Southeast Asia Adhesive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Southeast Asia Adhesives and Sealants market is segmented by adhesive technology (water-borne, solvent-borne, reactive, hot melt, and other technologies), sealant product type (silicone, polyurethane, acrylic, polyvinyl acetate, and other product types), end-user industry (building and construction, paper, board, and packaging, transportation, woodworking and joinery, footwear and leather, healthcare, electrical and electronics, and other end-user industries), and geography (Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore, and rest of Southeast Asia). Each segment's market sizing and forecasts are based on revenue (USD million).

Southeast Asia Adhesives and Sealants Market Size

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Southeast Asia Adhesives and Sealants Market - Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 6.50 %
Market Concentration Low

Major Players

Southeast Asia Adhesives and Sealants Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Southeast Asia Adhesives and Sealants Market Analysis

Southeast Asia's adhesives and sealants market is currently estimated at USD 3 billion. It is expected to reach USD 4.11 billion over the forecast period, registering a CAGR of over 6.5% during the forecast period.

Due to the COVID-19 outbreak, nationwide lockdowns worldwide, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory.

  • The demand for adhesives and sealants is extensively driven by the growing demand from the construction industry and increasing application in the packaging industry.
  • However, the growth is likely to be hindered by the stringent VOC emissions regulations related to adhesives and sealants.
  • The innovation and development of bio-based adhesives and shifting focus toward adhesive bonding for composite materials will likely offer opportunities for the adhesives and sealants market.
  • Indonesia is the region's largest market for adhesives and sealants, where the end-user industries, such as construction, electronics, and packaging, drive consumption.

Southeast Asia Adhesives and Sealants Market Trends

Building and Construction Industry to Witness Fastest Growth

  • Due to their characteristics and physical properties, adhesives and sealants include extensive use in the building and construction industry, making it the dominant end-user segment in the adhesives and sealants market.
  • Some properties of adhesives and sealants include good cohesion, adhesion and elasticity, high cohesive strength, flexibility, the high elastic modulus of the substrate, resistance from thermal expansion, and environmental resistance from UV light, corrosion, saltwater, rain, and other weathering conditions.
  • They are used in several applications, like heating, ventilation, air conditioning (HVAC), concrete, joint cement, resilient flooring, roofing, fixed window frames, etc.
  • Growing construction activities in countries such as Indonesia, Philippines, Vietnam, Indonesia, and Thailand are driving the consumption of adhesives and sealants market in the region.
  • The Vietnamese Government initiated a national housing development strategy for 2021-30 to cater to the demand of low-income earners. Many giant developers stepped in with their plans to develop housing projects. For instance, Vinomes devised a plan to build 500,000 social housing units, while Him Lam Group announced the social housing project Thuong Thanh, which will cover 60,000 sq m. The country's housing development gained traction with the Prime Minister's recent announcement of a plan to build more than 1.2 million houses by 2030.
  • Further, Thailand is one of the largest hubs for tourists. It is witnessing huge investments in expanding and constructing malls, luxury hotels, etc. The Pattaya Marriott Marquis Hotel is the largest project in Thailand's pipeline, which may be in operation by 2024, with over 900 guest rooms. This new Marriott Marquis will be part of a dual-property development, including the 398-room JW Marriott and the Pattaya Beach Resort & Spa. Marriott may add four new hotels under three of its brands across Bangkok and Pattaya in Thailand by 2027. Marriott's portfolio in Thailand includes 45 hotels and resorts, including nine properties with Asset World Corporation.
  • All the abovementioned factors are expected to boost the studied market's growth.
Southeast Asia Adhesives and Sealants Market Revenue Share

