Market Overview
| Study Period | 2017 - 2028 |
|---|---|
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2028 |
| Market Size (2024) | USD 410.91 Million |
| Market Size (2028) | USD 498.91 Million |
| Growth Rate (2024 - 2028) | 4.97% CAGR |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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Singapore Adhesives Market Analysis by Mordor Intelligence
The Singapore Adhesives Market size is estimated at 410.91 million USD in 2024, and is expected to reach 498.91 million USD by 2028, growing at a CAGR of 4.97% during the forecast period (2024-2028).
Singapore's robust economic foundation, with a GDP per capita of USD 79,580 in 2022, has created a strong environment for industrial growth and manufacturing excellence. The manufacturing sector, contributing 21% to the country's GDP, is poised for significant expansion as the government aims to increase this contribution by 50% over the next decade. This industrial growth trajectory has particularly benefited the adhesives industry, which serves as a crucial component across various manufacturing processes. The country's strategic position as a global trade hub has further strengthened its manufacturing capabilities, particularly in high-value sectors such as electronics, medical devices, and advanced materials.
The healthcare and medical device manufacturing sector represents a significant growth avenue for medical adhesives applications. Singapore's healthcare system, recognized as one of the world's most advanced, is projected to reach USD 43 billion in national health expenditure by 2030. The country has established itself as a major producer of medical devices, manufacturing over 60% of the world's microarrays and one-third of global thermal cyclers and mass spectrometers. This specialized manufacturing capability has driven demand for high-performance medical adhesives that meet stringent medical-grade requirements and regulatory standards.
The automotive sector is witnessing transformative developments that are reshaping adhesive applications. Hyundai's significant investment in Singapore, aimed at producing 30,000 electric vehicles annually by 2025, marks a pivotal shift in the country's industrial landscape. This development is driving innovations in automotive adhesives technologies, particularly in lightweight bonding solutions and battery assembly applications. The transition towards electric vehicle manufacturing has accelerated the adoption of specialized adhesive solutions that can meet the unique requirements of EV production, including thermal management and structural bonding applications.
The e-commerce sector's explosive growth is revolutionizing packaging requirements and subsequently affecting adhesive applications. With Singapore's e-commerce market projected to reach USD 10 billion by 2026, there is increasing demand for innovative packaging solutions that ensure product protection during shipping while maintaining sustainability standards. This trend has spurred the development of advanced packaging adhesives formulations that offer superior bonding strength while aligning with environmental regulations. The packaging industry has particularly embraced water-borne sustainable adhesives for their cost-effectiveness and environmental benefits, while hot-melt industrial adhesives continue to gain traction in specialized applications requiring rapid processing speeds.
Singapore Adhesives Market Trends and Insights
Usage of recyclable plastics for packaging production will open new opportunities to the industry growth
- Packaging is mainly used for protection, containment, information, utility, and promotion. The growing Singaporean packaging market segment is expected to register a CAGR of 3.77% during the forecast period. In 2017, packaging usage accounted for 33.4 million ton of packaging, including paper, paperboard, and plastic packaging. Due to the COVID-19 outbreak in 2020, the market registered a negative growth of -5.54% due to disruptions in the supply chain, shortage of packaging material, restrictions on the import and export of goods, and factories operating at low capacity.
- In 2021, the market registered a positive growth of 4.40%, with 35.6 million ton of packaging material used for various purposes. The packaging industry is expected to keep growing as there has been a rise in the e-commerce sector, which has significantly boosted the packaging industry as special packaging is required for shipping goods. In 2021, the Singaporean e-commerce market was valued at USD 5.9 billion, and it is expected to rise to USD 10 billion by 2026. In today's competitive FMCG market, it has become inevitable for companies to use attractive packaging and bring innovation to their packaging to stand out from their competitors and maintain their brand in the market.
- The Singaporean government has implemented regulations to include recyclable plastics in products. Packaging production is majorly driven by plastic in the country, which nearly accounts for around 64% of the packaging produced in 2021. With the advancement of plastic recyclability, the plastic segment is likely to maintain its growth and record a CAGR of around 4.75% during the forecast period.
