The global adhesives and sealants market size was USD 60.78 Bn in 2022 and is likely to reach USD 94.27 Bn by 2031, expanding at a CAGR of 5.1% during 2023–2031. The market growth is attributed to the rising demand for adhesives and sealants in various industries such as construction, automotive, furniture, and packaging.
Adhesives and sealants are formed with chemical technologies. Adhesives are chemical mixtures, that are used to join two or more surfaces together to form a single unit. It fills the gap between two surfaces and offers a protective coating. On the other hand, sealants are semisolid materials that are used to prevent fluid leakage.
Adhesives have strong shear and tensile strength, which makes them suitable for applications including holding and gluing. Sealants prevent substrate relative displacement and have lower strength than adhesives. Adhesives and sealants are widely used in paper packaging, woodworking, footwear manufacturing, building & construction, electrical & electronics, and automotive.
The COVID-19 pandemic affected the global adhesives and sealants market. The market growth rate decreased owing to a sharp decline in the manufacturing output of various end-use industries due to the temporary shutdown of manufacturing units. However, the lack of a timely supply of raw materials due to the traveling restrictions disrupted the overall supply chain of the market.
Adhesives and Sealants Market Dynamics
The global adhesives and sealants market report has up-to-date insights that help in formulating a strategic roadmap about the estimated market scenario and performance during 2023 to 2031.
What are the Drivers of Adhesives and Sealants Market?
Rising awareness regarding the drawbacks of chemical-based products and an inclination toward purchasing sustainable products are major factors driving the growth of the market during the forecast period. Increasing adoption of bio-based products and eco-friendly adhesives over synthetic adhesives is expected to fuel the market. However, the market growth is further attributed to the growing adoption of spray adhesives due to their fast-curing, hassle-free, and heat-resistance properties.
Growing number of construction projects in developing economies is another major factor driving market growth. Rising urbanization and increasing government initiatives in the building & construction sector boost the demand for adhesives and sealants, as it is widely used to fill cracks, openings, and seal joints. Furthermore, rising infrastructural development and rapid expansion of automotive industries in emerging economies demand for specialty adhesives, which is likely to boost the market.
What Restraints Adhesives and Sealants Market?
Volatility in the prices of raw materials can hinder the growth of the market. A sudden rise and fall in the costs of raw materials may limit the availability and encourage manufacturers to increase production costs, which may restrain the market growth at a certain limit.
- Rules & Regulations Regarding the Production of Chemical and Petro-based Products
Strict rules & regulations imposed by regulatory bodies regarding the production of chemical and petro-based products are expected to hamper the market. Adhesives and sealants emit volatile organic compounds (VOC) while manufacturing. However, VOC in high concentration can cause several health-related disorders, such as conjunctival irritation, fatigue, dizziness, shortness of breath, and skin problems, which may restrain the market growth at a certain limit.
What are the Opportunities in Adhesives and Sealants Market?
Rising need for non-hazardous adhesives and sealants for the development of sustainable adhesive solutions is creating lucrative opportunities in the market. Increasing R&D activities encouraged manufacturers to produce eco-friendly products with low-VOC levels. Moreover, increasing construction activities in low and middle-level countries are expected to create immense opportunities in the coming years.
Scope of Adhesives and Sealants Market Report
The global adhesives and sealants market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Adhesives and Sealants Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2020–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Ethylene Vinyl Acetate, Styrenic Block, Polyvinyl Acetate, Epoxy, Polyurethanes, Acrylic, Silicones, and Others), Technology (Hot Melt, Water-based, Solvent-based, Reactive, and Others), End-user (Packaging, Automotive, Healthcare, Woodworking & Joinery, Electrical & Electronics, Building & Construction, Footwear, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Sika AG; H.B. Fuller Company; Henkel Adhesives Technologies India Private Limited; 3M; BASF SE; Evonik Industries AG; Merck KGaA; Arkema Group (Bostik SA); Parker Hannifin Corp (Lord Corporation); Scott Bader Company Ltd.; and Uniseal, Inc.
