USD 63.66 billion
Report ID: SQSG30I2023 | Region: Global | Published Date: April, 2023 | Pages: 245 | Tables: 68 | Figures: 75
Adhesives And Sealants Market size was valued at USD 63.66 billion in 2021 and is poised to grow from USD 67.48 billion in 2022 to USD 114.01 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).
The adhesives and sealants market is being driven by the rising demand for lightweight, low-carbon-emitting cars. The adoption of new production technologies and the use of new materials in the development of adhesives and sealants are also contributing to market growth. The building sector is another major driver of the market, as adhesives and sealants are used in a variety of end use industries, including tiling, mounting drywall, fittings, ceiling end use industries, bathroom floor coverings, and molding.
Stringent environmental regulations are also having an impact on the market, as manufacturers are being forced to focus on creating environmentally friendly adhesives. Volatile organic compounds (VOCs) are created during the production of adhesives and sealants and can lead to a variety of health problems. As a result, there is a growing demand for VOC-free adhesives and sealants. The adhesives and sealants industry is a large and diverse market, and there are a number of different manufacturers that produce a wide range of products. The adhesives and sealants industry is expected to continue to grow in the coming years, as the demand for these products continues to rise. The growth of the automotive and building sectors, as well as the increasing focus on environmental sustainability, are all expected to contribute to market growth.
US Adhesives And Sealants Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 63.66 billion
Largest Segment
Acrylic
Fastest Growth
Acrylic
Growth Rate
6% CAGR
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Global Adhesives and Sealants Market is segmented on the basis of product, technology end use industry, and region. By product, the market is segmented into Acrylic, PVA, Polyurethanes, Styrenic block, Epoxy, EVA, and other products. By technology, the market is segmented into Water-based, solvent-based, hot-melt, reactive, and other technology. By end use industry, the market is segmented into Building and construction, paper, board, and packaging, transportation, woodworking and joinery, footwear and leather, healthcare, electrical and electronics, and other end-user industries. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
Among the various product segments in the global adhesives and sealants market, the acrylic segment takes the lead with an impressive revenue share of 36.5% in 2022. This dominance can be attributed to several factors that make acrylic adhesives the go-to choice for a wide range of industries. The acrylic segment is expected to continue its remarkable growth trajectory due to the surge in construction activities and substantial investments in infrastructure projects. The construction of chemical/industrial process plants, stadiums, bridges, museums, concert halls, research facilities, and medical buildings creates a strong demand for acrylic adhesives. These adhesives provide exceptional bonding strength and durability, making them indispensable for joining various substrates in construction applications.
Polyurethane adhesive products, on the other hand, are the fastest-growing segment in the adhesives and sealants market. With their superior properties such as fast curing, good abrasion and chemical resistance, and excellent bond strength across diverse substrates like metal, plastic, rubber, wood, and glass, polyurethane adhesives are gaining significant traction. These adhesives leverage reactive technology and incorporate polymers with urethane linkages, resulting in solid and low-viscosity materials that offer quick curing times. These advantages position polyurethane adhesives as a preferred choice across industries where speed, strength, and versatility are critical. Driven by these factors, the acrylic segment maintains its dominance in the market, while the polyurethane segment continues to surge ahead with its rapid growth. The projected expansion of the acrylic segment is bolstered by the increasing construction activities and infrastructure investments, offering ample opportunities for revenue growth. Simultaneously, the exceptional properties and broad applicability of polyurethane adhesives make them an attractive option for industries seeking reliable bonding solutions.
Analysis By End User Industry
The largest segment in the adhesives and sealants market is the Building and Construction industry. With a substantial market share, this segment dominates due to the indispensable role adhesives and sealants play in the construction of buildings and infrastructure worldwide. The demand for high-quality adhesives and sealants in this sector is primarily driven by the rapid urbanization and infrastructure development taking place globally. The Building and Construction industry relies heavily on adhesives and sealants for a wide range of applications, including flooring, roofing, insulation, panel bonding, and structural bonding. The significance of this segment is further emphasized by the fact that the construction industry is experiencing significant growth, with new projects and renovations occurring across the globe. By leveraging adhesives and sealants, builders and construction professionals can enhance the durability, strength, and overall performance of structures. As a result, the demand for adhesives and sealants in this segment is projected to maintain a steady upward trajectory.