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Ongoing and upcoming investments in the construction of public buildings will support the end-user industry
- The Singaporean construction industry is projected to record a CAGR of about 2.6% during the forecast period from 2022 to 2028. The construction demand hit a five-year high in 2019, with an estimated SGD 33.4 billion worth of projects awarded, higher than its top-end projection of SGD 32 billion. This represented a 9.5% increase in construction demand compared to 2018. However, in 2020, due to the impact of the COVID-19 pandemic, which disrupted project implementation schedules, the preliminary figure for construction demand witnessed a decline of 36.5% to SGD 21.3 billion. The Singaporean construction adhesives and sealants market is projected to record a CAGR of about 2.86% in volume and 5.31% in value during the forecast period 2022-2028.
- Public sector construction declined from SGD 19 billion in 2019 to SGD 13.2 billion in 2020, as certain large infrastructure projects were postponed due to the need for more time to examine the pandemic's impact on resource management and project scheduling. Moreover, construction demand in Singapore is estimated to be between USD 27 billion and USD 32 billion in 2022, and the public sector is likely to provide roughly 60% of the overall demand. The public sector's construction demand is expected to range between USD 16 billion and USD 19 billion.
- On the other hand, residential construction in Singapore remains weak due to the growing stock of unsold buildings, further aggravated by the economic downturn due to the COVID-19 pandemic. However, to reduce the population density in dormitories amid the pandemic, the government had planned to construct additional housing for around 60,000 migrant workers by the end of 2020. These factors are expected to restrain the demand for adhesives and sealants over the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing demand from civil aviation will propel the aerospace industry in the country
- Recent investment by local manufacturers to support domestic footwear demand will aid the growth of industry
- Import dependency will likely squeeze the industry size in the upcoming years
- Rising export values will augment the furniture market in the country
Segment Analysis: End User Industry
Packaging Segment in Singapore Adhesives Market
The packaging segment dominates the Singapore adhesives market, accounting for approximately 65% of the total market value in 2024. This significant market share is driven by the robust manufacturing sector in Singapore, particularly in food and beverage packaging applications. The segment's strength is further reinforced by the growing e-commerce sector, which requires specialized packaging solutions for shipping and handling. Water-borne adhesives are predominantly used in this segment due to their cost-effectiveness and high bonding strength, with nearly 32 thousand tons consumed in the packaging industry. The segment's growth is also supported by sustainable packaging initiatives and the implementation of 3R (Reduce, Reuse, and Recycle) plans by companies with turnover exceeding USD 10 million.
Woodworking and Joinery Segment in Singapore Adhesives Market
The woodworking and joinery segment is emerging as the fastest-growing segment in the Singapore adhesives market, projected to grow at approximately 8% during 2024-2029. This remarkable growth is primarily driven by the increasing demand for DIY furniture and the development of newer adhesive forms like glue nails, which are replacing conventional joinery methods. The segment's expansion is further supported by the rising sales revenue of DIY furniture, which has shown significant growth in recent years. Wood adhesives hold the maximum share in woodworking applications due to their versatility in adhering to various substrates, including wood, polymer, and metal. The segment also maintains a significant market share for solvent-borne adhesives due to their faster curing time compared to water-based alternatives.
Remaining Segments in End User Industry
The Singapore adhesives market encompasses several other significant segments, including healthcare, aerospace, automotive, and building & construction. The healthcare segment stands out due to Singapore's position as a leading global healthcare hub, offering advanced medical treatments and devices. The aerospace segment, while smaller in market share, is crucial due to Singapore's role as a major aerospace MRO hub. The automotive segment, though currently limited, shows promise with new investments in electric vehicle manufacturing. The building and construction segment continues to contribute steadily to the market, driven by both public and private sector construction projects. Each of these segments presents unique requirements for adhesive applications, from high-performance medical-grade adhesives to specialized aerospace bonding solutions.
Segment Analysis: Technology
Water-borne Segment in Singapore Adhesives Market
Water-borne adhesives dominate the Singapore adhesives market, holding approximately 42% market share in 2024. These adhesives are formulated as polymeric dispersions or emulsions in an aqueous phase, with dispersed polymer particles typically ranging from 50-300 nm in diameter. The segment's prominence is driven by its widespread applications across packaging, furniture manufacturing, automotive, building and construction, footwear, and other end-user industries. The packaging industry represents the largest consumer of water-borne adhesives due to their lower cost and superior bonding strength. Additionally, water-borne adhesives are gaining preference due to their environmental benefits and ease of cleaning, as water can be used to remove excess adhesive from glued parts.
