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Adhesives and Sealants Market Size, Share & COVID-19 Impact Analysis, By Adhesive [Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive, Others), End-use Industry (Paper & Packaging, Building & Construction, Woodworking, Consumer/DIY, Automotive & Transportation, Leather & Footwear, Others)], By Sealant [Resin (Silicone, Polyurethane, Emulsion, Polysulfide, Others), End-use Industry (Building & Construction, Automotive & Transportation, Consumer, Others), and Regional Forecasts, 2022-2029

Region : Global | Format: PDF | Report ID: FBI101715

 

KEY MARKET INSIGHTS

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The global adhesives and sealants market size was valued at USD 62.63 billion in 2021. The market is projected to grow from USD 65.38 billion in 2022 to USD 92.29 billion by 2029, exhibiting a CAGR of 5.0% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with adhesives and sealants experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 7.07% in 2020 as compared to 2019.


The market is expected to grow exponentially, owing to the application of adhesives & sealants in the building & construction industry. Their usage has grown rapidly with the introduction of high-performance polymers and formulations. They are considered the most important materials in construction activities, and the market is likely to grow with the adoption of new technologies and design techniques. Moreover, contractors and craftsmen are constantly experimenting with the newly developed products, pushing manufacturers to perform trials on new product developments. For example, in May 2020, Creative Materials, Inc. launched a new gold conductive ink adhesive, 128-24, which offers high effectiveness with less gold.


COVID-19 IMPACT


Disruption in Supply Chain amid COVID-19 Pandemic to Hamper Market Growth


The outbreak of COVID-19 has disrupted most of the supply chains around the world. There has been a logistics issue, owing to less availability of manpower as well as resources to some extent. Some raw materials, such as alcohol, have been diverted to other industries for the manufacturing of essential goods, namely, sanitizers, and cleaning products. Moreover, the absence of consumers in the market has seriously impacted businesses in the second quarter of 2020. For instance, H. B. Fuller Co. reported 11% decline in business in Q2 2020 as compared to the same period in 2019.


Certain adhesive products witnessed strong demand due to their applications in the paper & packaging industry as well as the healthcare industry. Sealant consumption, on the other hand, was anticipated to be down by double-digit figures in 2020, owing to the extension of lockdown and other restrictions that have severely impacted building and construction activities. Several projects related to road construction activities, buildings, irrigation projects, rural areas, and industrial projects have been halted since the lockdown. For instance, in the financial year 2020, the sales of Sika AG, a key provider of sealants, dropped by 2.9% in this pandemic situation.


LATEST TRENDS


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Rising Adoption of Adhesive Tapes in Engineering Application to Result in New Market Trend


Adhesive tape is the new trend in the market due to its fast working time, flexibility, and quick bonding property. These tapes are becoming a preferred choice for engineers in different fields, ranging from automotive to aviation. Adhesives act as an alternative to mechanical fasteners for all kinds of assemblies and also can be formulated with multiple viscosities as well as be drawn into films and tapes according to requirements. Additionally, these are gaining popularity, owing to the low labor costs and production costs.


Moreover, they are also preferred over traditional adhesives due to low odor, which helps to create a comfortable environment for work. In 2021, for example, 3M added a single coated medical film tape with a Hi-Tack silicone adhesive on the liner to its Hi-Tack silicone adhesive portfolio.


DRIVING FACTORS


Growth in Medical Industry is Expected to Drive Growth in Adhesive Market


The global healthcare sector has expanded significantly over the past few decades. As a result, all associated industries, including medical adhesives have flourished. The field of medical adhesives is vast in terms of options and applications, ranging from silicones and epoxies to acrylic-based adhesives. Medical adhesives have thrived as new medical treatments and technology have emerged, incorporating themselves into the designs of numerous medical equipment. Medical adhesives, owing to their diverse functionality, are now used to reliably bond components using materials that were previously difficult to bond in assembly manufacturing processes. The emergence of the COVID-19 pandemic has emphasized the importance of a robust healthcare system. People all around the world are becoming more conscious and aware about the healthcare services they receive. The healthcare industry is anticipated to expand during the forecast period, particularly in emerging economies, such as China and India, where the market is unexplored and has enormous growth potential. The expanding global health care industry will, in turn, benefit and drive the growth of the medical adhesive market.