On the other hand, the fastest-growing segment in the adhesives and sealants market is the Electrical and Electronics industry. In today's technology-driven world, this sector is witnessing remarkable expansion due to increasing consumer demand for electronic devices, advancements in communication technologies, and the proliferation of smart devices. Adhesives and sealants play a critical role in the production and assembly of electronic components, ensuring optimal performance, protection against moisture, electrical insulation, and mechanical stability. The Electrical and Electronics industry relies on adhesives and sealants for applications such as bonding and sealing circuit boards, encapsulating electronic components, and securing delicate parts. The growth potential of this segment is further amplified by the constant innovation and introduction of new electronic devices and gadgets in the market. As consumers seek sleeker, more compact, and technologically advanced products, manufacturers need adhesives and sealants that offer superior bonding properties, thermal management capabilities, and resistance to environmental factors.
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The Asia Pacific region has emerged as a dominant force in the adhesives and sealants market, commanding a significant revenue share of 41.2% in 2022. Although the COVID-19 pandemic had a substantial impact on industries like textile & garments, construction, and automotive in 2020, the market has exhibited a positive recovery since the third quarter of that year and gained momentum throughout 2021. For instance, the pandemic led to a decline in textile trade between China and India, with a year-on-year decrease of 12.4% in the first two months of 2020 compared to the previous year. However, as the market rebounded, the demand for adhesives and sealants in the Asia Pacific region has steadily risen, driven by factors such as infrastructure development, manufacturing activities, and a recovering export trade.
Moving to the Middle East & Africa, the Gulf Cooperation Council (GCC) countries play a crucial role in driving the growth of the adhesives and sealants market in the region. With growing construction activities in the GCC region, there is a significant increase in the demand for these products. Despite the housing sector's previous underperformance due to declining oil prices and economic slowdown, the construction industry is projected to perform well in the coming years. Investments in residential construction, energy, and transport infrastructure are expected to fuel the demand for adhesives and sealants in the GCC region. In Central & South America, government initiatives aimed at economic recovery are anticipated to fuel infrastructural developments, consequently driving the demand for adhesives and sealants. Countries such as Argentina, Colombia, and Peru are expected to witness growth in the construction industry during the forecast period. Peru, in particular, has experienced a boost in its economy due to increased construction and related business activities in the country. This positive trajectory in the construction industry is set to contribute to the rising demand for adhesives and sealants in Central & South America.
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Drivers
Growing Demand from Various End-Use Industries
Technological Advancements
Restraints
Volatile Raw Material Prices
Environmental and Regulatory Concerns
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The global adhesives and sealants market is a highly competitive industry characterized by the presence of numerous key players and a wide range of product offerings. The market is driven by various factors such as increasing demand from industries like automotive, construction, packaging, and healthcare. Major players in the market dominate the market through their strong distribution networks, extensive product portfolios, and continuous investments in research and development activities to introduce innovative and sustainable adhesive and sealant solutions. Additionally, strategic partnerships, mergers and acquisitions, and collaborations are common strategies adopted by these players to further strengthen their market position.
Adhesives And Sealants Market Top Player's Company Profiles
• Henkel AG & Co. KGaA (Germany)
• 3M Company (US)
• Sika AG (Switzerland)
• H.B. Fuller Company (US)
• Bostik SA (France)
• Dow Chemical Company (US)
• Illinois Tool Works Inc. (US)
• Avery Dennison Corporation (US)
• Ashland Global Holdings Inc. (US)
• RPM International Inc. (US)
• Huntsman Corporation (US)
• LORD Corporation (US)
• Mapei S.p.A. (Italy)
• Wacker Chemie AG (Germany)
• Arkema S.A. (France)
• Pidilite Industries Ltd. (India)
• Jowat SE (Germany)
• Permabond LLC (UK)
• Soudal NV (Belgium)
• Hexion Inc. (US)
Adhesives And Sealants Market Recent Developments
In December 2021, Arkema announced its acquisition of Permoseal, a South African company known for manufacturing adhesives used in woodworking, packaging, building, and do-it-yourself projects. This strategic move by Arkema aims to strengthen its position in the thriving industrial, construction, and DIY sectors in South Africa and Sub-Saharan Africa.