Indonesia to Dominate the Market

  • Indonesia dominates the consumption of adhesives and sealants in the region. Growing construction activities, electronics production, and increasing consumption in the packaging industry are some of the key factors driving the growth of the adhesives and sealants market in the country.
  • In Southeast Asia, Indonesia is one of the largest and fastest-growing markets. Moreover, the Indonesian government started a program to build about one million housing units across Indonesia, for which the government allocated about USD 1 billion in the budget.
  • Indonesia's construction industry experienced increased growth due to increases in infrastructure construction. In 2022, approximately 148.6 thousand small construction establishments were active in Indonesia.
  • Indonesia is Southeast Asia's largest automotive production hub. The production of automobiles for the year 2022 accounted for 1,470,146 units, an increase of 31% compared to 2020. Although the penetration of electric vehicles in the country is admissibly low, the future of the electric vehicle industry in the country looks very bright. The government is determined to support the adoption of electric vehicles in the country for producers and consumers. Moreover, the government is giving EV consumers subsidies and tax cuts to EV automakers. Indonesia is pushing for the development and manufacture of electric vehicles and battery production facilities, which in turn is likely to benefit the market growth in the country.
  • Moreover, Indonesia is developing Jawa 9 and Jawa 10, two new coal-fired power plants, to expand the Suralaya coal-fired steam power plant (CFSPP). Each unit is expected with a capacity of 1 GW. Jawa 9 is estimated to be commissioned in the fourth quarter of 2023, whereas Jawa 10 is scheduled for the first quarter of 2024.
  • Hence, all such trends in the end-user industries are expected to drive the growth of the adhesives and sealants market in the country over the forecast period.
Southeast Asia Adhesives and Sealants Market Revenue Share

Southeast Asia Adhesives and Sealants Industry Overview

Southeast Asia's adhesives and sealants market is fragmented in nature. Some of the key players in the market include 3M, Arkema Group, Sika AG, H.B. Fuller, and Henkel AG & Co. KGaA, amongst others.

Southeast Asia Adhesives and Sealants Market Leaders

  1. 3M

  2. Arkema Group

  3. Sika AG

  4. H.B. Fuller

  5. Henkel AG & Co. KGaA

*Disclaimer: Major Players sorted in no particular order

Southeast Asia Adhesives And Sealants Market - Market Concentration
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Southeast Asia Adhesives and Sealants Market News

  • February 2022: Arkema finalized the acquisition of the Performance Adhesive business of Ashland. The acquisition helped to strengthen Arkema's adhesive solutions segment and aligned with the company's strategy to become a pure Specialty Material player by 2024. The value of the transaction was USD 1.65 billion.
  • February 2022: H.B. Fuller Company announced that it had acquired FournyNV, a provider of various types of adhesives. The company is also engaged in developing bio-based adhesives.

Southeast Asia Adhesives and Sealants Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Report

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Construction Industry

      2. 4.1.2 Increasing Application in Packaging Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Adhesive Technology

      1. 5.1.1 Water Borne

        1. 5.1.1.1 Acrylic

        2. 5.1.1.2 Ethylene Vinyl Acetate (EVA) Emulsion

        3. 5.1.1.3 Polyurethane Dispersion and CR (Chloroprene Rubber) Latex

        4. 5.1.1.4 Polyvinyl Acetate (PVA) Emulsion

        5. 5.1.1.5 Other Water-borne Adhesives

      2. 5.1.2 Solvent-borne

        1. 5.1.2.1 Styrene-Butadiene Rubber (SBR)

        2. 5.1.2.2 Styrene-Butadiene Rubber (SBR)

        3. 5.1.2.3 Poly Acrylate (PA)