RESTRAINING FACTORS


Excessive Amount of Chemicals Used in Production of Adhesives and Sealants is Hampering Market Growth


The application of adhesives and sealants emits abundant chemical gases, which are considered to be harmful and hazardous when inhaled. Thus, the regulations imposed on their usage are becoming stricter. Moreover, the rising consumer awareness about health and the environment has become a prominent concern for manufacturers. According to the Vice President of Emerald Performance Materials, “The regulatory landscape is creating significant challenges for the industry. Environment protection agencies, such as the U.S. Environmental Protection Agency, are taking different measures and are placing more hurdles and restrictions on manufacturers.”


SEGMENTATION


By Adhesive Technology Analysis


Water-based Segment to Generate Significant Share in Upcoming Years Due to Wide Usage in Packaging and Paper Industries


The market is classified on the basis of adhesive technology into water-based, solvent-based, hot-melt, reactive, and others.


The water-based segment holds a significant share in the market. These materials are supplied as a pre-mixed solution or are formulated as a dry powder, which producers and distributors mix with water to obtain adhesive properties. As the polymer in water-based adhesives is soluble in water, the bond formed between them is more susceptible to moisture and water. Water-based adhesives are flexible, economical, and available in wider varieties than other adhesives, and thus have applications in various industries such as packaging, paper, plastic, and fabric.


The reactive adhesives segment is expected to grow at a significant rate as the product provides a tremendous and long-lasting bond in case of intense moisture and temperature change. This material is ideally used in cell phones, computers, blood-glucose meters, and others as it is not as pressure-sensitive as its non-reactive counterparts. Thus, the increasing demand for high-tech devices is the primary factor surging the demand for reactive additives and boosting the market growth.


The hot-melt adhesive segment is expected to grow at a fast rate due to the increasing demand for solvent-free adhesives. Moreover, these adhesives provide benefits such as high production speed, short setting time, and smooth surfacing. It can also be reactivated by heating and other similar processes. The hot-melt adhesive has applications in industries such as furniture, automotive, construction, and packaging.


By Sealant Resin Analysis


Silicone Sealant Segment to Account for Largest Share during Forecast Period Due to Flexibility and Water Resistance Properties


Based on sealant resin, the market is segmented into silicone, polyurethane, emulsion, polysulfide, and others.


Silicone sealant is the most commonly used sealant, and thus holds the largest share in the market. These sealants are vital components in thousands of products, as they provide advantages such as flexibility, resistance to temperature, water resistance, oil & chemical resistance, excellent binding properties, and inertness. The major application of silicone sealant is in the building & construction industry and is expected to increase in the forecast period due to infrastructural developments across the world.


The polyurethane sealant segment holds a significant share in the global market. Silicone and polyurethane sealants both fall into elastomeric material categories and are used to fill gaps and keep water and air out. Despite these similarities, they have different chemical properties, lifespan, and cost, and thus have different types of applications. Polyurethane sealant is used in industries, such as building & construction and automotive, due to its properties such as quick-drying and moisture resistance.


By Adhesive End-use Industry Analysis


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Paper & Packaging Segment to Remain at Forefront Backed by High Demand for Packaged Food 


Based on adhesive end-use industry, the market is segmented into paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, and others.


The paper & packaging segment held the largest share in the global adhesive market in 2021. This segment is anticipated to hold a dominant position in the upcoming years due to the rising demand for packaged food. According to a report published by International Life Sciences Institute Europe, more than 80% of food packaging contains adhesives, and thus they are indispensable in this industry. Also, adhesives have wide applications in the bonding of refined paper and finish surfaces, and thus have significant demand in the paper industry.


