Adhesives and Sealants Market Size, Share & Industry Analysis, By Adhesive Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive, and Others), By Adhesive 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), By Sealant End-use Industry (Building & Construction, Automotive & Transportation, Consumer, and Others), and Regional Forecast, 2024-2032

The global adhesives and sealants market size was valued at USD 79.38 billion in 2023 and is projected to grow from USD 82.88 billion in 2024 to USD 118.83 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period. The adhesives and sealants market in the U.S. is projected to grow significantly, reaching an estimated value of USD 22.36 billion by 2032, driven by the increasing demand for adhesives and sealants in residential and non-residential construction projects.

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.

The COVID-19 pandemic initially led to disruptions in the adhesives and sealant market due to supply chain challenges and decreased manufacturing activities. However, as industries gradually recover, there is a rebound in demand driven by the automotive and construction sectors. The increased emphasis on hygiene and safety measures spurred demand for sealant in healthcare and packaging applications.

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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GROWTH FACTORS

Electric Vehicle Boom Sparks Surge in Adhesive and Sealant Market as Automotive Industry Embraces Advances Bonding Solutions

The exponential surge in demand for electric vehicles (EVs) drives significant growth in the adhesives and sealant sector. As automotive manufacturers embrace environmentally friendly electric mobility solutions, innovative bonding technologies become critical for the intricate assembly of EV components. Adhesives and sealants, an important participant in this shift, permit the lightweight fabrication of components, seal high-voltage battery systems, and contribute to the overall improved performance of electric vehicles.

The advent of EVs introduces unique engineering challenges, notably in securing high-voltage battery systems and maintaining structural integrity. Adhesive solutions emerge as critical contributors to resolving these issues, providing strong and dependable binding required for efficient and safe manufacturing of EVs. Furthermore, sealants play an important role in maintaining the longevity and safety of electric vehicles by preventing the intrusion of moisture and pollutants that could compromise the integrity of delicate electrical components.

According to the Global EV Outlook 2023 by the IEA, EV sales exceeded 10 million in 2022, accounting for 14% of total vehicle sales for that year. The accelerating global shifts towards sustainable transportation amplifies the importance of adhesive and sealant technologies in the automotive sector.

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 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 2023. 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 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 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.

REGIONAL INSIGHTS

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

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Asia Pacific dominated the adhesives and sealants market with a market share of 37.41% in 2023. 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 Companies in Adhesives and Sealants Market

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:

• 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

• July 2023: Sika announced the acquisition of a family-owned business named “Chema” based in Peru. Chema is a well-established brand in the Peruvian mortar market and provides a range of tile grouts, tile adhesives, and other high-quality products. The acquisition strengthens its presence in the distribution channel in Peru and the development of Sika’s Building Finishing portfolio.


• 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

An Infographic Representation of Adhesives and Sealants Market

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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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