According to the new market research report “Adhesives & Sealants Market by Adhesive Formulating Technology (Water-Based, Solvent-Based, Hot-Melt, Reactive), Sealant Resin Type (Silicone, Polyurethane, Plastisol, Emulsion, Butyl, Polysulfide), Application, Region – Global Forecast to 2024″, The adhesives & sealants market is projected to grow from USD 58.9 billion in 2019 to USD 73.8 billion by 2024, at a CAGR of 4.6%, during the forecast period.
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The adhesives & sealants market is driven by the growing trend of lightweight and low carbon emitting vehicles and increasing demand from the building & construction industry. Stringent environmental regulations in Europe and North America are restraining the market growth while the increasing demand for green adhesives offers opportunities to the manufacturers. The wide acceptance of adhesives & sealants in paper & packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather & footwear, assembly, and other applications is mainly driving the market growth.
The reactive & others segment is projected to grow at a higher rate than the other formulating technologies because reactive adhesives play a vital role in various applications for the adhesion of materials, such as steel, aluminum, and other components of the automotive & transportation, and building & construction . Polyurethanes and modified acrylics are some of the primarily used reactive adhesives in the assembly operation of cars and other vehicles.
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The adhesives & sealants market is projected to grow from USD 58.9 billion in 2019 to USD 73.8 billion by 2024, at a CAGR of 4.6%, between 2019 and 2024. The major driving factors in the adhesives & sealants market are growing trend of lightweight and low carbon emitting vehicles, increasing demand for adhesives & sealants from the building & construction industry, shift in preference to hot-melt adhesives and high demand for adhesives & sealants in the APAC region.
The key market players are Henkel (Germany), H.B. Fuller (US), Sika (Switzerland), Arkema (France), Huntsman Corporation (US), 3M Company (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), DowDuPont Inc. (US), Wacher Chemie Ag (Germany), RPM International Inc. (US), Akzo Nobel N.V. (Netherlands), and PPG Industries (US). Lord Corporation (US), Adhesives Research Inc. (US), Delo Industrie Lebstoffe GMBH & Co. KGAA (Germany), DYMAX Corporation (US), Mapei Corporation (Italy), Meridian Adhesives Group (US), Master Bond Inc. (US), Soudal Group (Belgium), Pidilite Industries (India), Jowat SE (Germany), Franklin International (US), and Ashland Inc. (US). These players have adopted various strategies, such as merger & acquisition and investment & expansion between 2016 and 2019, to enhance their market shares and expand their global presence.
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Henkel AG (Germany) is the leading company in the manufacturing of adhesives & sealants. It has a diversified product portfolio with several investments in product innovation. Its customers can choose from a wide variety of adhesive & sealant products. It has a strong network for distributing and manufacturing adhesives with more than 185 production sites to meet the changing demands of the adhesives & sealants industry, worldwide. The company continuously focuses on its organic & inorganic growth. This will boost the growth of the company and, also, its adhesives & sealants business, globally. In July 2017, Henkel AG acquired Darex Packaging Technologies (US), a supplier of high-performance sealants and coatings for the metal packaging industry around the world. The company has expanded its market positions and strengthened its adhesive technologies business and complements its technology portfolio with the help of this acquisition.
The second most active company in the market is H.B. Fuller (US). The company offers broad products in the adhesives & sealants range. It focuses on R&D for new product and innovation. It is one of the leading industrial adhesives & sealants manufacturers and has a good position in the market. It has a presence in diversified geographical markets. The company is continuously focusing on organic and inorganic growth strategies, which are expected to increase its presence and revenue, globally. As a part of inorganic growth, in October 2017, H. B. Fuller acquired Royal Adhesives & Sealants (US), a leading manufacturer of high-value specialty adhesives & sealants. This acquisition has led to a broader portfolio of the company along with its expanded development and production capabilities.
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