Adhesives & Sealants Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Adhesives & Sealants Market was valued around USD 61 billion in 2020 and is anticipated to grow at a CAGR of ~5% over the forecast period (2021-2027). Rapidly growing furniture industry with booming real estate business and rising income levels leading to an increased demand for interiors at residential and non-residential places. Moreover, nowadays, the footwear industry has a close association to the adhesives industry, using bonding techniques to join the variety of materials employed in the manufacture of shoes. Thus, rising demand of furniture and footwears would escalate the demand for adhesives & sealants. Additionally, demand for bio-based/green adhesives, such as starch and lignin, is increasing rapidly, as consumers are starting to realize the adverse effects of petroleum-based products. Consequently, manufacturers are spending huge amounts of capital for research and development of such adhesives. Currently, hybrid adhesives are being increasingly used by end-user industries of adhesives, as they are considered to be green and sustainable alternatives for solvent-based adhesives.

Some of the major players operating in the market include 3M Company, Arkema S.A, Henkel AG & Co. KGaA, H.B. Fuller Company, Sika AG, Huntsman Corporation, Illinois Tool Works Inc., Avery Dennison Corporation, DuPont de Nemours Inc., Mitsubishi Chemical Holdings Corporation. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst type, water-based adhesives held lucrative market share.”

Based on type, market is bifurcated into adhesives & sealants. Further, adhesives are divided into water-based, solvent-based, hot-melt, and reactive & others and sealants into silicone, polyurethane, plastisol, emulsion, polysulfide, butyl, and others.  Among all, water-based adhesives hold lucrative market share. Water-borne acrylic adhesives are considered an environmentally friendly and economically feasible substitute to solvent-based adhesives. The major advantage of water-borne adhesives is the absence of volatile organic compounds.

Silicone sealant is a liquid form of adhesive, it looks, feels and acts like a thick gel. It has a different chemical make-up from other organic polymer-based adhesives. Unlike other adhesives, silicone keeps its elasticity and stability in both high and low temperatures. Furthermore, silicone sealant is resistant to other chemicals, moisture, and weathering. This makes it less likely to fail when building and repairing objects.

“Amongst application, paperboard & packaging and building & construction industries held prominent market share in 2020.”

Based on application, adhesives market is further divided into paper & packaging, building & construction, woodworking, consumer & DIY, automotive & transportation, leather & footwear, assembly, medical, electronics, and others and sealants market into building & construction, automotive & transportation, consumer, and others. Among all, paper & packaging and building & construction industries hold lucrative market share owing to increased investments in building construction industries. Further, growth in food packaging and e-commerce industries, owing to people forced to stay at home and ordered online due to ill effects of COVID19 pandemic thereby fueling the market growth. For instance, the Indian E-commerce market is expected to grow to USD 111.40 billion by 2025 from USD 46.2 billion as of 2020. By 2030, it is expected to reach USD 350 billion.

“Asia Pacific represents prominent market share in the Global Adhesives & Sealants Market.”

For a better understanding of the market adoption of adhesives & sealants, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific held the significant share in the market. The factors that are contributing to the growth of the market include rising footwear industry, consumer & DIY, electronics industry, medical, and others in the country. Further, the market is characterized by the presence of several market players that are catering to a wide range of customers in the region. These players adopt various strategies to remain competitive in the market and gain a competitive advantage over other players operating in the market. Mergers and acquisitions, product launches, and partnerships and collaborations, and geographical expansion are some of the major activities adopted by the market players.

According to HP Adhesives DHRP, the Indian adhesives and sealants market clocked single digit CAGR between fiscals 2015 and 2020, driven by growth in major end-user industries such as packaging, construction, electronics, and woodworking.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry 

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of global adhesives & sealants were the three major steps undertaken to create and analyze the adoption of adhesives & sealants across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the adhesives & sealants. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the adhesives & sealants through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the adhesives & sealants market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as type and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of adhesives & sealants in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of adhesives & sealants. Further, we conducted factor analysis using dependent and independent variables like upsurge in disposable income and improvement in living standard. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied. 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global adhesives & sealants market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of adhesives & sealants across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the adhesives & sealants market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global adhesives & sealants market. Data was split into several segments & sub-segments post studying various parameters and trends in the type and application.

The main objective of the Adhesives & Sealants Market Study

The current & future market trends of adhesives & sealants were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of adhesives & sealants in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and application.
• Defined analysis of the regulatory framework for the global adhesives & sealants industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the adhesives & sealants for the major regions & countries
• Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
• Company profiles of the adhesives & sealants market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry