The global adhesive and sealant market is
estimated to reach nearly USD 52 billion by 2024 (2016 to 2024 - forecast
period). Adhesives are substances which permanently join two surfaces or
materials. Sealants, on the other hand, are used to bind the gaps between two
materials. They prevent liquid-seepage through openings.
The market had a
demand of 11.7 million tons (in terms of volumes) in 2015. Growth of
automotives, packaging, and construction industries is anticipated to fuel
these volumes till 2024. Infrastructural developments and need for reducing
vehicular-weights are the primary market drivers. Strict regulations
encouraging bio-based products can challenge market growth.
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Bio-based adhesives
are gaining prominence due to their low manufacturing costs and
eco-friendliness. The adhesive and sealant industry is divided on the basis of
technologies, products, applications, and regions. Solvent-based, water-based,
reactive & others, and hot melt are the technologies.
Water-based led
with over 40% shares in 2015. It exceeded USD 8 billion that year. This segment
is predicted to dominate over the next eight years. The same can be credited to
its ability to lower VoC (volatile organic content) emissions.
Adhesive products
include acrylic, polyvinyl acetate (PVA), polyurethanes, styrenic block, epoxy,
ethylene-vinyl acetate (EVA), and others. Sealant products encompass
polyurethanes, silicones, acrylic, PVA, and others. Acrylic adhesives generated
almost USD 5 billion in 2015. They are used to develop UV light curing and
waterborne & heat resistant technologies.
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EVA adhesives
accounted for over 400 kilotons (KT) in 2015. They should regain their shares
in the near future. Silicone sealants reportedly surpassed USD 2 billion in
2015. They will grow further due to expanding automotives and construction
industries.
Pressure sensitive,
automotives, footwear, furniture, construction, medical, packaging, and others
constitute the adhesive applications. Pressure sensitive tapes, assemblies,
packaging, automotives, construction, and others are the sealant applications.
Pressure sensitive
adhesive applications were valued over USD 6 billion in 2015. They are expected
to generate over 4 KT by 2024, at 4.8% CAGR. Packaging accounted for over 20%
demand in 2015. Automotive sealants generated more than 18% demand the same
year. They can exhibit 5.4% CAGR till 2024.
Automotive
adhesives would grow at about 5% CAGR from 2016 to 2024. Their key applications
comprise carpeting, sealing doors & windows, and bonding decorative trims,
side moldings, & vinyl roofs.
North America,
Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East &
Africa (MEA) are geographies in the adhesive and sealant market. APAC reigned
over the global market in 2015, earning above USD 11 billion. Increased budgets
for development projects in India, China, & Indonesia may boost regional
demand.
North America
captured over 20% shares with respect to demand in 2015. It is expected to
witness slow growth in the forecast period. The demand for silicone sealants in
Europe exceeded 150 KT in 2015. It will expand significantly. LATAM is led by
Brazil and followed by Argentina & Mexico.
Major players
operating in the worldwide adhesive and sealant market include the 3M Company,
The Dow Chemical Company, Henkel AG & Co. KGaA, and H. B. Fuller. Together,
they hold more than 45% of the industry.
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