures where traditional sutures may not be suitable.

5.Consumer Electronics: Nanotechnology plays a crucial role in consumer electronics manufacturing, where adhesives are used for bonding components in smartphones, tablets, and wearable devices. Nanoparticle-reinforced adhesives provide strong, durable bonds while enabling miniaturization and lightweight design, enhancing the performance and reliability of electronic products.

6.Renewable Energy: Nanotechnology-enhanced adhesives and sealants are utilized in renewable energy applications such as solar panel assembly, wind turbine construction, and battery manufacturing. These adhesives offer exceptional bonding strength, weather resistance, and thermal stability, ensuring the longevity and performance of renewable energy systems in harsh environmental conditions.

7.Marine and Shipbuilding: Nanotechnology plays a critical role in marine and shipbuilding applications, where adhesives and sealants are used for bonding hulls, decks, and structural components. Nanoparticle-modified sealants provide excellent adhesion to metal substrates, corrosion resistance, and durability in marine environments, contributing to the safety and reliability of marine vessels and offshore structures.

8.Textile and Apparel Industry: Nanotechnology-enabled adhesives find applications in the textile and apparel industry for bonding fabrics, laminating layers, and enhancing garment performance. These adhesives offer water repellency, stain resistance, and stretchability, allowing for the creation of innovative textiles with enhanced functionality and durability.

Market Potential and Growth Opportunities: The market for nanotechnology-enabled adhesives and sealants is experiencing rapid growth, driven by increasing demand for high-performance bonding solutions across industries. Market research indicates a growing adoption of nanotechnology in adhesive formulations, fueled by advancements in nanoparticle synthesis, dispersion techniques, and application technologies. Moreover, rising investments in research and development are driving innovation and expanding the application scope of nanotechnology in adhesives and sealants.

Competitive Landscape:

Various market players operating in the global adhesives and sealants industry include Arkema S.A., BASF SE, Henkel AG & Co. KGAA, The 3M Company, Sika AG, Avery Dennison Corporation, Ashland Inc., H.B. Fuller Company, RPM International Inc., and Pidilite Industries Limited, among others. These market players are adopting the acquisition strategy to maintain their dominance in the adhesives and sealants market.

Conclusion:

In conclusion, nanotechnology represents a game-changing advancement in the field of adhesives and sealants, offering unprecedented opportunities to enhance performance, durability, and reliability. By leveraging the unique properties of nanoparticles, manufacturers can develop adhesives and sealants that meet the evolving needs of diverse industries and applications.

As the demand for high-performance bonding solutions continues to grow, nanotechnology is poised to play a pivotal role in shaping the future of the adhesives and sealants market, driving innovation and sustainable growth.

[univdatosmarket]

Global Adhesives & Sealants Market was valued around USD 61 billion in 2020 and is anticipated to grow at a CAGR of ~5% over the forecast period (2021-2027)

[mitalipingale]

https://carbonfacesocial.org/blogs/59517/Medical-Adhesives-and-Sealants-Market-Size-Analysis-and-Forecast-2031

The Medical Adhesives and Sealants Market in 2023 is US$ 11.61 billion, and is expected to reach US$ 22.87 billion by 2031 at a CAGR of 8.84%.