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Adhesives and Sealants Market Size, Share & COVID-19 Impact Analysis, By Adhesive Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive, and Others), End-use Industry (Paper & Packaging, Building & Construction, Woodworking, Consumer/DIY, Automotive & Transportation, Leather & Footwear, and Others)], By Sealant Resin (Silicone, Polyurethane, Emulsion, Polysulfide, and Others), End-use Industry (Building & Construction, Automotive & Transportation, Consumer, and Others)], and Regional Forecast, 2023-2030

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI101715

 

KEY MARKET INSIGHTS

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The global adhesives and sealants market size was valued at USD 76.08 billion in 2022 and is projected to grow from USD 79.38 billion in 2023 to USD 108.64 billion by 2030, exhibiting a CAGR of 4.6% during the forecast period.


Adhesives and sealants are substances used to bind two surfaces together or to prevent the leakage of fluids between them. Adhesives are more commonly used to join two surfaces together, while sealants are used to fill gaps and prevent the passage of fluids. They are widely used in various industries, including construction, automotive, aerospace, and electronics. Each product type has its unique properties, including adhesive strength, curing time, and resistance to temperature and moisture.


The market is expected to grow exponentially, owing to the product application 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


Disruptions in Supply Chain amid the COVID-19 Pandemic Hampered the Market Growth


The outbreak of COVID-19 disrupted most of the supply chains across the globe. There were logistics issues, owing to less availability of manpower as well as resources to some extent. 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 adhesives and sealants market exhibited a decline of 6.7% in 2020 as compared to 2019.


Some raw materials, such as alcohol, were diverted to other industries for the manufacturing of essential goods, including sanitizers and cleaning products. Moreover, the absence of consumers in the market seriously impacted businesses in the second quarter of 2020. For instance, H. B. Fuller Co. reported 11% decline in its business in Q2 2020 compared to the same period in 2019.


Certain adhesive products witnessed a strong demand due to their applications in the paper & packaging and healthcare industries. 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 were 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 the pandemic period.


Adhesives and Sealants Market Trends


Rising Adoption of Adhesive Tapes in Engineering Application is the New Market Trend


The adoption of adhesive tapes 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 aviation and automotive sector. Adhesives act as an alternative to mechanical fasteners for all kinds of assemblies and can be formulated with multiple viscosities as well as drawn into films and tapes according to requirements. In addition, 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 December 2022, 3M company has launched a 2480 3M Single Coated Medical Nonwoven Tape with Hi-Tack Silicone Adhesive on Liner. The new silicone adhesive from 3M makes it easier for patients to use wearable medical equipment that needs to be worn for extended periods of time.


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Adhesives and Sealants Market Growth Factors


Growth in Medical Industry to Drive the Expansion of Adhesives 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 medical adhesives sector is extensive in terms of applications and options, ranging from epoxies and silicones to acrylic-based adhesives. Medical adhesives have thrived as new medical treatments and technologies have emerged, incorporating them into the designs of numerous medical equipment. Medical adhesives, owing to their diverse functionalities, are now deployed for reliably bonding components using materials that were earlier difficult to bond in assembly manufacturing processes.


Developing and developed nations are heavily investing in the healthcare industry after the COVID-19 pandemic. In India, the hospital industry is expected to reach USD 132 billion by 2023 from USD 61.8 billion in 2017, growing at a CAGR of 16-17% during 2017-2023.


The COVID-19 pandemic has emphasized the importance of a robust healthcare system. People across the globe are becoming more aware and conscious about the healthcare services they receive. The healthcare industry is anticipated to expand during the forecast period, particularly in emerging economies, such as India and China, where the market is unexplored and has enormous growth potential. The burgeoning global healthcare industry will benefit and impel the expansion of the medical adhesives 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 hazardous and harmful when inhaled. Therefore, the regulations imposed on their use are becoming more stringent. Furthermore, the growing consumer awareness regarding environment and health has become a key concern for manufacturing companies. 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 adopting different measures and placing more hurdles and restrictions on manufacturers.”


Moreover, rising consumer awareness about health and the environment has become a prominent concern for manufacturers. The regulations imposed on product usage are becoming stricter. The EPA has mandated VOC limits for adhesives and sealants. Furthermore, the state of California passed a law in April 2000 requiring particular categories of spray adhesives to comply with strict VOC requirements.


Adhesives and Sealants Market Segmentation Analysis


By Adhesive Technology Analysis


Reactive Segment to Hold a Dominant Share Due to its Wide Usage in High-tech Devices


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


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


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 the 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 economical, flexible, and available in wider varieties than other adhesives, and thus have applications in paper, plastic, fabric, and packaging industry. Furthermore, these adhesives are capable of bonding various wood components together in many furniture and mattress construction applications. Water-based adhesives are also used in the hygiene and nonwovens industries, with a focus on high adhesion and skin-friendliness to provide safety in all applications.


The hot-melt adhesive segment is expected to grow at a fastest 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. Hot-melt adhesives have applications in industries such as furniture, automotive, construction, and packaging.


By Sealant Resin Analysis


Silicone Sealant Segment Accounts for the Largest Share Due to Its Flexibility and Water Resistance Properties


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


Silicone sealant is the most commonly used sealant and 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 sealants is in the building & construction industry, which is expected to increase over the forecast period due to infrastructural developments across the globe. Increasing demand from construction industry along with rise in government spending on various infrastructure projects such as roads, highways, and rails is driving the silicone sealants market for construction applications.


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


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 adhesives market in 2022. The 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 the International Life Sciences Institute Europe, more than 80% of food packaging contains adhesives and are indispensable in this industry. Furthermore, adhesives have wide applications in the bonding of refined paper and finish surfaces and exhibit significant demand in the paper industry.