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Adhesives and Sealants Market Segment Insights
What are the Main Aspects for Boosting the Acrylic Segment?
On the basis of product, the market is segmented into ethylene vinyl acetate, styrenic block, polyvinyl acetate, epoxy, polyurethanes, acrylic, silicones, and others.
The acrylic segment is projected to register a considerable CAGR during the forecast period. Acrylic-based materials are widely employed in the creation of heat-resistant, waterborne, and UV-curable adhesives. These adhesives have a quick set time, strong bonding properties, and high environmental resilience. Rising awareness about its favorable physical qualities such as impact, good peel, and tensile lap shear strengths is propelling the acrylic segment.
The automotive, consumer, and construction industries extensively use acrylic sealants due to their benefits, such as excellent adhesion displayed on substrates including steel and aluminum.
Why is the Water-based Segment More Prevalent than the Reactive Segment?
Based on technology, the global market is segregated into hot melt, water-based, solvent-based, reactive, and others.
The water-based segment is expected to register a robust growth rate during the projected period. Water is utilized as a carrier or diluting medium in this method, and it is allowed to be set through evaporation or absorbed by the substrate. Water-based adhesive is environmentally benign, as it does not contain any volatile organic compounds (VOC). In the construction and automotive industries, water-based adhesives are preferred in porous and non-porous substrates. It offers water-high bond strength and resistance to corrosion and water.
The reactive adhesives segment is expected to expand at a rapid pace as these adhesives produce a long-lasting bond in the face of extreme moisture and temperature fluctuation. This material is ideal for usage in laptops, cell phones, blood glucose meters, and other devices, as it is not as pressure-sensitive as its equivalents. Thus, the rising demand for high-tech devices accelerates the market growth.
What are the Major Reasons for Rising Sales in End-user?
On the basis of end-user, the market is divided into packaging, automotive, healthcare, woodworking & joinery, electrical & electronics, building & construction, footwear, and others.
The automotive segment is projected to constitute a key share of the market during the forecast period. Spot welding has been reduced by about 50%, as a result of recent technological developments that reduce the overall weight of automobiles.
Sealants are widely used in industrial assembly as they provide processing flexibility and improve assembly endurance. Polyurethane and acrylics are extensively used sealants in industrial assemblies, as it prevents substrate relative displacement. Thus, increasing demand for sealants from the automotive industry is expected to fuel the market growth.
Why is the Demand for Adhesives and Sealants High in the Asia Pacific?
In terms of regions, the global adhesives and sealants market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Asia Pacific is anticipated to constitute a key share of the market during the forecast period, owing to the growing manufacturing industry and rising industrialization. Flexible packaging is extensively used by manufacturers, as it is lightweight and it allows the sale of items in varying quantities without changing the packing costs, as opposed to metal or glass packaging. Moreover, the expansion of the manufacturing industry is estimated to drive the regional market.
Segments
The global adhesives and sealants market has been segmented on the basis of
Product
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Ethylene Vinyl Acetate
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Styrenic Block
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Polyvinyl Acetate
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Epoxy
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Polyurethanes
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Acrylic
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Silicones
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Others
Technology
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Hot Melt
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Water-based
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Solvent-based
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Reactive
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Others
End-user
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Packaging
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Automotive
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Healthcare
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Woodworking & Joinery
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Electrical & Electronics
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Building & Construction
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Footwear
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Others
Region
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Asia Pacific
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North America
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Latin America
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Europe
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Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global adhesives and sealants market are Sika AG; H.B. Fuller Company; Henkel Adhesives Technologies India Private Limited; 3M; BASF SE; Evonik Industries AG; Merck KGaA; Arkema Group (Bostik SA); Parker Hannifin Corp (Lord Corporation); Scott Bader Company Ltd.; and Uniseal, Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
On February 6, 2023, 3M launched a new medical adhesive. This adhesive can stick to the skin without compromising skin health, which offers premium wear time for up to 28 days. It is intended for use with a wide array of health monitors, sensors, and long-term medical wearables.
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