The Global Adhesives and Sealants Market was valued at over USD 59 billion in 2020 and the market is projected to register a CAGR of over 4.5% during the forecast period (2021-2026). Owing to the COVID-19 impact across the world, various construction activities have been halted and industrial activities have been put on hold for quite a long period. For instance, according to OICA, automobile production has declined by around 23% in the first nine months of 2020 compared to the same period in 2019. This has negatively affected the demand for adhesives and sealants in 2020.
- Over the medium term, major factors driving the growth of the market studied are the shifting focus toward the usage of composites and the increasing demand from the packaging industry.
- The packaging segment dominated the market and is likely to grow during the forecast period, owing to the robust growth in demand for packaging materials from the food and beverage and e-retail companies.
- The rising demand for bio-based adhesives is likely to provide huge opportunities for the market studied over the forecast period.
- Asia-Pacific dominated the market across the world, with robust demand from the end-user industries, such as packaging, transportation, electronics, construction, and furniture industry.
Key Market Trends
The Paper, Board, and Packaging Segment to Dominate the Market Demand
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- The paper, board, and packaging segment is the largest consumer of the adhesives and sealants market. The packaging industry has been witnessing strong demand from end-user industries, such as food and beverages, cosmetics, consumer goods, stationery, and other end-user industries.
- Online retail shopping is increasing at a higher rate with the rising internet technologies and web applications, which has largely supported the growth of the packaging industry.
- Moreover, the demand for cosmetics and food and beverage products is expected to grow due to the growing population and demand for quality products, urbanization, and consumers inclining toward technology, hence fueling the demand for the packaging industry.
- Asia-Pacific is expected to witness the strongest growth in the demand for packaging materials, due to the robust economic performance of the developing countries, promising robust market demand, and the growing population, which is adding new demand to the market.
- The flexible packaging market in Asia-Pacific region is expected to reach USD 131 billion by 2023 at an estimated CAGR of over 4.5% during the period 2018-2023.
- Matured markets like Europe and North America are also expected to witness noticeable growth in their packaging industry due to the influence of the online retail business trends.
- Hence, with such robust growth of packaging industry across the world, the demand in the adhesives and sealants market is also expected to increase during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share of more than 40%. The increasing demand from industries, such as packaging, construction, and electronics in the countries such as China, India, and Japan.
- Industries such as food and beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.
- Manufacturing companies have been shifting to flexible packaging, as it is lightweight and helps to facilitate selling products in different quantities without making much difference in packaging cost, as in the case of metal or glass packaging.
- This has been leading to robust growth in the demand for flexible packaging, which is further creating a noticeable demand for adhesives in packaging applications.
- The Chinese automotive manufacturing industry is the largest in the world. The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. The similar trend continued in 2019, with the production witnessing a 7.5% decline in 2019. According to the China Association of Automobile Manufacturers (CAAM), the automotive production has witnessed a decline of around 6.7% in the first nine months of 2020.
- Hence, such market trends are expected have significant impact on the growth of the adhesives and sealants market in the region during the forecast period.
Competitive Landscape
The market for adhesives and sealants is fragmented with the top five players accounting for almost 36% of the market. Some of the major players in the market include Henkel AG & Co. KGaA, 3M, H.B. Fuller Company, Arkema Group (Bostik SA), and Sika AG, amongst others.
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