The adhesives and sealants market size was valued at US$ 55,986.03 million in 2022 and is expected to reach US$ 77,598.29 million by 2030; it is estimated to register a CAGR of 4.2% from 2022 to 2030.
MARKET ANALYSIS
Adhesives are used to form a tight bond between two surfaces, whereas sealants are used to fill or seal gaps to restrict the movement of fluids. Adhesives and sealants have major applications in construction, automotive, aerospace, paper & packaging, woodwork, and electrical & electronics industries. Epoxy adhesives have high tensile strength and effectively bond with metals. Epoxy and acrylic adhesives also find application in glass surface adhesion but do not offer good aesthetics. Sealants are available in several types according to the specific application, of which silicone sealant, urethane sealant, and acrylic sealant are widely used.
GROWTH DRIVERS AND CHALLENGES
Strong growth of construction and automotive industries, and increasing demand for adhesives and sealants from the paper and packaging industry are the factors driving the adhesives and sealants market. Infrastructure advancement comprises projects related to roads, ports, railways, airports, and industrial infrastructure. Rising construction activities in many countries, including the US, China, India, and Saudi Arabia, create lucrative opportunities for the adhesives and sealants market during the forecast period. As per a report published by the European Automobile Manufacturers’ Association, motor vehicle production rose by 1.3% globally from 2020 to 2021; a total of 79.1 million motor vehicles, including 61.6 million passenger cars, were produced globally in 2021. According to a report by the Bureau of Transportation Statistics, China is one of the dominant markets for producing passenger cars and commercial vehicles. In the automotive industry, adhesives and sealants provide solutions for bonding interior or exterior car components. Hence, the strong growth of the automotive industry in various countries across the world bolsters the demand for adhesives and sealants. Rising consumer preference for packaged food products is creating demand for high-quality food packaging products that can keep food fresh for a longer period. Further, online retail has been growing consistently in recent years. The e-commerce industry has been growing in many countries, which is positively impacting the demand for different packaging products. Volatility in prices of raw materials used in adhesives and sealants manufacturing pose a challenge to the adhesives and sealants market. The rise in crude oil prices due to fluctuating global economic conditions is further boosting the price of petroleum resins. In 2022, DIC Corporation reported revised sales prices of epoxy resins and epoxy resin curing agents due to an increase in raw material prices and supply–demand gap. The rise in raw material prices leads to a strain on product profitability and margins. Thus, fluctuation in the prices of raw materials restrains the adhesives and sealants market growth.
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Adhesives and Sealants Market: Strategic Insights
Market Size Value in US$ 55,986.03 million in 2022 Market Size Value by US$ 77,598.29 million by 2030 Growth rate CAGR of 4.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Adhesives and Sealants Market: Strategic Insights
| Market Size Value in | US$ 55,986.03 million in 2022 |
| Market Size Value by | US$ 77,598.29 million by 2030 |
| Growth rate | CAGR of 4.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Adhesives and Sealants Market Analysis to 2030" is a specialized and in-depth study with a major focus on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation on the basis of resin type, end-use industry, and geography. The report provides key statistics on the consumption of adhesives and sealants worldwide along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the adhesives and sealants market performance in major regions and countries. It also includes a comprehensive analysis of the leading players in the adhesives and sealants market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global adhesives and sealants market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global adhesives and sealants market is segmented on the basis of resin type and end-use industry. Based on resin type, the adhesives and sealants market is bifurcated into adhesives (epoxy, polyurethane, acrylic, and others) and sealants (silicone sealant, urethane sealant, acrylic sealant, polysulfide sealant, and others). On the basis of end-use industry, the market is segmented into automotive, aerospace, paper and packaging, building and construction, electrical and electronics, medical, and others. Based on resin type, the adhesives segment accounted for a larger share of the adhesives and sealants market in 2022. Adhesives are used to bond different substrates such thermosets and thermoplastics, composites, metals, elastomers, wood and wood products, glass and ceramics, and sandwich and honeycomb structures. They are highly used in the construction, consumer goods, packaging, and transportation industries. Sealants possess several properties such as durability, hardness, exposure resistance, and adhesion. Most common sealants are water-based latex, acrylic, butyl, polysulfide, silicon, polyisobutylenes, and polyurethane. Based on end-use industry, the building and construction segment accounted for the largest market share in 2022. In the building & construction industry, sealants connect and join various parts and materials to the main structure. Adhesives are used for laminating paper and cardboard, gluing labels, and lining food packages such as beverage cans. In the electrical & electronics industry, adhesives and sealants contribute directly to the manufacturing of electronic parts and their long-term operation. In the medical industry, adhesives and sealants such as silicone, polyurethane, acrylic, and bioadhesives play a crucial role. In the aerospace industry, adhesives are used for the interior, exterior, and engine compartments of aircraft. Adhesives & sealants provide solutions for bonding internal and external car parts in the automotive industry.