Hot Melt Segment in Singapore Adhesives Market
The hot melt adhesives segment is experiencing the fastest growth in the Singapore adhesives market, with projections indicating continued expansion through 2024-2029. These adhesives, which liquefy in the temperature range of 60 to 200 degrees centigrade, are gaining traction due to their versatility in bonding both porous and non-porous substrates. The growth is primarily driven by increasing demand from product assembly and end-of-line packaging operations, as well as applications in automotive, electronics, building and construction, footwear, and woodworking industries. The segment's expansion is further supported by its cost-effectiveness in large-scale operations and the development of new formulations that offer improved performance characteristics.
Remaining Segments in Technology
The Singapore adhesives market features several other important technology segments, including solvent-borne, UV cured, and reactive adhesives. Solvent-borne adhesives maintain a significant presence despite environmental concerns, particularly in applications requiring specific performance characteristics. UV cured adhesives have carved out a niche in industries requiring precise control and rapid curing, such as electronics and medical device manufacturing. Reactive adhesives, while representing a smaller share, play a crucial role in applications demanding high-strength permanent bonds, particularly in aerospace and high-end electronics sectors. Each of these segments continues to evolve with technological advancements and changing industry requirements.
Segment Analysis: Resin
Polyurethane Segment in Singapore Adhesives Market
Polyurethane adhesives have emerged as the dominant segment in Singapore's adhesives market, commanding approximately 23% of the total market value in 2024. The segment's leadership position is primarily driven by its extensive applications across packaging and healthcare industries, which together account for nearly 70% of the demand. Polyurethane adhesives are particularly valued for their solvent-free surface protection solutions and exceptional flexibility. These adhesives form tough bonds with high peel strength and shear strength, making them suitable for a wide range of operating temperatures between -40°C to 100°C. The construction industry, though currently showing slower growth due to macroeconomic factors, remains a significant end-user. The versatility of polyurethane adhesives in terms of viscosity range (50 to 5000 cps) and customizable pot life has further strengthened their market position.
VAE/EVA Segment in Singapore Adhesives Market
The VAE/EVA adhesives segment is demonstrating remarkable growth potential in the Singapore market, with projections indicating continued expansion through 2024-2029. This growth is primarily attributed to its extensive applications in the packaging industry for package labeling, carton sealing, assembly, and paper processing operations. The segment's success is driven by its good price-to-performance ratio and versatility in various applications. EVA adhesives can be customized based on substrate polarity, roughness, applicators, speed, bonding temperature, and operating environment. In the footwear and leather industry, EVA-based adhesives have gained significant traction due to their effectiveness in insole lamination, shoe upper stitching, and upper-sole assembly applications. The segment's growth is further supported by its increasing adoption in automotive seating manufacturing and woodworking applications.
Remaining Segments in Resin Segmentation
The Singapore adhesives market features several other significant resin segments, including acrylic adhesives, cyanoacrylate, epoxy adhesives, silicone adhesives, and other specialty resins. Acrylic adhesives are particularly valued for their short curing time and strong bonding capabilities in packaging and healthcare applications. Cyanoacrylate adhesives have carved out a niche in the furniture, medical devices, and electronics manufacturing sectors. Epoxy adhesives are prominent in structural applications, particularly in the aerospace and automotive industries. Silicone adhesives have found widespread use in applications requiring water and heat resistance. Each of these segments contributes uniquely to the market's diversity, serving specific industrial requirements and applications while maintaining their respective market positions through specialized product offerings and continuous innovation.
Competitive Landscape
Top Companies in Singapore Adhesives Market
The Singapore adhesives market is characterized by continuous product innovation and strategic developments by leading players like Henkel AG & Co. KGaA, Avery Dennison Corporation, 3M, Dow, and Arkema Group. Companies are focusing on developing sustainable and environmentally friendly adhesive solutions, particularly targeting zero-VOC and solvent-free formulations to meet evolving market demands. Operational agility is demonstrated through investments in R&D facilities and manufacturing capabilities, with companies establishing specialized technology centers to support customer-specific requirements. Strategic partnerships and collaborations, particularly with chemical manufacturers, are being pursued to ensure raw material security and develop innovative solutions. Market leaders are expanding their distribution networks and strengthening their presence through domestic tie-ups, while simultaneously investing in new product development to cater to emerging applications in electronics, medical devices, and sustainable packaging. Additionally, the focus on specialty adhesives is becoming increasingly significant as companies aim to meet specific industry needs.
Market Structure Shows Mixed Global-Local Presence
The Singapore adhesives market exhibits a fragmented structure with a mix of global conglomerates and specialized manufacturers competing for market share. Global players leverage their extensive R&D capabilities, broad product portfolios, and established distribution networks to maintain their market positions, while local players focus on niche applications and customer-specific solutions. The market demonstrates moderate consolidation, with the top five companies collectively holding a significant portion of the market share, while numerous smaller players serve specific industry segments or applications.
