Forecast for the growth of the global adhesives and sealants market by 2030
The global adhesives and sealants market is estimated to reach $237.07 billion by 2030 and is expected to grow at a CAGR of 10.1% from 2024 to 2030.
Construction and building sector driving market growth
The positive outlook for infrastructure projects across Asia, the United States, the Middle East, and Eastern Europe is likely to drive demand for adhesives and sealants in the coming years. With environmental regulations pushing industry participants to use eco-friendly products, it is anticipated that water-based and solventless products will gain more popularity in the market in the near future.
Increasing infrastructure spending in residential and commercial sectors worldwide has led to a rise in the installation of various flooring types, such as wood and resilient flooring, which in turn boosts the consumption of adhesives and sealants. The growing need for residential space due to population growth, along with rising living standards, will contribute to the growth of this global industry.
Demand for sustainable and eco-friendly products
The use of adhesive products is replacing mechanical fasteners in industries such as automotive, aerospace, and packaging. Interestingly, utilizing such products instead of conventional equipment results in a reduction of the final product’s weight, which has become a primary focus in the automotive and aerospace industries over the past half-decade. Most formulators in the packaging industry are also relying on adhesives instead of heavy bolt-and-nut techniques to minimize their transportation costs.
Consequently, significant demand arises across multiple application areas as buyers from various fields seek high-quality, sustainable, and eco-friendly products. The demand for adhesives and sealants with lower levels of volatile organic compounds (VOCs) has been steadily increasing, as these materials provide aesthetically pleasing bonding solutions across multiple substrates while simultaneously complying with international and regional governmental regulations.
Water-based products are also environmentally friendly since their VOC levels are zero and they exhibit good resistance to prolonged temperature and humidity.
Acrylic segment expected to dominate the market
The acrylic segment is expected to dominate the market, holding a share of approximately 36.7% in 2023.
The paper and packaging sector accounted for a volume share of 29.38% of global adhesive demand in 2023. The increasing demand for flexible packaging in food industries such as food and beverages is anticipated to further benefit the expansion of this industry.
The water-based technology segment is expected to grow due to excellent bonding quality, rapid setting speed, and reduced use of solvent-based formulations. This segment is likely to grow at a CAGR of 6.9% from 2024 to 2030 in terms of revenue.
Highest growth in the Asia-Pacific region
In terms of volume, Asia-Pacific was the largest regional market in 2023 and is expected to maintain its dominance during the forecast period.
The region’s growth is primarily attributed to the expansion of industrial sectors in countries such as China, India, South Korea, Indonesia, and Singapore.