Published: October 2022 | Report Code: 12316 | Available Format: PDF | Pages: 195
The global adhesives & sealants market was estimated to generate $66,649.9 million in 2021, growing with a CAGR of 4.9% during 2021–2030, to further expand to $102,604.3 million by 2030. This is majorly attributed to the growing product application in the construction and automotive industries. Furthermore, the increasing demand for these materials from the packaging industry, coupled with the surging vehicle safety standards and regulations, are propelling the industry.
The COVID-19 pandemic had a negative impact on the adhesives & sealants industry globally, with a few end-use sectors, such as automotive, building & construction, and electrical & electronics, severely affected. For instance, in February 2020, the Chinese automobile industry recorded an around 90% decrease in the sales of new vehicles. Additionally, total vehicle sales in European countries dropped by over 23%. However, the business is expected to regain momentum in the coming years due to the resumption of activities in the above-mentioned industries.
The development of bio-based adhesives and sealants is expected to create immense opportunities for the players operating in the market. Due to the rising environmental concerns, companies are developing bio-based products to replace chemical-based products. Additionally, in order to enhance the sustainability efforts without compromising performance, companies are developing advanced technologies for these bio-based products.
Another trend in the adhesives & sealants market is the increasing penetration of electric vehicles worldwide. According to the International Energy Agency, new registrations of electric cars hit a new record 3 million in 2020.
Moreover, the worldwide electric car stock hit the 10-million mark in 2020, a 43% increase over 2019. The use of adhesives and sealants in electric vehicles is low due to the fewer engine-related assemblies in such automobiles, but as the focus on increasing the structural integrity picks up, along with the strengthening need for reducing the overall weight, the demand for adhesives is expected to increase in the coming years.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Technology; By Product; By End User; By Region
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Among all technologies, water-borne adhesives accounted for the largest share, of more than 50%, in the adhesives market in 2021. Water-borne adhesives, also known as water-based adhesives, are created by combining water, polymers, and additives. They are suitable for both porous and non-porous materials. They are utilized in the manufacturing of a wide range of products, including books, home appliances, medical tapes, and packaging. Because they are low on VOCs, they are environment-friendly. Moreover, they have excellent heat resistance, high tack, and appreciable water resistance.
The use of adhesives in healthcare applications is set to grow at the highest CAGR, of around 6%, during 2021–2030. Medical-grade adhesives are used to bond products such as catheters, needles, plastic enclosures, dialysis filters, syringes, blood bags, and tube connectors. These medical products are typically produced from a variety of synthetic materials, including difficult-to-bond plastics, such as PEEK, PE, and PP.
The three types of standard adhesives often used in the healthcare industry are pressure-sensitive, dissolvable, and electrically conductive adhesives. Medical tapes, for instance, use pressure-sensitive adhesives. The growing use of adhesives in different medical applications, including advanced wound care dressings, skincare, dental, surgical and incise drapes, otology, diabetes care devices, and prostheses, is a major factor driving the industry expansion.
The silicone category is expected to hold the largest revenue share, over 40%, in 2030. This dominance can be attributed to the ability of silicone adhesives and sealants to withstand high and low temperatures, insulating qualities, high durability, water repulsion, strong thermal stability, and low chemical reactivity.
Geographically, APAC generated the most revenue in the global adhesives market in 2021, owing to the rapid economic growth, increasing infrastructure investments, rising purchasing power, and shifting adhesive & sealant production from developed regions to APAC. Furthermore, the product demand in APAC is predicted to rise at the highest rate globally during the forecast period. Because of their booming automotive sectors and burgeoning consumer populations, China and India are seeing a significant increase in the use of adhesives in the automotive, healthcare, and packaging industries. Packaging applications account for the highest consumption of these materials due to the high demand for them in the food & beverage, consumer goods, e-commerce, and personal care industries.
On the other hand, Europe held the largest revenue share in the sealant industry in 2021. The regional industry is expected to grow at a CAGR of around 4.0%, as many premium car manufacturers, such as Audi AG and Daimler AG, have production bases in the continent.
Additionally, more than 40% of the patent registrations in Germany originate from the automotive industry. Sealants are widely used in automotive applications, including gasket placing, sealing of core plugs, and bonding of automotive hoses. Hence, with the rise in the production of automobiles, the demand for automotive sealants in the region is expected to increase during the forecast period.
The global adhesives & sealants market is competitive, and the major players are increasingly engaging in partnerships and developing new products to strengthen their position. For instance,
The 2021 revenue of the market for adhesives & sealants was estimated at $66,649.9 million.
Key adhesives & sealants industry players include Henkel AG & Co. KGaA, The Dow Chemical Company, Sika AG, PPG Industries Inc., 3M Company, H.B. Fuller Company, Arkema Group (Bostik SA), and Avery Dennison Corporation.
The major driver for the market for adhesives & sealants is the growth in the automotive, packaging, healthcare, construction, and food & beverage industries.
Packaging is among the largest applications in the adhesives & sealants industry, where the demand for sustainability is propelling the requirement for bio-based adhesives & sealants.
The market for adhesives & sealants will be dominated by APAC in the coming years, where it will witness the fastest growth as well.
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