North America Adhesives and Sealants Market: Recent Developments and Competitive Landscape
Posted on Mar 17 2023 6:37 AM
"By the adhesive technology, the market is divided into the water-based, solvent-based, hot melt, and reactive. By application, the market is segmented into paper packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather and footwear, and others. "
North America adhesives and sealants market size is expected to gain momentum by reaching USD 19.35 billion by 2028 while exhibiting a CAGR of 4.2% between 2021 to 2028. In its report titled "North America Adhesives and Sealants Market, 2021-2028," Fortune Business Insights mentions that the market stood at USD 14.00 billion in 2020.
The availability of sustainable and greener adhesives positively promotes its market since it is safe for people's health and the environment. The increasing consumption of such products reduces the carbon footprint and contributes to the overall sustainability in different packaging applications, such as bottle labeling, paper lamination, and carton sealing. Moreover, water-based adhesives, such as animal glue and LD Davis, are extremely safe for food packaging. These water-based adhesives are made of gelatins that are used in the pharma industry to make capsules. Thus, the market is expected to rise during the foreseeable years.
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By the adhesive technology, the market is divided into the water-based, solvent-based, hot melt, and reactive. By application, the market is segmented into paper packaging, building & construction, woodworking, consumer/DIY, automotive & transportation, leather and footwear, and others.
- Based on application, the paper packaging segment held a major market share as adhesives play a major role in packaging applications. It is needed to manufacture books, and toilet roils magazines, tissues, and many other such products. Additionally, adhesives are used to manufacture rigid packs from carton board, sticking labels on packaging boxes. All this is extensively used in almost all industries to ship their products.
Lastly, based on region, the market is divided into the U.S. and Canada.
What does the Report Provide?
The market report for North America adhesives and sealants provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth.
Rising Automotive Sector to Drive Market Growth
The rising disposable income has increased the demand for passenger cars, which positively promotes adhesives and sealants market growth as car manufacturers use sealants to protect the vehicle's surface and provide a glossy effect. Moreover, the use of adhesives in the construction sector is also promoting the market growth. Such adhesives are required in wide applications such as fixing roof tiles, adhering to ceramic tiles, and drywall laminations. Additionally, the growing demand for wood houses and flooring in the U.S and its use in nonstructural and structural bonding is fueling the market growth.
On the contrary, some adhesives are considered dangerous as they are volatile. The U.S. Environmental Protection Agency (EPA) reported that prolonged exposure to a high VOC concentration causes nose and eye irritation, headache, breathing difficulties, and long-term damage to the kidney and liver.
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Growing Awareness about Sustainable Packaging in the U.S. to Fuel the Market
North America adhesives and sealants market share in the United States stood at USD 11.88 billion in 2020. In North America, demand for adhesive is rising owing to the inclination towards flexible packaging. Additionally, demand for recyclable products has increased in the region. As per the United States Environmental Protection Agency, in the year 2019, the number of recycled packaging containers was 53.9 percent. Apart from its use in the packaging industry, growing demand from construction, automotive & transportation, packaging, and electronics industries, will augment the market growth in the U.S. in foreseeable years.
Key Players Focus on Launching Innovative Products to Intensify Competition
The market is consolidated by the presence of major companies striving to maintain their position by expanding their services and launching new products in the market. For instance, In February 2021, H.B. Fuller announced the launch of high-performance adhesives with Swift tak 5730 grade. It will help to create a safe consumer experience, and it is compatible with fast-moving machines. Moreover, other key players are adopting proactive strategies such as collaborations, acquisitions, mergers, and facility expansion to favor the market's growth in the forthcoming years.
- April 2021: B. Fuller announced the launch of flexible packaging in the market. It came up with two compostable adhesive solutions, the Flextra Evolution brand, including SF1000CP/XR2000CP and WB1200CP/XR2200CP solutions.
List of Key Players Profiled in the Market for North America Adhesives and Sealants
- Henkel Corporation (Düsseldorf, Germany)
- Sika AG (Baar, Switzerland)
- B. Fuller Company (Minnesota, U.S.)
- Evonik Industries (Essen, Germany)
- RPM International Inc. (Ohio, U.S.)
- Dow (Michigan, U.S.)
- Wacker Chemie AG (Munich, Germany)
- Arkema (Colombes, France)
- Pecora (Pennsylvania, U.S.)
- Momentive (New York, U.S.)
- MBCC Group (Mannheim, Germany)
- PPG Industries (Pennsylvania, U.S.)
- The Sherwin-Williams Company (Ohio, U.S.)
- Other Key Players
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