PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464612
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464612
Adhesives & Sealants Market size was valued at USD 72,203 Million in 2023, expanding at a CAGR of 2.90% from 2024 to 2032.
Adhesives and sealants serve as crucial substances utilized for bonding, joining, or sealing surfaces across a multitude of industries and applications. Adhesives bind surfaces together through adhesion, while sealants create barriers or seal gaps and joints, effectively preventing the passage of fluids or gases. These materials are available in diverse forms such as liquids, pastes, tapes, films, and solids, each formulated to impart specific properties like adhesion strength, flexibility, durability, and resistance to environmental factors such as temperature, moisture, and chemicals. Found extensively across industries including construction, automotive, aerospace, electronics, packaging, healthcare, and consumer goods, adhesives and sealants are employed for bonding substrates like metals, plastics, glass, ceramics, and composites, as well as for sealing joints, seams, and surfaces to forestall leaks or corrosion.
Adhesives & Sealants Market- Market Dynamics
Surge in technical advancements and research and development activities to propel market demand
The surge in technical advancements and research and development activities has increased the demand for a wide array of electrical and electronic devices, including tablets, smartphones, laptops, and others, where adhesives and sealants are extensively utilized for bonding various components. This serves as a significant catalyst for the expansion of the adhesives and sealants market. Additionally, factors such as population growth, urbanization, and government spending have propelled significant growth in the building and construction sector, where adhesives and sealants are commonly employed to fill cracks, seal openings, and join surfaces. Consequently, the popularity of adhesives and sealants in the building and construction sector has surged, contributing to the overall growth of the market. Changes in material consumption patterns, with a shift towards more durable materials replacing metals, aluminum, and paper, are anticipated to drive demand for adhesives and sealants in the packaging segment. A consistent demand for packaging items from the food and beverage sector is expected to remain a key driver for market growth in the United States. Furthermore, the presence of discount retailers in the country, coupled with the high potential of the grocery retail sector, is anticipated to propel adhesive demand for packaging products.
Adhesives & Sealants Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.90% over the forecast period (2024-2032)
Based on Adhesive Product Type segmentation, acrylic was predicted to show maximum market share in the year 2023
Based on Adhesive Technology segmentation, water based was the leading type in 2023
Based on Adhesive Application segmentation, paper and packaging application was the leading type in 2023
Based on Sealants Application segmentation, automotive was the leading type in 2023
Based on Sealant Product Type segmentation, silicones was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Adhesives & Sealants Market is segmented on the basis of Adhesive Product Type, Adhesive Technology, Adhesive Application, Sealant Product Type, Sealants Application and Region.
The market is divided into seven categories based on Adhesive Product Type: Acrylic, PVA, Polyurethanes, Styrenic block, Epoxy, EVA and Others. In 2023, the acrylic product segment emerged as the dominant force in the market. This segment is projected to continue its growth trajectory owing to increasing construction activities and investments in infrastructure projects. The construction of chemical/industrial process plants, stadiums, bridges, museums, concert halls, research facilities, and medical buildings is expected to fuel the expansion of this segment. Polyurethane adhesive products showcase superior properties such as fast curing, excellent abrasion and chemical resistance, and remarkable bond strength across various substrates including metal, plastic, rubber, wood, and glass.
The market is divided into eight categories based on Adhesive Application: Paper & packaging, Consumer & DIY, Building & construction, Furniture & woodworking, Footwear & leather, Automotive & transportation, Medical and Others. The paper and packaging segment held sway in the market in 2023. Flexible packaging is anticipated to present new opportunities for market players in the years ahead. A sudden surge in healthcare spending has positively impacted the demand for packaging products, particularly due to increased demand for personal protective equipment (PPE) kits, surgical masks, and other healthcare items. The building and construction segment is forecasted to offer numerous growth opportunities within the industry.
Adhesives & Sealants Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Within the Adhesives & Sealants market, companies embark on strategic initiatives to innovate their product offerings, expand their market presence, and meet customer demands. Strategic partnerships assume a pivotal role, as adhesive and sealant manufacturers collaborate with raw material suppliers, research institutions, and industry partners to develop new formulations, enhance performance characteristics, and address emerging trends such as sustainability and regulatory compliance. These collaborations grant manufacturers access to novel materials, technologies, and manufacturing processes, ensuring product differentiation and a competitive edge. Additionally, partnerships with OEMs, end-users, and application engineers aid in the development of tailored solutions, application-specific formulations, and value-added services that align with industry requirements and performance standards. Furthermore, alliances with distributors, channel partners, and logistics providers enable manufacturers to optimize supply chain management, broaden market reach, and deliver timely support services to customers worldwide. Strategic partnerships with regulatory agencies, industry associations, and standards organizations further promote compliance with safety regulations, environmental standards, and quality certifications, thereby bolstering product credibility and market acceptance.
In June 2023, H.B. Fuller completed the acquisition of Beardow Adams, a UK-based adhesive manufacturing company, enhancing its growth prospects in key markets and fostering increased profitability and business synergies through production optimization, expanded distribution capabilities, and innovative solutions.
GLOBAL ADHESIVES & SEALANTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
3M Company
Ashland Inc.
Avery Denison Corporation
H B Fuller
Henkel AG
Sika AG
Pidilite Industries
Huntsman
Wacker Chemie AG
RPM International Inc.
Others