Packaging plays a crucial role in the pharmaceutical industry, as it maintains product sterility and offers protection to medicines against microorganisms, bacteria, and contaminants. Rising per-capita income and consumer concerns about health have fueled the growth of the global pharmaceutical industry.


The woodworking application segment is projected to grow at a significant CAGR during the forecast period. Due to adhesives low cost and strong bond capacity, the woodworking industry mostly uses water-based adhesives. Water-based adhesives have a longer drying time, which allows the fabricator to reposition and make adjustments as necessary to get the perfect fit.


The growth of the leather & footwear segment is attributed to the increasing use of rubber adhesives in leather accessories and shoe components for binding purpose. The rubber based adhesives finds huge opportunities among leather products and footwear manufacturers.


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By Sealant End-use Industry Analysis


Building & Construction Segment in Sealants Industry Dominates the Market Due to Increasing Applications in Flooring and Ceilings


Based on sealant end-use industry, the adhesives and sealants market 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. The demand for building elements is rising, 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 the market will continue to grow as the building & construction industry expands.


The demand for sealants in the automotive & transportation segment is poised to witness significant growth during the forecast period. This is owing to an increase in the demand for lightweight, efficient, and eco-friendly cars. Strict environmental regulations by various authorities to reduce carbon emissions will foster the industry growth. In auto body fabrication, sealant is applied to the seams and chinks of door, steel plater, lid, trunk or bonnet for the prevention of auto parts from rusting by water penetration.


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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.


ADHESIVES AND SEALANTS MARKET REGIONAL INSIGHTS


By geography, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Asia Pacific Adhesives and Sealants Market Size, 2022 (USD Billion)

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Asia Pacific is expected to hold the major adhesives and sealants market share during the forecast period. This is owing to the rising demand from the building & construction, automotive, and packaging sectors. The market in this region is driven by factors such as growing 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. The rapidly increasing building & construction activities in the Asia Pacific are further augmenting the product demand.


Furthermore, Asia Pacific is the largest consumer of adhesives and sealants and China holds the highest share. China, Japan, and India are the major countries contributing to the expansion of this regional market. Moreover, Japanese adhesive companies, such as Alteco Inc., 3M Japan Limited, Sika Ltd., and others are constantly investing in research and development activities and have made great contributions to this market. Numerous manufacturing units 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.


Europe market for adhesives and sealants is projected to witness a significant growth rate over the forecast period. Henkel, Arkema, and Wacker Chemie AG are the top adhesive companies in this region and are the key contributors to the global market. Stringent environmental regulations in Europe and the increasing demand for green adhesives would offer lucrative opportunities to manufacturers. In addition, the growth in the region is attributed to the increasing demand from the automotive industry. The rise in the sale of motor vehicles, along with a strong R&D base, will boost the regional growth in the automotive industry.


Latin America projected to gain positive growth during the forecast period. The growth is due to increasing demand for sealants from the building & construction industry.


Iran is the largest market for adhesives and sealants 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 by 2030.


List of Key Adhesives and Sealants Market Companies


Market Players to Strengthen their Positions by Offering Innovative Solutions


The market for adhesives and sealants is fragmented in nature and comprises small-scale and medium-scale companies. Most of them are continuously adopting strategies, such as acquisitions, collaborations, new product launches, and expanding their manufacturing facilities, to strengthen their positions in the market and drive business growth. Key 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 IN ADHESIVES AND SEALANTS MARKET:



  • 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



  • March 2023: Arkema acquired Polytec PT, specialized in adhesives for batteries and electronics. With this acquisition, Arkema would strengthen Bostik’s product offerings to serve the fast-growing batteries and electronics markets. This bolt-on acquisition is part of the Group’s strategy to become a full system provider and support its customers to develop sustainable solutions for the batteries and electronics markets.

  • February 2023: 3M unveils its new medical adhesive that can stick to the skin for up to 28 days and is intended for use with a wide array of health monitors, sensors, and long-term medical wearables. Prior to 2022, the standard wear time for extended medical adhesives was up to 14 days. 3M now doubles that standard to help deliver a more patient-centric model of care.

  • December 2021: Arkema shared plans to acquire Permoseal in South Africa. Permoseal makes adhesives for building, packing, woodworking, and do-it-yourself projects. Its comprehensive range of high-performance adhesive solutions would complement the regional offerings of Bostik. This would help improve their positions in the expanding construction, industrial, and DIY induss of Sub-Saharan Africa and South Africa.

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

  • March 2021: Sika acquired DriTac's flooring adhesives business. Based in the U.S., DriTac is a floor covering adhesives firm specialized in wood floor bonding. The deal would allow Sika to increase its footprint among floor covering distributors and installers as well as accelerate Sika's expansion in the U.S. interior finishing industry.

  • 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.

  • 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.


REPORT COVERAGE


The research report provides a detailed analysis of the industry and focuses on crucial aspects such as leading companies, technologies, resins, and applications. It also offers insights into market trends and highlights vital user industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market growth in recent years. The report also includes historical data, forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.


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Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 4.6% over 2023 to 2030



Unit



Volume (Kilo Tons), Value (USD Billion)



Segmentation



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 the Middle East & Africa (By End-use Industry)









Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 76.08 billion in 2022 and is projected to reach USD 108.64 billion by 2030.

In 2022, the Asia Pacific market size stood at USD 28.27 billion.

Registering a CAGR of 4.6%, the market will exhibit steady growth during the forecast period (2023-2030).

Based on end-use, the paper & packaging segment held the leading part in the adhesives market. The building & construction segment leads the sealants market.

The expanding medical industry is a 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 2022.

Rising adoption of adhesive tapes in engineering application is expected to drive the adoption of products.

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