The global adhesives market was valued at USD 43,909.30 million in 2016 and is projected to reach USD 56,309.79 million by 2021, at a CAGR of over 5.10% during the forecast period, 2017 to 2022. The global sealants market was valued at USD 8,991.70 million in 2016, and is projected to reach USD 12,255.91 million by 2021, growing at a CAGR of around 6.4%, during the forecast period 2017-2022.
Adhesives and sealants are often grouped together, as they both are applied to the surfaces of materials to adhere and seal them together. They are generally available in the liquid form, which is viscous in nature, with no or little flow characteristics. Adhesives are majorly chosen for their bonding and holding power and have high tensile and shear strength. Adhesives are of two varieties, namely structural adhesives (strength is vital for the success of the assembly) and non-structural adhesives (generally have low strength, are used to bond weak substrates and for temporary fastening). However, sealants are majorly selected for their ability to resist relative movement of the substrates, to fill gaps, and to contain or exclude another material. They have less strength compared to adhesives, but are more flexible in nature.
The major raw materials of adhesives and sealants are petroleum-derived, whose prices are directly linked to the price of oil & gas; hence, the low crude oil prices are driving the market, currently. These factors are accelerating the demand from the automotive industry, increasing the demand from the packaging industry, and shifting focus towards composites. However, the market faces certain drawbacks, such as stringent environmental regulations regarding VOC emissions, and economic slowdown in Europe. These factors may act as a roadblock to the growth of the market.
The global adhesives and sealants market has been segmented, by end-user industry which includes building & construction, packaging, wood-work & joinery, transportation, footwear & leather, healthcare, electronics, and certain other industries. The paper, board, and packaging segment accounted for 34.14% share of the global adhesives market, while building and construction segment accounted for 48.12% global sealants market in 2016.
The global adhesives market, by technology, is broadly segmented into water-borne adhesives, solvent-borne adhesives, reactive adhesives, hot melts adhesives, and others. The reactive adhesives segment is expected to witness the highest growth rate during the forecast period. The water-borne adhesives segment accounts for the highest share, accounting for 43.52% of the global market. The sealants market has been further segmented by the product type into - silicone, polyurethane, acrylic, polyvinyl acetate, and others. The following chart shows the market segmentation of adhesives market, by technology:-
The water-based adhesives have been further segmented by the product type into acrylic, polyvinyl acetate (PVA) emulsion, ethylene vinyl acetate (EVA) emulsion, polyurethane dispersions & CR (chloroprene rubber) latex, and others. The solvent-borne adhesives market has been further segmented into- styrene buta-styrene (SBS), chloroprene rubber (CR), polyacrylate, and others. Hot-melt adhesives market has been segmented into ethylene vinyl acetate, synthetic rubbers, thermoplastic polyurethane, and others. Reactive adhesives market has been segmented into epoxy, modified acrylics, cynoacrylates, silicone, polyurethane, anaerobic, and others.
The market has also been geographically segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. Asia-Pacific has the highest share in the market, by revenue, accounting for XX% of the global share regarding revenue. This region is expected to be the fastest-growing during the forecast period, owing to the presence of emerging and developing countries in the region.
Opportunities and Major Players
The increasing adoption of adhesive bonding technologies, instead of conventional bonding technologies, availability of high-performance materials, and accelerating demand for electric vehicles across the world will offer numerous opportunities for the growth of the global adhesives and sealants market. Globally, there are more than 1,500 suppliers competing in the sector (500 in the United States), with the top 10 suppliers accounting for slightly less than 50% of the overall market.
Some of the major companies dominating this market for its products, services, and continuous product development, include:
Key Deliverables in the Study