The competitive dynamics are shaped by the strong presence of multinational corporations that have established manufacturing facilities and innovation centers in Singapore to serve the Asia-Pacific region. These companies benefit from their integrated operations, technical expertise, and ability to offer comprehensive solutions across multiple end-user industries. The market has witnessed strategic acquisitions aimed at expanding product portfolios, accessing new technologies, and strengthening regional presence, particularly in high-growth segments like electronics and healthcare adhesives. The adhesive market size is expected to grow as these strategic moves unfold, further solidifying the market's position in the region.
Innovation and Sustainability Drive Future Success
Success in the Singapore adhesives market increasingly depends on companies' ability to develop innovative, sustainable solutions while maintaining cost competitiveness. Incumbent players must focus on expanding their eco-friendly product portfolios, investing in advanced manufacturing technologies, and strengthening their distribution networks to maintain their market positions. Companies need to develop strong relationships with key end-users in growing sectors like electronics, packaging, and healthcare, while also investing in technical support capabilities to provide customized solutions.
For contenders looking to gain market share, focusing on niche applications and developing specialized products for specific industry segments presents a viable strategy. Success factors include building strong local partnerships, investing in application development capabilities, and offering superior technical support services. Companies must also prepare for potential regulatory changes regarding VOC emissions and sustainable packaging requirements, which could significantly impact product development and market dynamics. The ability to quickly adapt to changing end-user requirements, particularly in terms of performance and sustainability, will be crucial for long-term success in the market. The role of industrial adhesives is pivotal in addressing these evolving demands, particularly in sectors requiring robust and durable solutions.
Singapore Adhesives Industry Leaders
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3M
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Arkema Group
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AVERY DENNISON CORPORATION
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Dow
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Henkel AG & Co. KGaA
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- December 2021: Under the Nuplaviva brand, Arkema introduced a new range of disposable hygiene adhesive solutions formulated with bio-based renewable content.
- November 2021: Dymax launched 9501-F, a new structural bonding adhesive for electric vehicle battery applications. The product offers excellent protection against vibration, shock, and other damaging forces for EV components.
- November 2021: Dymax launched the 2000-MW series, a new adhesive series for medical wearables assembly applications.
Singapore Adhesives Market Report Scope
Aerospace, Automotive, Building and Construction, Footwear and Leather, Healthcare, Packaging, Woodworking and Joinery are covered as segments by End User Industry. Hot Melt, Reactive, Solvent-borne, UV Cured Adhesives, Water-borne are covered as segments by Technology. Acrylic, Cyanoacrylate, Epoxy, Polyurethane, Silicone, VAE/EVA are covered as segments by Resin.
End User Industry
| Aerospace |
| Automotive |
| Building and Construction |
| Footwear and Leather |
| Healthcare |
| Packaging |
| Woodworking and Joinery |
| Other End-user Industries |
Technology
| Hot Melt |
| Reactive |
| Solvent-borne |
| UV Cured Adhesives |
| Water-borne |
Resin
| Acrylic |
| Cyanoacrylate |
| Epoxy |
| Polyurethane |
| Silicone |
| VAE/EVA |
| Other Resins |
| End User Industry | Aerospace |
| Automotive | |
| Building and Construction | |
| Footwear and Leather | |
| Healthcare | |
| Packaging | |
| Woodworking and Joinery | |
| Other End-user Industries | |
| Technology | Hot Melt |
| Reactive | |
| Solvent-borne | |
| UV Cured Adhesives | |
| Water-borne | |
| Resin | Acrylic |
| Cyanoacrylate | |
| Epoxy | |
| Polyurethane | |
| Silicone | |
| VAE/EVA | |
| Other Resins |
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Market Definition
- End-user Industry - Building & Construction, Packaging, Automotive, Aerospace, Woodworking & Joinery, Footwear & Leather, Healthcare, and Others are the end-user industries considered under the adhesives market.
