USD 67.48 billion
Report ID: SQMIG15E2496 | Region: Global | Published Date: February, 2024 | Pages: 245 | Tables: 103 | Figures: 76
Global Adhesives and Sealants Market size was valued at USD 67.48 billion in 2022 and is poised to grow from USD 71.5 billion in 2023 to USD 114 billion by 2031, growing at a CAGR of 6.0% in the forecast period (2024-2031).
The adhesives and sealants market is inflating owing to increasing demand for lightweight, low-carbon-emitting vehicles, driving innovations in production technologies and materials. Additionally, the construction sector serves as a significant market driver, with adhesives and sealants finding extensive use in diverse applications such as tiling, drywall installation, fittings, ceiling applications, bathroom floor coverings, and molding.
Stringent environmental regulations are exerting a significant influence on the market dynamics, compelling manufacturers to prioritize the development of environmentally friendly adhesives. The production of adhesives and sealants often generates volatile organic compounds (VOCs), known to pose various health risks. Consequently, there is a burgeoning demand for VOC-free alternatives in the market.
The adhesives and sealants industry represents a vast and multifaceted market landscape, with numerous manufacturers offering a diverse array of products. Our analysis indicate sustained growth in this sector in the forthcoming years, driven by burgeoning demand. Factors such as the expansion of the automotive and construction industries, coupled with a heightened emphasis on environmental sustainability, are poised to fuel this growth trajectory.
US Adhesives And Sealants Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 67.48 billion
Largest Segment
Acrylic
Fastest Growth
Acrylic
Growth Rate
6.0% 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 others. By technology, the market is segmented into Water-based, Solvent-based, Hot-melt, Reactive, and others. 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 others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Adhesives And Sealants Market 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 2023. This dominance can be attributed to several key factors that position acrylic adhesives as the preferred choice across a multitude of industries, notably their exceptional cohesion properties. Further, the acrylic segment is poised to sustain its remarkable growth trajectory through the forecast period, fueled by a surge in construction activities and substantial investments in infrastructure projects globally. The construction landscape, spanning industrial plants, stadiums, bridges, museums, concert halls, research facilities, and medical buildings, presents a robust demand for acrylic adhesives. Renowned for their unparalleled bonding strength and durability, acrylic adhesives play a pivotal role in seamlessly joining diverse substrates in various construction applications.
On the flip side, polyurethane adhesive products emerge as the fastest-growing segment within the adhesives and sealants market. Their rapid ascent is propelled by a myriad of superior properties, including swift curing, robust abrasion and chemical resistance, and exceptional bond strength across a wide spectrum of substrates such as metal, plastic, rubber, wood, and glass. Polyurethane adhesives harness reactive technology, integrating polymers with urethane linkages to yield sturdy and low-viscosity materials characterized by expedited curing times. These attributes position polyurethane adhesives as the preferred choice across industries where speed, strength, and versatility are critically important.
Analysis By End User Industry
The Building and Construction industry stands as the largest segment within the adhesives and sealants market, boasting a commanding market share. This dominance is underpinned by the pivotal role that adhesives and sealants play in the industry on a global scale. From flooring and roofing to insulation, panel bonding, and structural bonding, the Building and Construction industry relies extensively on these materials for diverse applications. The relentless pace of urbanization and infrastructure development worldwide thus serves as the primary catalyst propelling the demand for high-quality adhesives and sealants in this industry. Through the strategic utilization of adhesives and sealants, builders and construction professionals can augment the durability, strength, and overall performance of structures, thereby solidifying the indispensability of these materials.
On the flip side, experiencing rapid growth within the adhesives and sealants market is the Electrical and Electronics industry. In our technology-driven era, this sector is undergoing remarkable expansion, propelled by escalating consumer demand for electronic devices, advancements in communication technologies, and the widespread adoption of smart devices. Adhesives and sealants play a pivotal role in the production and assembly of electronic components, ensuring optimal performance through protection against moisture, electrical insulation, and mechanical stability. They are instrumental in bonding and sealing circuit boards, encapsulating electronic components, and securing delicate parts. The growth trajectory of this segment is further catalyzed by continuous innovation and the introduction of new electronic devices and gadgets to the market. As consumers increasingly favor sleeker, more compact, and technologically advanced products, manufacturers are compelled to seek adhesives and sealants offering superior bonding properties, effective thermal management capabilities, and resilience against environmental factors.