By Sealant End-use Industry Analysis


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Building & Construction Segment in Sealants Industry Dominated Market in 2021 Due to Increasing Applications in Flooring and Ceilings


Based on sealant end-use industry, the market for adhesives and sealants is segmented into building & construction, automotive & transportation, consumer, and others.


The building & construction segment holds the largest share in the sealants market. This segment is on a growth trajectory and is continuously reporting considerable gains in revenue. As a result, the demand for building elements is also rising, thereby boosting the need for sealants and fueling the market growth in the process. Sealants find various applications in flooring, glazing, walls, ceilings, and windows, and thus the market will continue to grow as the building & construction industry expands.


The other major applications include automotive & transportation, consumer, and others. The demand for adhesives and sealants in the automotive & transportation segment is expected to grow at a high rate, owing to an increase in the demand for lightweight, efficient, and eco-friendly cars.


REGIONAL INSIGHTS


Asia Pacific Adhesives and Sealants Market Size, 2021 (USD Billion)

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Asia Pacific is expected to hold the major adhesives and sealants market share during the forecast period, owing to the rising demand from the building & construction, packaging, and automotive industries. The market in this region is driven by factors such as rising population and surging expenditure in the industrial sector. The rising population is augmenting the demand for vehicles, leading to high product demand in the automotive industry. Also, the rapidly increasing building & construction activities in Asia Pacific are augmenting the product demand.


Asia Pacific is the largest consumer of these materials, and China holds the highest share. China, Japan, and India are the key countries contributing to the growth of this regional market. Moreover, Japanese adhesive companies, such as 3M Japan Limited, Alteco Inc., Sika Ltd., and others, are constantly investing in research and development activities and have made great contributions to this market. Several manufacturing plants are under construction in India and China with improved production capacities.


The product demand in North America is increasing due to the higher preference for flexible packaging. The changing trend in consumer behavior and inclination toward more recyclable products has benefited manufacturers in the flexible packaging market.


On the other hand, Europe is projected to witness significant growth in the market for adhesives and sealants. Henkel, Arkema, and Wacker Chemie AG are the top adhesive companies in this region and are the major contributors to the global market. Stringent environmental regulations in Europe and increasing demand for green adhesives would offer lucrative opportunities to manufacturers.


The product demand in Latin America has been negatively affected by the recent economic downturn. However, the demand has remained stable in this region mainly due to the uptake of these materials from the building & construction industry.


Iran has the largest market in the Middle East, and Egypt is the largest market in Africa in terms of consumption as the building & construction sector is growing tremendously. According to the Saudi Vision 2030, there will be 70% increase in manufacturing facilities in the region.


KEY INDUSTRY PLAYERS


Market Players to Strengthen their Positions by Offering Innovative Solutions


This market is 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. Key/Major players in the market have developed a strong regional presence, distribution channels, and product offerings to maintain their position in the market.


LIST OF KEY COMPANIES PROFILED:



  • 3M (U.S.)

  • Arkema S.A. (France)

  • Henkel Corporation (Germany)

  • Ashland Inc. (U.S.)

  • Avery Dennison (U.S.)

  • BASF SE (Germany)

  • Evonik Industries (Germany)

  • H.B. Fuller Company (U.S.)

  • PPG Industries (U.S.)

  • RPM International Inc. (U.S.)

  • Sika AG (Switzerland)

  • Wacker Chemie AG (Germany)


KEY INDUSTRY DEVELOPMENTS



  • September 2019: Sika AG, a specialty chemical company, acquired Crevo-Hengxin, a manufacturer of silicone sealants and adhesives based in China. This acquisition was done to expand target markets and sealing & bonding presence in China and the Asia Pacific region.

  • July 2020: Arkema acquired Fixatti, a manufacturer of thermos-bonding adhesive powder. This acquisition was done to strengthen the global offering of hot melt adhesive solutions for niche industrial applications in industries such as construction, automotive, textile, and others.

  • March 2021: DriTac's flooring adhesives business was bought by Sika. DriTac is a floor covering adhesives firm based in the U.S. specializing in wood floor bonding. The purchase will allow Sika to expand its footprint among floor covering installers and distributors as well as accelerate Sika's growth in the interior finishing sector in the U.S.

  • June 2021: Loctite EA 9365FST, a REACH-compliant structural adhesive for airplane interiors, was developed by Henkel. The Loctite EA 9365FST is a new two-part epoxy adhesive that strengthens and bonds thermoplastic and thermoset substrates. It can be used on fiberglass as a matrix resin to reinforce the thin walls of thermoplastic components.

  • December 2021: Arkema announced that it would acquire Permoseal in South Africa. Permoseal makes adhesives for woodworking, packing, building, and do-it-yourself projects. Its comprehensive variety of high-performance adhesive solutions will complement Bostik's regional offering, enhancing their positions in the booming industrial, construction, and DIY industries of South Africa and Sub-Saharan Africa.


REPORT COVERAGE


An Infographic Representation of Adhesives and Sealants Market

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The research report provides a detailed analysis of the industry and focuses on crucial aspects such as leading companies, technologies, resins, and applications. Also, it offers insights into global adhesives and sealants market trends and highlights vital user industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years.


This report includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Volume (Kilo Tons), Value (USD Billion)



Segmentation



By Technology, Resin, End-use Industry, and Region



By Adhesive Technology




  • Water-based

  • Solvent-based

  • Hot-melt

  • Reactive

  • Others



By Adhesive End-use Industry




  • Paper & Packaging

  • Building & Construction

  • Woodworking

  • Consumer/DIY

  • Automotive & Transportation

  • Leather & Footwear

  • Others



By Sealant Resin




  • Silicone

  • Polyurethane

  • Emulsion

  • Polysulfide

  • Others



By Sealant End-use Industry




  • Building & Construction

  • Automotive & Transportation

  • Consumer

  • Others



By Region




  • North America (By Technology, By Resin, By End-use Industry, By Country)




    • U.S. (By End-use Industry)

    • Canada (By End-use Industry)




  • Europe (By Technology, By Resin, By End-use Industry, By Country)




    • Germany (By End-use Industry)

    • U.K. (By End-use Industry)

    • France (By End-use Industry)

    • Italy (By End-use Industry)

    • Spain (By End-use Industry)

    • Rest of Europe (By End-use Industry)




  • Asia Pacific (By Technology, By Resin, By End-use Industry, By Country)




    • China (By End-use Industry)

    • India (By End-use Industry)

    • Japan (By End-use Industry)

    • South Korea (By End-use Industry)

    • Rest of Asia Pacific (By End-use Industry)




  • Latin America (By Technology, By Resin, By End-use Industry, By Country)




    • Brazil (By End-use Industry)

    • Rest of Latin America (By End-use Industry)




  • Middle East & Africa (By Technology, By Resin, By End-use Industry, By Country)




    • South Africa (By End-use Industry)

    • Saudi Arabia (By End-use Industry)

    • Rest of Middle East & Africa (By End-use Industry)




Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 62.63 billion in 2021 and is projected to reach USD 92.29 billion by 2029.

In 2021, the Asia Pacific market size stood at USD 23.23 billion.

Registering a CAGR of 5.0%, the market will exhibit steady growth during the forecast period (2022-2029).

The paper & packaging segment is expected to lead the adhesives market during the forecast period. The building & construction segment is expected to lead the sealants market.

The rising building & construction industry is the key factor driving the market.

Henkel AG & Co. KGaA, 3M, H.B. Fuller Company, Arkema Group, Sika AG, and Ashland Inc. are the major players in the market.

Asia Pacific dominated the market in terms of share in 2021.

The rising demand for lightweight vehicles is expected to drive the adoption of products.

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