According to the new market research report “Adhesives & Sealants Market by Adhesive Formulating Technology (Water-based, Solvent-based, Hot-melt, Reactive), By Sealant Resin Type (Silicone, Polyurethane, Plastisol, Emulsion, Polysulfide, Butyl), Application, Region – Global Forecast to 2025“, The global adhesives & sealants market size will grow to USD 80.0 billion by 2025 from USD 63.2 billion in 2020, at a CAGR of 4.8% during the 2020-2025 period. The growth of the market is supported by the increasing construction and automobile applications, advancements in formulating technologies, and growing demand in the APAC region.
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The adhesives market in the water-based segment is driven by the steady increase in demand from building & construction applications in North America and new infrastructure projects in India, Taiwan, and other developing countries across the world. Water-based adhesives provide excellent adhesion to different substrates and are used in a wide variety of packaging applications, such as bookbinding, paper bags, cartons, labels, foils, films, paperboard decals, wood assembly, automobile upholstery, and leather binding.
Medical is the fastest growing application in adhesives market, in terms of volume. Recently, with the outbreak of COVID-19, the governments, the private sector, and people throughout the world have been affected hugely due to the pandemic. Hence, the healthcare and medical devices sector has become the centerpiece for the recovery of patients. Medical devices are being used in large numbers due to the increased number of positive cases. This has increased the use of adhesives. Another driving factor is the aging population, driven by increasing life expectancy, which fuels the demand for medical devices, ultimately increasing the demand for adhesives.
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The adhesives & sealants market is projected to grow from USD 63.2 billion in 2020 to USD 80.0 billion by 2025, at a CAGR of 4.8% between 2020 and 2025. The major drivers for the market are increased demand for adhesives in the medical industry, increasing demand for adhesives & sealants from the building & construction industry, and growth in the appliances industry.
The key market players are Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M Company (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), Dow Inc. (US), and Wacker Chemie AG (Germany). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement, and joint venture to grow in the market. New product launch was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies strengthen their product portfolios and cater to the rising needs of end-users.
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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 138 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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