Adhesives And Sealants Market to Expand at 6% CAGR with Rising Applicationin Different Industry Verticals

June 24 19:22 2024
Adhesives And Sealants Market to Expand at 6% CAGR with Rising Applicationin Different Industry Verticals
Skyquest Technology
Adhesives And Sealants Market Size, Share, Growth Analysis, By Adhesive Technology(Water-Based Adhesives, Solvent-Based Adhesives, Hot-Melt Adhesives, Reactive), By Sealant Resin Type(Polyurethanes, Silicone, Plastisol, Emulsion), By Adhesives Applications(Paper & Packaging, Building & Construction, Woodworking, Automotive & Transportation), By Sealants Application(Building & Construction, Automotive & Transportation, Consumer, Others), By Region – Industry Forecast 2024-2031

Adhesives and Sealants Market size was valued at USD 67.48 billion in 2022 and is poised to grow from USD 71.5 billion in 2023 to USD 114 billion by 2031, growing at a CAGR of 6.0% in the forecast period (2024-2031). 

Adhesives are products that can help two surfaces or materials to be held together whereas sealants attach surfaces by creating a protective barrier between them. High use of lightweight materials and growing demand for novel adhesion solutions are forecasted to bolster the adhesives and sealants market growth in the future.

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Rapidly expanding manufacturing and construction activity around the world is a major catalyst for adhesives and sealants demand. The high use of advanced adhesives and sealants to join lightweight components in the automotive industry is also offering new opportunities for adhesives and sealants market players around the world. Investments in developing novel adhesives and sealants without toxic chemicals will also foster new business scope for adhesives and sealants manufacturers across the forecast period and beyond. Advancements in adhesives and sealants manufacturing technologies will also change the course of market development in the future.

New Launches and Production Capacity Expansion to Be Top Priority of Adhesives and Sealant Companies

Adhesives and sealant manufacturers are focusing on launching new products to stay competitive in the market. Companies are also navigating bans on volatile organic compounds (VOCs) and compliance with sustainability mandates to gain a competitive advantage over other market players. Market players are also exploring new industries to expand their application scope and boost revenue generation in the future. Established adhesives and sealant companies are targeting acquisitions to eliminate their competition and expand their market presence on a global level. Product innovation and revolutionizing production processes are also slated to be key trends that companies should watch out for going forward.

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  • A new manufacturing facility for tile adhesives was inaugurated by Pidilite Industries Ltd. in April 2024. The new facility is completely automated and situated in Sandila, Lucknow, India. The company intended to expand the footprint of its tile adhesive business in North India.
  • H.B. Fuller, a top name in the industrial adhesive business, launched its new bio-compatible adhesive for medical applications for India, the Middle East, and Africa back in January 2023. Swift®melt 1515-I has an ISO 10993-5 certification for cytotoxicity and this helps the product to be used in multiple use cases.
  • Arkema, a leading adhesive provider based in France, announced the acquisition of Arc Building products in December 2023. Through this acquisition, Arkema strengthened its market presence in the adhesive business as Arc specialized in the development of novel construction sealants and adhesives.
  • Back in July 2021, a new range of polyurethane sealant products was launched by Bostik, a renowned provider of adhesives for the construction industry. The new range was focused on sealing and bonding applications.

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The global adhesives and sealants market is currently saturated with many established companies, which is why innovation will help companies stand out in this market. New companies might have a tough time making a name for themselves in the market but with the right product and strategy, they sure could make a mark in this market on a global level. Sustainability will be the mainstay trend for all adhesives and sealants providers looking to make a mark in this market in the short term or long term.

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