The Adhesives & Sealants Market was valued at USD 70.62 billion in 2023 and is supposed to reach USD 109.20 billion by 2031. It is expected to grow at a CAGR of 5.6% over the forecast period 2024-2031.
The adhesive and sealants market is growing due to rising demand across industries like automotive, construction, and packaging, seeking lightweight and durable solutions. Technological advancements are driving the development of eco-friendly and high-performance products, enhancing market expansion. Increasing construction activities globally, fueled by urbanization and infrastructure projects, are further boosting demand. Additionally, growing awareness about energy efficiency and environmental benefits is accelerating the adoption of adhesives and sealants across various sectors, contributing to market growth.
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Drivers:
High demand from the building & construction industry
Increasing adoption of adhesives in the medical industry
The increasing adoption of adhesives in the medical industry is a significant driving factor for the adhesive and sealants market due to their versatility and effectiveness in medical applications such as medical device assembly, wound closure, and drug delivery systems. These adhesives offer advantages like biocompatibility, flexibility, and sterilization compatibility, meeting the stringent requirements of the healthcare sector. The demand for minimally invasive procedures grows due to technological advancement in the medical sector, and the utilization of adhesives is expected to further propel market growth in the medical industry.
Restraints:
Overuse of Chemicals in the production of Adhesives and Sealants
The overuse of chemicals in the manufacturing of adhesives and sealants poses a challenge due to environmental concerns and potential health hazards. Many of these chemicals, such as volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), can contribute to air and water pollution, as well as pose risks to workers' health. Addressing this challenge requires innovation in developing safer, more sustainable formulations that reduce reliance on harmful chemicals while maintaining performance standards in adhesion and sealing applications.
Opportunity:
Development of green and sustainable adhesive solutions
Rising requirement for sustainable and non-hazardous adhesives
Challenge:
Stringent environmental regulations
Impact of Russia-Ukraine War:
Russia and Ukraine are key suppliers of critical elements like titanium dioxide (a pigment), natural gas (used in some adhesive formulations), and various resins. The war has hampered the production and export of these materials, leading to shortages and price hikes for manufacturers globally. Companies are actively seeking alternative suppliers outside the conflict zone to reduce dependence on Russia and Ukraine. This can lead to temporary supply chain hiccups while new partnerships are established. The construction industry, a major user of adhesives and sealants, might see a decline in demand in war-affected regions due to economic instability. However, sectors like medical adhesives could experience growth due to ongoing healthcare needs. The disruption could push for innovation in adhesive technology and a diversification of raw material sources, potentially leading to a more resilient market in the long run.
Impact of Economic Downturn:
Economic downturns can significantly dampen the adhesive and sealants market. This is because construction activity, a major consumer, often declines as people and businesses postpone projects. Additionally, reduced consumer spending across various industries like automotive and packaging can indirectly affect demand for adhesives used in manufacturing those products. For example, a decline in car sales translates to lower demand for adhesives used in automotive assembly. Similarly, reduced spending on consumer goods like electronics and packaged food can indirectly affect the market. This domino effect can lead to a decrease in production volumes by manufacturers.
By Adhesives Technology
Solvent-based
Water-based
Hot-melt
Reactive & Others
Reactive & others dominated the adhesives technology segment with a revenue share of about 46.35% in 2023. This is due to their versatile applications across various industries such as automotive, construction, and electronics. Reactive adhesives offer superior bonding strength, durability, and resistance to harsh environmental conditions, making them ideal for demanding applications. Additionally, advancements in reactive adhesive formulations, including fast-curing and low-odor varieties, have further fueled their adoption, driving market growth in this segment.
By Adhesives Products
Acrylic
Polyurethanes
PVA
Epoxy
Styrenic block
EVA
Others
The acrylic adhesive products held the largest revenue share of about 32.50% in 2023. Their versatility makes them suitable for various applications in bonding different materials across industries like construction, healthcare, and automotive. Their ability to bond various substrates, including metals, plastics, and composites, coupled with advancements in acrylic adhesive technology, has propelled their widespread adoption in industries such as automotive, construction, and electronics, driving significant market share in this segment.
By Adhesive Application
Paper & Packaging
Automotive & Transportation
Building & Construction
Woodworking
Leather & Footwear
Consumer & DIY
Electronics
Medical
Others
Paper & packaging led the adhesives application segment of the adhesives and sealants market with a revenue share of 30.25% in 2023. This dominance is driven by the increasing demand for packaging materials worldwide. Adhesives play a crucial role in bonding various components of packaging materials such as cartons, labels, and flexible packaging. Additionally, the growing e-commerce industry has further boosted the demand for adhesive solutions for packaging materials, including corrugated boxes and envelopes. Moreover, advancements in adhesive technologies, offering improved bonding strength and environmental sustainability, have contributed to the significant revenue share of this segment.