Adhesives and Sealants Market, by End-Use Industry, 2022 and 2030
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL ANALYSIS
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The report provides a detailed overview of the global adhesives and sealants market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for a significant share in the adhesives and sealants market and valued at more than US$ 25 billion in 2022. The electronics manufacturing industry is an important part of manufactured exports for several Asian countries, including China, South Korea, and Japan. Adhesives provide a strong bond during electronics assembly while protecting components against potential damage. The growing construction and packaging industries in the region are creating massive demand for adhesives and sealants. The Europe adhesives and sealants market is expected to reach ~US$ 17 billion in 2030. The surge in investments by European governments and private companies in infrastructure building and construction projects is driving the growth of the adhesives and sealants market. Further, players operating in Europe are focusing on adopting strategies such as new product launches and business expansion to stay competitive in the market. The North America adhesives and sealants market witnessed strong demand from the construction industry supported by government grants for infrastructure developments and rising investments in technology and research programs in the aerospace industry. North America adhesives and sealants market is expected to witness considerable growth, growing at a CAGR of around 4% from 2022 to 2030.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global adhesives and sealants market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
- In 2023, Dow Inc expanded its silicone sealant products for photovoltaic assembly, namely DOWSIL PV product line with six silicone-based sealants and adhesives solutions.
- In 2023, 3M Co launched a medical adhesive that sticks to the skin for 28 days and is intended for use with a wide range of health monitors, sensors, and long-term medical wearables.
IMPACT OF COVID-19 PANDEMIC/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Industries such as construction, automotive, electronics, and paper & packaging have been the major consumers of adhesives and sealants. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by government regulations and trade restrictions. Moreover, lockdowns imposed by different countries hampered the inventory levels of many manufacturers in the same year. The shortage of manpower resulted in the reduction in adhesives and sealants production and distribution operations. Additionally, government restrictions and other COVID-19 related-precautions reduced the operational capacities of stakeholders in the adhesives and sealants value chain.
In late 2021, the global adhesives and sealants market began recovering from the losses incurred in 2020, with the revival of end-use industries such as automotive, aerospace, and construction. Expansion in production capacities in the chemicals & materials industry post COVID-19 pandemic in many regions such as Asia Pacific and North America can create lucrative opportunities for the adhesives and sealants market in the coming years.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
A few of the key players operating in the adhesives and sealants market are Henkel AG and Co KGaA, HB Fuller Company, Sika AG, 3M Co, Huntsman International LLC, Dow Inc, Wacker Chemie AG, Parker Hannifin Corp, Dymax Corporation, and Astro Chemical Company Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Resin Type, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Ans. Asia Pacific adhesives and sealants market is expected to surge due to growing automotive industry in the region. Asia Pacific also marks prevalence of electrical & electronics industry, with high number of original equipment manufacturers. Therefore, Asia Pacific accounts the largest share of the global adhesives and sealants market.
Ans. Based on end-use industry, paper & packaging segment is the fastest-growing segment. Adhesives are used for laminating paper and cardboard, gluing labels, and lining food packages such as beverage cans. The growth in paper and packaging industry across globe, due to increasing sustainability initiatives, has further driven adhesives and sealants market.
Ans. Based on the resin type, the adhesives segment accounted for the largest revenue share. Adhesives are extensively used across many end-use industries, that includes automotive, aerospace, paper & packaging, building & construction, medical, and electronics. Further, adhesives are available in various forms such as solid, liquid, tape, film, and paste, which offers wide range of applicability.
Ans. The development of biobased adhesives and sealants due decreasing reliance on petroleum-based materials, is expected to create lucrative opportunities to the global adhesives and sealants market during the forecast period.
Ans. The major players operating in the global adhesives and sealants market are Sika AG, 3M Co, Huntsman International LLC, Dow Inc, and Henkel AG and Co KGaA among others.
The List of Companies - Adhesives and Sealants Market
- Henkel AG and Co KGaA
- HB Fuller Company
- Sika AG
- 3M Co
- Huntsman International LLC
- Dow Inc
- Wacker Chemie AG
- Parker Hannifin Corp
- Dymax Corporation
- Astro Chemical Company Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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