        4. 5.1.2.4 Other Solvent-borne Adhesives

      3. 5.1.3 Reactive

        1. 5.1.3.1 Epoxy

        2. 5.1.3.2 Modified Acrylic

        3. 5.1.3.3 Silicone

        4. 5.1.3.4 Polyurethane

        5. 5.1.3.5 Anaerobic

        6. 5.1.3.6 Cyanoacrylate

        7. 5.1.3.7 Other Reactive Adhesives

      4. 5.1.4 Hot Melt

        1. 5.1.4.1 Ethylene Vinyl Acetate

        2. 5.1.4.2 Styrenic Block Copolymers

        3. 5.1.4.3 Thermoplastic Polyurethane

        4. 5.1.4.4 Other Hot Melt Adhesives

      5. 5.1.5 Other Technologies

    2. 5.2 Sealant Product Type

      1. 5.2.1 Silicone

      2. 5.2.2 Polyurethane

      3. 5.2.3 Acrylic

      4. 5.2.4 Polyvinyl Acetate

      5. 5.2.5 Other Product Types

    3. 5.3 End-user Industry

      1. 5.3.1 Building and Construction

      2. 5.3.2 Paper, Board, and Packaging

      3. 5.3.3 Transportation

      4. 5.3.4 Woodworking and Joinery

      5. 5.3.5 Footwear and Leather

      6. 5.3.6 Healthcare

      7. 5.3.7 Electrical and Electronics

      8. 5.3.8 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Indonesia

      2. 5.4.2 Vietnam

      3. 5.4.3 Thailand

      4. 5.4.4 Malaysia

      5. 5.4.5 Philippines

      6. 5.4.6 Singapore

      7. 5.4.7 Rest of Southeast Asia

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 Arkema Group

      3. 6.4.3 Ashland

      4. 6.4.4 Avery Dennison Corporation

      5. 6.4.5 Beardow Adams

      6. 6.4.6 Dow

      7. 6.4.7 DuPont

      8. 6.4.8 Dymax Corporation

      9. 6.4.9 Franklin International

      10. 6.4.10 H.B. Fuller Company

      11. 6.4.11 Henkel AG & Co. KGaA

      12. 6.4.12 Huntsman International LLC

      13. 6.4.13 ITW Performance Polymers (Illinois Tool Works Inc.)

      14. 6.4.14 Jowat AG

      15. 6.4.15 Mapei Inc.

      16. 6.4.16 Tesa SE (A Beiersdorf Company)

      17. 6.4.17 MUNZING Corporation

      18. 6.4.18 Pidilite Industries Ltd.

      19. 6.4.19 Sika AG

      20. 6.4.20 Wacker Chemie AG

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovation and Development of Bio-based Adhesives

    2. 7.2 Shifting Focus Toward Adhesive Bonding for Composite Materials

**Subject to Availability
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Southeast Asia Adhesives and Sealants Industry Segmentation

Adhesives are made from a combination of resins, additives, and solvents. The composition of the resins and additives entirely depends on the end use to which they are put. The market is segmented by adhesive technology, sealant product type, geography, and end-user industry. The market is segmented by adhesive technology into water-borne, solvent-borne, reactive, hot melt, and other technologies. By sealant product type, the market is segmented into silicone, polyurethane, acrylic, polyvinyl acetate, and other product types. The end-user industry segments the market into building and construction, paper, board, packaging, transportation, woodworking and joinery, footwear and leather, healthcare, electrical, electronics, and other industries. Each segment's market sizing and forecasts are based on value (USD).

Adhesive Technology
Water Borne
Acrylic
Ethylene Vinyl Acetate (EVA) Emulsion
Polyurethane Dispersion and CR (Chloroprene Rubber) Latex
Polyvinyl Acetate (PVA) Emulsion
Other Water-borne Adhesives
Solvent-borne
Styrene-Butadiene Rubber (SBR)
Styrene-Butadiene Rubber (SBR)
Poly Acrylate (PA)
Other Solvent-borne Adhesives
Reactive
Epoxy
Modified Acrylic
Silicone
Polyurethane
Anaerobic
Cyanoacrylate
Other Reactive Adhesives
Hot Melt
Ethylene Vinyl Acetate
Styrenic Block Copolymers
Thermoplastic Polyurethane
Other Hot Melt Adhesives
Other Technologies
Sealant Product Type
Silicone
Polyurethane
Acrylic
Polyvinyl Acetate
Other Product Types
End-user Industry
Building and Construction
Paper, Board, and Packaging
Transportation
Woodworking and Joinery
Footwear and Leather
Healthcare
Electrical and Electronics
Other End-user Industries
Geography
Indonesia
Vietnam
Thailand
Malaysia
Philippines
Singapore
Rest of Southeast Asia
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Southeast Asia Adhesives and Sealants Market Research FAQs

The Southeast Asia Adhesives and Sealants Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

3M, Arkema Group, Sika AG, H.B. Fuller and Henkel AG & Co. KGaA are the major companies operating in the Southeast Asia Adhesives and Sealants Market.

The report covers the Southeast Asia Adhesives and Sealants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Adhesives and Sealants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Southeast Asia Adhesive Industry Report

Statistics for the 2024 Southeast Asia Adhesive market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Southeast Asia Adhesive analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Southeast Asia Adhesive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)