In January 2021, Huntsman Corporation successfully finalized the purchase of Gabriel Performance Products (Gabriel). Gabriel is a specialty chemical manufacturer based in North America, known for producing specialty additives and epoxy curing agents specifically designed for the coatings, adhesives, sealants, and composite sectors. The acquisition was made from Audax Private Equity, enabling Huntsman Corporation to expand its portfolio and strengthen its presence in these targeted markets.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Adhesives and Sealants Market analyses, the global adhesives and sealants market has been experiencing significant growth and is expected to continue expanding in the coming years. The market analysis suggests that the increasing demand for adhesives and sealants across various industries, including automotive, construction, packaging, and healthcare, is driving this growth. Factors such as rising urbanization, infrastructure development, and growing industrial activities in emerging economies are also contributing to the market's positive outlook. Additionally, the shift towards lightweight and eco-friendly adhesive solutions, advancements in technology, and the increasing adoption of adhesives and sealants in various applications are further fueling market expansion. However, challenges such as volatile raw material prices and stringent environmental regulations may pose as obstacles to market growth.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 63.66 billion |
Market size value in 2030 | USD 67.48 billion |
Growth Rate | 6% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Adhesives And Sealants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Adhesives And Sealants Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Adhesives And Sealants Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Adhesives And Sealants Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWThe workers' compensation code for sealants and adhesives is 2891.
Low-emitting adhesives and sealants are products that emit fewer volatile organic compounds (VOCs) than traditional adhesives and sealants. VOCs are chemicals that vaporize at room temperature and can contribute to air pollution. Low-emitting adhesives and sealants are a growing trend in the construction industry, as more and more builders are looking for ways to reduce their environmental impact.
Some non-toxic sealants and adhesives to use around bearded dragons are silicone sealants, epoxy adhesives, cyanoacrylate adhesives, non-toxic aquarium sealants, and acrylic sealants.
Adhesives And Sealants Market size was valued at USD 63.66 billion in 2021 and is poised to grow from USD 67.48 billion in 2022 to USD 114.01 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).
Global adhesives and sealants market is highly fragmented in nature and comprises small-scale and medium-scale companies. Most of them are continuously adopting strategies, such as acquisitions, collaboration, new product launches, and expanding their manufacturing facilities, to strengthen their positions in the market and drive business growth. 'Henkel AG & Co. KGaA', '3M', 'H.B. Fuller Company', 'Sika AG', 'Bostik SA', 'Arkema Group', 'The Dow Chemical Company', 'BASF SE', 'Ashland Global Holdings Inc.', 'Avery Dennison Corporation', 'Huntsman Corporation', 'Illinois Tool Works Inc.', 'Jowat SE', 'Momentive Performance Materials Inc.', 'Pidilite Industries Ltd.', 'RPM International Inc.', 'Royal Adhesives & Sealants LLC', 'SCIGRIP Smarter Adhesive Solutions', 'Wacker Chemie AG', 'Franklin International'
The global adhesives and sealants market is driven by the increasing demand for industrial sealants and adhesives across various industries such as automotive, construction, packaging, electronics, and healthcare. These sectors require reliable bonding and sealing solutions to enhance product performance, durability, and safety.
The switch from internal combustion engines (ICEs) to battery-powered vehicles is something that many nations, including the United States, place a strong emphasis on (EVs). Energy.gov reports that from 308,000 in 2020 to 608,000 in 2021, sales of new light-duty plug-in electric vehicles in the US, including all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), about doubled. And in the years to come, that trend will only intensify.
The Asia Pacific region has emerged as a dominant force in the adhesives and sealants market, commanding a significant revenue share of 41.2% in 2022. Although the COVID-19 pandemic had a substantial impact on industries like textile & garments, construction, and automotive in 2020, the market has exhibited a positive recovery since the third quarter of that year and gained momentum throughout 2021. For instance, the pandemic led to a decline in textile trade between China and India, with a year-on-year decrease of 12.4% in the first two months of 2020 compared to the previous year. However, as the market rebounded, the demand for adhesives and sealants in the Asia Pacific region has steadily risen, driven by factors such as infrastructure development, manufacturing activities, and a recovering export trade.
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Product ID: SQSG30I2023