- Product - All adhesive products are considered in the market studied
- Resin - Under the scope of the study, resins like Polyurethane, Epoxy, Acrylic, Cyanoacrylate, VAE/EVA, and Silicone are considered
- Technology - For the purpose of this study, Water-borne, Solvent-borne, Reactive, Hot Melt, and UV Cured adhesive technologies are taken into consideration.
| Keyword | Definition |
|---|---|
| Hot-melt Adhesive | Hot melt adhesives are generally 100% solid formulations, based on thermoplastic polymers. They are solid at room temperature and are activated upon heating above their softening point, at which stage they are liquid, and hence, can be processed. |
| Reactive Adhesive | A reactive adhesive is made up of monomers that react in the adhesive curing process and do not evaporate from the film during use. Instead, these volatile components become chemically incorporated into the adhesive. |
| Solvent-borne Adhesive | Solvent-borne adhesives are mixtures of solvents and thermoplastic, or slightly cross-linked polymers, such as polychloroprene, polyurethane, acrylic, silicone, and natural and synthetic rubbers (elastomers). |
| Water-borne Adhesive | Water-borne adhesives use water as a carrier or diluting medium to disperse a resin. They are set by allowing the water to evaporate or be absorbed by the substrate. These adhesives are compounded with water as a diluent, rather than a volatile organic solvent. |
| UV Cured Adhesive | UV curing adhesives induce curing and create a permanent bond without heating by using ultraviolet (UV) light or other radiation sources. An aggregation of monomers and oligomers is cured or polymerized by ultraviolet (UV) or visible light in a UV adhesive. Because UV is a radiating energy source, UV adhesives are often referred to as radiation curing or rad-cure adhesives. |
| Heat-resistant Adhesive | Heat-resistant Adhesives refer to those that do not break down under high temperatures. One aspect of a complicated system of circumstances is the adhesive's capacity to withstand disintegration brought on by high temperatures. As the temperature rises, adhesives may liquefy. They can withstand stresses resulting from differing coefficients of expansion and contraction, which might be an additional advantage. |
| Reshoring | Reshoring is the practice of moving commodity production and manufacturing back to the nation where the business was founded. Onshoring, inshoring, and back shoring are further terms used. Offshoring, the practice of producing items abroad to lower labor and manufacturing costs, is the opposite of this. |
| Oleochemicals | Oleochemicals are compounds produced from biological oils or fats. They resemble petrochemicals, which are substances made from petroleum. The oleochemical business is built on the hydrolysis of oils or fats. |
| Nonporous Materials | Nonporous materials are substances that do not permit the passage of liquid or air. Nonporous materials are those that are not porous, such as glass, plastic, metal, and varnished wood. Since no air can get through, less airflow is required to raise these materials, negating the requirement for high airflow. |
| EU-Vietnam Free Trade Agreement | A trade agreement and an investment protection agreement were concluded between the European Union and Vietnam on June 30, 2019. |
| VOC content | Compounds with limited solubility in water and high vapor pressure are known as Volatile Organic Compounds (VOCs). Many VOCs are human-made chemicals that are used and produced in the manufacture of paints, pharmaceuticals, and refrigerants. |
| Emulsion Polymerization | Emulsion polymerization is a method of producing polymers or connected groups of smaller chemical chains known as monomers, in a water solution. The method is often used to make water-based paints, adhesives, and varnishes, in which the water stays with the polymer and is marketed as a liquid product. |
| 2025 National Packaging Targets | In 2018, the Australian Environment Ministry set the following 2025 National Packaging Targets: 100% of the packaging must be reusable, recyclable, or compostable by 2025, 70% of plastic packaging must be recycled or composted by 2025, 50% of average recycled content must be included in packaging by 2025, and problematic and unnecessary single-use plastic packaging must be phased out by 2025. |
| Russian Government’s Import Substitution Policy | The Western sanctions suspended the distribution of several high-tech items to Russia, including those required by the raw material export sectors and the military-industrial complex. In response, the government launched an "import substitution" scheme, appointing a special commission to oversee its implementation in early 2015. |
| Paper Substrate | Paper substrates are paper sheets, reels, or boards with a base weight of up to 400 g/m2 that has not been converted, printed or otherwise altered. |
| Insulation Material | A material that inhibits or blocks heat, sound, or electrical transmission is known as Insulation Material. The variety of insulation materials includes thick fibers like fiberglass, rock and slag wool, cellulose, and natural fibers as well as stiff foam boards and sleek foils. |
| Thermal Shock | A temperature change known as thermal shock generates stress in a material. It commonly results in material breakdown and is especially prevalent in brittle materials like ceramics. When there is a quick temperature change, either from hot to cold or vice versa, this process occurs abruptly. It occurs more frequently in materials with poor heat conductivity and insufficient structural integrity. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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