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The Asia Pacific region has emerged as a formidable powerhouse in the adhesives and sealants market, seizing a substantial revenue share of 41.2% in 2023. Despite the significant disruptions caused by the COVID-19 pandemic across industries such as textile & garments, construction, and automotive in 2020, the market has exhibited a robust recovery trajectory since then, gaining momentum steadily from 2021 through 2023. For instance, the pandemic-induced downturn resulted in a notable decline in textile trade between China and India, witnessing a year-on-year decrease of 12.4% in the first two months of 2020 compared to the preceding year. However, as the market gradually rebounded, the demand for adhesives and sealants in the textile industry of the region has experienced a steady resurgence. This resurgence can be attributed to various factors, including ongoing infrastructure development initiatives, heightened manufacturing activities, and a gradual recovery in export trade within the region.
Turning our focus to the Middle East & Africa, the Gulf Cooperation Council (GCC) countries emerge as pivotal drivers of growth within the adhesives and sealants market in the region. With burgeoning construction activities underway in the GCC region, there's a notable uptick in demand for these essential products. Despite the housing sector's prior sluggishness attributed to plummeting oil prices and economic deceleration, the construction industry is poised for robust performance in the forthcoming years. Our analysis indicates substantial investments pouring into residential construction, energy, and transportation infrastructure across the GCC region, further propelling the demand for adhesives and sealants at a significant pace.
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Adhesives And Sealants Market Drivers
Adhesives and Sealants Lead the Charge in Lightweight Revolution
One pivotal driving force propelling the adhesives and sealants market forward is the increasing emphasis on lightweight materials and advanced manufacturing techniques across diverse industries. As industries strive for heightened efficiency, durability, and environmental sustainability, there is a burgeoning demand for adhesives and sealants capable of effectively bonding lightweight materials such as composites, plastics, and aluminum. These materials offer a spectrum of advantages, including reduced fuel consumption in transportation, enhanced energy efficiency in construction, and elevated performance standards in consumer electronics. Consequently, the adhesives and sealants market experiences sustained growth as manufacturers endeavor to provide innovative solutions that cater to the evolving requirements of modern industries. .
Technological Advancements
Ongoing breakthroughs in adhesive and sealant technologies, marked by the emergence of high-performance and environmentally conscious formulations, serves as the key driver of market expansion. Manufacturers are channeling significant investments into research and development endeavors to unveil pioneering products boasting enhanced properties. These innovations encompass superior bond strength, heightened flexibility, and heightened resistance to extreme temperatures, chemicals, and environmental conditions.
Adhesives And Sealants Market 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
Adhesives And Sealants Market Recent Developments
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.
Based on our comprehensive analysis of the global Adhesives and Sealants Market, a significant growth trajectory has been observed, with projections indicating sustained expansion in the foreseeable future. This growth is underpinned by escalating demand across diverse industries including automotive, construction, packaging, and healthcare. Key drivers include the rapid pace of urbanization, extensive infrastructure development, and burgeoning industrial activities particularly in emerging economies, all of which contribute to the market's optimistic trajectory. Furthermore, the market's upward momentum is bolstered by a notable shift towards lightweight and environmentally friendly adhesive solutions, coupled with advancements in technology that enhance product performance. The widespread adoption of adhesives and sealants across a myriad of applications further propels market expansion. However, it's essential to acknowledge potential hurdles such as fluctuating raw material prices and stringent environmental regulations, which may impede growth prospects. Despite these challenges, the overall outlook remains optimistic, with the market poised to capitalize on emerging opportunities and sustain its upward trajectory in the coming years.
Report Metric | Details |
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Market size value in 2022 | USD 67.48 billion |
Market size value in 2031 | USD 114 billion |
Growth Rate | 6.0% |
Base year | 2022 |
Forecast period | 2024-2031 |
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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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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.
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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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Product ID: SQMIG15E2496