By Sealants Products
Silicone
Emulsion
Polysulfide
Plastisol
Butyl
Others
By Sealants Applications
Building & Construction
Assembly
Automotive & Transportation
Consumer
Others
Building & Construction dominated the sealants application segment with a revenue share of 43.58% in 2023. This is due to the extensive use of sealants in various construction activities. Sealants are vital for sealing joints, gaps, and cracks in buildings, ensuring structural integrity and preventing water infiltration. With increasing construction projects globally, including residential, commercial, and infrastructure developments, the demand for sealants for applications such as windows, doors, roofs, and façade systems has significantly surged. Additionally, advancements in sealant formulations, offering enhanced durability, weather resistance, and ease of application, have further propelled their widespread adoption in the building and construction industry.
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Asia Pacific dominated the Adhesives & Sealants Market with the highest revenue share of about 37.5% in 2023. The increasing demand from the building & construction, automotive, and packaging sectors is driving growth in this region. Factors such as a growing population and increased spending in the industrial sector are fueling the market. The rising population is driving demand for vehicles, resulting in high product demand in the automotive industry. Additionally, the rapidly increasing building & construction activities in the Asia Pacific region are further boosting product demand.
North America held a significant share in the Adhesives & Sealants Market and is expected to grow and significant CAGR during the forecast period. Region’s expanding automotive and aerospace industries drive substantial demand for adhesives and sealants in manufacturing processes, including assembly and bonding of lightweight materials. Additionally, the construction sector's resurgence, particularly in residential and commercial projects, contributes to market growth. Moreover, ongoing investments in research and development, coupled with technological advancements, further propel the adoption of innovative adhesive and sealant products in North America, fostering market expansion with a significant CAGR during the forecast period.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Arkema S.A., Sika AG, BASF SE, Uniseal, Inc., Pidilite Industries, Huntsman, Wacker Chemie AG, H.B. Fuller, Evonik Industries AG, Lord Corporation, Henkel AG, The 3M Company, and other key players mentioned in the final report.
Recent Development:
In May 2023, the Germany-based chemical and consumer goods company Henkel Adhesives Technologies inaugurated its Technology Center in Bridgewater, New Jersey, USA. This new facility will serve as a hub for innovation and research in the field of adhesives.
Also in May 2023, Arkema completed the acquisition of Polytec PT, a German company specializing in adhesives for batteries and electronics applications. This strategic move will further enhance Arkema's presence in the adhesives market.
In July 2022, Arkema finalized the acquisition of Permoseal, a renowned provider of adhesive solutions for DIY, packaging, and construction. This acquisition has bolstered Arkema's position in the adhesives sector, particularly in South Africa.
In June 2022, Evonik's Coating & Adhesive Resins business line introduced a groundbreaking product called POLYVEST® eCO.
In December 2021, Sika AG, headquartered in Baar, Switzerland, inaugurated an advanced technology center and manufacturing plant in Pune, Maharashtra. This facility is dedicated to producing high-quality adhesives and sealants, showcasing Sika's commitment to innovation and excellence in the industry.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 70.62 Billion |
| Market Size by 2031 | US$ 109.20 Billion |
| CAGR | CAGR of 5.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Adhesives Technology (Solvent-based, Water-based, Hot-melt, and Reactive & Others) • By Adhesives Products (Acrylic, Polyurethanes, PVA, Epoxy, Styrenic block, EVA, and Others) • By Adhesive Application (Paper & Packaging, Automotive & Transportation, Building & Construction, Woodworking, Leather & Footwear, Consumer & DIY, Electronics, Medical, and Others) • By Sealants Product (Silicone, Emulsion, Polyurethane, Polysulfide, Plastisol, Butyl, and Others) • By Sealants Applications (Building & Construction, Assembly, Automotive & Transportation, Consumer, and Others |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Arkema S.A., Sika AG, BASF SE, Uniseal, Inc., Pidilite Industries, Huntsman, Wacker Chemie AG, H.B. Fuller, Evonik Industries AG, Lord Corporation, Henkel AG, The 3M Company |
| DRIVERS |
• High demand from the building & construction industry • Increasing adoption of adhesives in the medical industry |
| Challenges | • Stringent environmental regulations |
Ans: The Adhesives & Sealants Market was valued at USD 70.62 billion in 2023.
Ans: The expected CAGR of the global Adhesives & Sealants Market during the forecast period is 5.6%.
Ans: The Adhesives & Sealants Market is primarily driven by increasing demand from industries such as automotive, construction, and packaging, fueled by the need for lightweight materials, enhanced durability, and improved performance. Additionally, technological advancements leading to the development of eco-friendly and high-performance adhesive and sealant products are fostering market growth.
Ans: One of the key factors hampering the growth of the Adhesives & Sealants Market is the overuse of chemicals in manufacturing, leading to environmental concerns and potential health hazards.
