The adhesives & sealants market is projected to grow from USD 71.4 billion in 2021 to USD 85.8 billion by 2026, at a CAGR of 3.7% between 2021 and 2026. The major drivers for the market are increased demand for adhesives in the medical industry, increasing demand for adhesives & sealants from the building & construction industry, and growth in the appliances industry.
Asia Pacific is projected to lead the adhesives & sealants market during the forecast period which is driven by high economic growth and heavy investments in packaging, automotive, building & construction, medical, and electronic industries. Asia Pacific is increasingly becoming an important global trade and commerce center. Various companies and other international players are setting up new plants or expanding their existing adhesives & sealants production units in this region because of the low cost of production and the ability to serve the local emerging market.
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The key market players are Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), Avery Dennison Corporation (US), Dow Inc. (US), and Wacker Chemie AG (Germany). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, partnership & agreement, and joint venture to grow in the market. New product launch was the key strategy adopted by the major players between 2016 and 2022. This strategy helped companies strengthen their product portfolios and cater to the rising needs of end-users.
Henkel AG (Germany) is the leading company in the manufacturing of adhesives & sealants. It has a diversified product portfolio with several investments in product innovation. Its customers can choose from a wide variety of adhesive & sealant products. It has a strong network for distributing and manufacturing adhesives with more than 138 production sites to meet the changing demands of the adhesives & sealants industry, worldwide. The company continuously focuses on its organic & inorganic growth. This will boost the growth of the company and, also, its adhesives & sealants business, globally. In May 2021, Henkel AG announced the construction of a new Adhesive Technologies Innovation Center in Shanghai. With an investment of more than 60 million Euro (USD 71 million), this facility will transform Henkel’s current Zhangjiang site into an Innovation Center for China and Asia-Pacific. The new site will strengthen the position of Henkel Adhesive Technologies to serve a variety of industries and develop leading adhesives, sealants and functional coatings solutions for customers in the region.
The second most active company in the market is H.B. Fuller (US). The company offers broad products in the adhesives & sealants range. It focuses on R&D for new product and innovation. It is one of the leading industrial adhesives & sealants manufacturers and has a good position in the market. It has a presence in diversified geographical markets. The company is continuously focusing on organic and inorganic growth strategies, which are expected to increase its presence and revenue, globally. As a part of inorganic growth, in June 2020, H.B. Fuller announced the opening of a new business office in Johannesburg, South Africa, and a network spanning three warehouses across the country to support its ambitious growth plans in the region. The new H.B. Fuller entity will offer customers local adhesive expertise and a globally connected team with deep industry knowledge spanning the 28 market segments served by the company.
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