Adhesives and Sealants Market – Overview
The market for Adhesives and Sealants Market has been on an incremental growth pace. Market Research Future which deals with specialized market reports related to the chemicals and materials sector amongst others, lately published a report on this industry. is projected to be worth USD 90 Billion by 2030, registering a CAGR of 7% during the forecast period (2023 - 2030), The market was valued at USD 63.75 billion in 2021.
The sealants and adhesives incremental pace has been primarily due to the diversification in the number of application and the number of end users. Product development and R & D practices adopted by the industry have been beneficial to the progress of the market. Their applications in automobiles and waterproofing market have been the major sectors driving the growth of the market. Amplified usage of adhesives in the medical sector has added new growth prospects of the industry.
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Industry Segments
The industry for adhesives & sealants worldwide has been divided initially on types which includes acrylic adhesives, cyanoacrylates adhesives, anaerobic acrylic adhesives, acrylic sealants, polyurethanes and silicone. The segmentation of the market on application includes construction, packaging, pressure sensitive tapes, air craft, automotive and transportation among others. The technology category of the adhesives market consists of hot melt, solvent-borne, and water-borne.
Detailed Regional Analysis
The adhesive and sealant market around the world includes regions such as Europe, APAC, North America and Rest of the World. The North American market is the leading region for adhesives & sealants. The market in North America for the industry is expected to grow at an incomparable CAGR and is expected to reach double digit US$ Million in revenue by 2023. In terms of this industry, Europe is anticipated to be the second-largest market which will similarly to grow at an incremental CAGR rate.
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Global Competitive Analysis
The players in the segment are pursuing a substantial share of the market by effective application of their major resources to start long lasting growth changes. This has set off trends which are related to growth which are significantly volume driven. This has led to an increase in different ranges of product forms. The sector’s considerable transformation has enhanced the growth pace leading to experimentation with numerous advantage points. The industry’s long term development can be capitalized upon by continual ongoing process improvements and maintaining financial fluidity to invest in the optimal strategies when they are decided.
The prominent players in this market are Ashland Inc, Avery Dennison Corporation, Beardow & Adams (Adhesives) Ltd, 3M, B Fuller, Bolton Group B.V and Adco Global Inc to name a few of the competitors in the industry.
Industry Updates:
Jan 2018 APF which is a Phoenix-based maker of systems for concrete coating in commercial, industrial and residential applications along with a flooring product line has been bought by the ICP Group who has the backing of Audax Private Equity, The financial terms of the deal were not made available. This move is expected to add scale to ICP Construction’s existing business for floor coatings and will provide the group a manufacturing facility on the west coast. The acquisition of APF is the group’s 8th deal under the ownership of Audax.
Oct 2017 HB Fuller has confirmed its deal of acquisition of Royal Adhesives & Sealants from the associates of American Securities for the value of $1.575bn. HB Fuller which is a US-based manufacturer of adhesives company say the deal has come through after an agreement was reached and formalized between the parties in September. HB Fuller will gain enhanced expertise in specialty and high-value applications from this deal. Additionally, the unification of these two entities will enable expansion of their product range in construction adhesives, engineering and durable assembly.
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