Ans: The China led the Adhesives & Sealants Market in Asia Pacific region with highest revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Average Selling Price
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 Middle East & Africa
10. Adhesives & Sealants Market, By Adhesives Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Solvent-based
10.4 Water-based
10.5 Hot-melt
10.6 Reactive & Others
11. Adhesives & Sealants Market, By Adhesives Products
11.1 Introduction
11.2 Trend Analysis
11.3 Acrylic
11.4 Polyurethanes
11.5 PVA
11.6 Epoxy
11.7 Styrenic block
11.8 EVA
11.9 Others
12. Adhesives & Sealants Market, By Adhesive Application
12.1 Introduction
12.2 Trend Analysis
12.3 Paper & Packaging
12.4 Automotive & Transportation
12.5 Building & Construction
12.6 Woodworking
12.7 Leather & Footwear
12.8 Consumer & DIY
12.9 Electronics
12.10 Medical
12.11 Others
13. Adhesives & Sealants Market, By Sealants Product
13.1 Introduction
13.2 Trend Analysis
13.3 Silicone
13.4 Emulsion
13.5 Polyurethane
13.6 Polysulfide
13.7 Plastisol
13.8 Butyl
13.9 Others
14. Adhesives & Sealants Market, By Sealants Applications
14.1 Introduction
14.2 Trend Analysis
14.3 Building & Construction
14.4 Assembly
14.5 Automotive & Transportation
14.6 Consumer
14.7 Others
15. Regional Analysis
15.1 Introduction
15.2 North America
15.2.1 USA
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Eastern Europe
15.3.1.1 Poland
15.3.1.2 Romania
15.3.1.3 Hungary
15.3.1.4 Turkey
15.3.1.5 Rest of Eastern Europe
15.3.2 Western Europe
15.3.2.1 Germany
15.3.2.2 France
15.3.2.3 UK
15.3.2.4 Italy
15.3.2.5 Spain
15.3.2.6 Netherlands
15.3.2.7 Switzerland
15.3.2.8 Austria
15.3.2.9 Rest of Western Europe
15.4 Asia-Pacific
15.4.1 China
15.4.2 India
15.4.3 Japan
15.4.4 South Korea
15.4.5 Vietnam
15.4.6 Singapore
15.4.7 Australia
15.4.8 Rest of Asia Pacific
15.5 The Middle East & Africa
15.5.1 Middle East
15.5.1.1 UAE
15.5.1.2 Egypt
15.5.1.3 Saudi Arabia
15.5.1.4 Qatar
15.5.1.5 Rest of the Middle East
15.5.2 Africa
15.5.2.1 Nigeria
15.5.2.2 South Africa
15.5.2.3 Rest of Africa
15.6 Latin America
15.6.1 Brazil
15.6.2 Argentina
15.6.3 Colombia
15.6.4 Rest of Latin America
16. Company Profiles
16.1 Arkema S.A.
16.1.1 Company Overview
16.1.2 Financials
16.1.3 Products/ Services Offered
16.1.4 SWOT Analysis
16.1.5 The SNS View
16.2 Sika AG
16.2.1 Company Overview
16.2.2 Financials
16.2.3 Products/ Services Offered
16.2.4 SWOT Analysis
16.2.5 The SNS View
16.3 BASF SE
16.3.1 Company Overview
16.3.2 Financials
16.3.3 Products/ Services Offered
16.3.4 SWOT Analysis
16.3.5 The SNS View
16.4 Uniseal, Inc.
16.4 Company Overview
16.4.2 Financials
16.4.3 Products/ Services Offered
16.4.4 SWOT Analysis
16.4.5 The SNS View
16.5 Pidilite Industries
16.5.1 Company Overview
16.5.2 Financials
16.5.3 Products/ Services Offered
16.5.4 SWOT Analysis
16.5.5 The SNS View
16.6 Huntsman
16.6.1 Company Overview
16.6.2 Financials
16.6.3 Products/ Services Offered
16.6.4 SWOT Analysis
16.6.5 The SNS View
16.7 Wacker Chemie AG
16.7.1 Company Overview
16.7.2 Financials
16.7.3 Products/ Services Offered
16.7.4 SWOT Analysis
16.7.5 The SNS View
16.8 H.B. Fuller
16.8.1 Company Overview
16.8.2 Financials
16.8.3 Products/ Services Offered
16.8.4 SWOT Analysis
16.8.5 The SNS View
16.9 Evonik Industries AG
16.9.1 Company Overview
16.9.2 Financials
16.9.3 Products/ Services Offered
16.9.4 SWOT Analysis
16.9.5 The SNS View
16.10 Lord Corporation
16.10.1 Company Overview
16.10.2 Financials
16.10.3 Products/ Services Offered
16.10.4 SWOT Analysis
16.10.5 The SNS View
16.11 Henkel AG
16.11.1 Company Overview
16.11.2 Financials
16.11.3 Products/ Services Offered
16.11.4 SWOT Analysis
16.11.5 The SNS View
16.12 The 3M Company
16.12.1 Company Overview
16.12.2 Financials
16.12.3 Products/ Services Offered
16.12.4 SWOT Analysis
16.12.5 The SNS View
17. Competitive Landscape
17.1 Competitive Benchmarking
17.2 Market Share Analysis
17.3 Recent Developments
17.3.1 Industry News
17.3.2 Company News
17.3.3 Mergers & Acquisitions
18. USE Cases and Best Practices
19. Conclusion
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