Singapore Sealants Market Size
Study Period | 2017 - 2028 | |
Market Size (2024) | USD 30.92 Million | |
Market Size (2028) | USD 36.29 Million | |
Largest Share by End User Industry | Healthcare | |
CAGR (2024 - 2028) | 4.09 % | |
Fastest Growing by End User Industry | Aerospace | |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Singapore Sealants Market Analysis
The Singapore Sealants Market size is estimated at 30.92 million USD in 2024, and is expected to reach 36.29 million USD by 2028, growing at a CAGR of 4.09% during the forecast period (2024-2028).
30.92 Million
Market Size in 2024 (USD)
36.29 Million
Market Size in 2028 (USD)
3.28 %
CAGR (2017-2023)
4.09 %
CAGR (2024-2028)
Largest Market by End-user Industry
24.16 %
value share, Healthcare, 2023
In Singapore, healthcare is the dominant end-user industry owing to the wide range of sealant applications for medical device production and assembly.
Fastest Growing Market by End-user Industry
5.99 %
Projected CAGR, Aerospace, 2024-2028
The aerospace industry is likely to witness the fastest growth owing to the increasing demand for civil and general aircraft in the country.
Largest Market by Resin
50.85 %
value share, Silicone, 2023
Silicone sealant accounts for the largest share owing to its wide applications in healthcare, electronics, building and construction, and other end-user industries.
Fastest Growing Market by Resin
4.42 %
Projected CAGR, Polyurethane, 2024-2028
Owing to their wide applications in building construction and automotive industries, specifically for exterior applications, polyurethane resin is expected to witness the fastest growth over the coming years.
Leading Market Player
20.03 %
market share, Shin-Etsu Chemical Co., Ltd., Ltd.
Shin-Etsu Chemical Co. Ltd has witnessed an increase in its sales volume in Singapore due to the popularity of its products, mostly in the building and construction industry.
The forecasted growth in the medical device manufacturing of Singapore to significantly influence the sealants demand in the country
- The Singaporean sealants market is dominated mainly by the other end-user industries segment, followed by the healthcare industry. The other end-user industries segment comprises electronics and electrical components, locomotive, marine, DIY, etc., of which the electronics industry holds the major share due to the diverse applications. They are used for sealing sensors and cables, etc. Moreover, the rapid growth of e-commerce activities and the strong market positioning of the consumer electronics segment are likely to propel the size of the Singaporean sealants market. However, the electronics industry's growth declined in 2020 due to the COVID-19 pandemic and resultant restrictions, which caused a scarcity of raw materials. However, the raw materials supply chain was restored in 2021, which led to a hike in demand for sealants across the country.
- DIY applications, such as waterproofing, weather-sealing, cracks-sealing, and joint-sealing, have also recently gained popularity. Sealants are designed to provide longevity and ease of application on different substrates. The DIY industry in Singapore is expected to grow at a rate of 14.31%, which will create scope for the sealants market over the coming years.
- The healthcare industry primarily uses sealants for assembling and sealing medical device parts. Medical-grade sealants have unique applicability to various substrates such as glass, metal, plastic, painted surfaces, etc., and their features, such as weather-proofing, heat resistance, and anti-aging, are likely to boost the sealants' demand. Singapore is expected to register significant growth in medical device manufacturing due to unprecedented demand from the domestic sector. Such developments are expected to boost sealant demand over the forecast period.
Singapore Sealants Market Trends
Ongoing and upcoming investments in the construction of public buildings will support the end-user industry
- The Singaporean construction industry is projected to record a CAGR of about 2.6% during the forecast period from 2022 to 2028. The construction demand hit a five-year high in 2019, with an estimated SGD 33.4 billion worth of projects awarded, higher than its top-end projection of SGD 32 billion. This represented a 9.5% increase in construction demand compared to 2018. However, in 2020, due to the impact of the COVID-19 pandemic, which disrupted project implementation schedules, the preliminary figure for construction demand witnessed a decline of 36.5% to SGD 21.3 billion. The Singaporean construction adhesives and sealants market is projected to record a CAGR of about 2.86% in volume and 5.31% in value during the forecast period 2022-2028.
- Public sector construction declined from SGD 19 billion in 2019 to SGD 13.2 billion in 2020, as certain large infrastructure projects were postponed due to the need for more time to examine the pandemic's impact on resource management and project scheduling. Moreover, construction demand in Singapore is estimated to be between USD 27 billion and USD 32 billion in 2022, and the public sector is likely to provide roughly 60% of the overall demand. The public sector's construction demand is expected to range between USD 16 billion and USD 19 billion.
- On the other hand, residential construction in Singapore remains weak due to the growing stock of unsold buildings, further aggravated by the economic downturn due to the COVID-19 pandemic. However, to reduce the population density in dormitories amid the pandemic, the government had planned to construct additional housing for around 60,000 migrant workers by the end of 2020. These factors are expected to restrain the demand for adhesives and sealants over the forecast period.
Increasing demand from civil aviation will propel the aerospace industry in the country
- The aerospace sector in Singapore dominates the Asia-Pacific market. The Singaporean aerospace sector registered a CAGR of 8.6% during the last two decades, with a total yearly output of more than USD 8 billion in 2020. It is a significant economic driver for Singapore.
- Singapore strives to improve its infrastructure as the principal aviation hub in Asia-Pacific to capitalize on anticipated development patterns. The Changi Airport is witnessing the construction of the massive Terminal 5. When it is finished in the 2030s, Changi Terminal 5 (T5) is expected to be one of the largest airport terminals in the world. In its initial operation phase, T5 will have the capacity to handle up to 50 million passengers annually, bringing the airport's total annual passenger handling capacity to 135 million.
- Along with pressing forward with the construction of Changi Terminal 5, Singapore's aviation industry hopes to have restored 85% to 90% of its pre-COVID-19 pandemic workforce by the end of 2022 after losing a third of its 35,000 staff to the pandemic.
- Civil aviation holds the largest share of Singapore's aerospace industry. Around 16 civil aircraft were delivered to the country in 2021, compared to 9 units in 2020, and it is forecasted that around 32 civil aircraft will be needed in 2028. In addition, ongoing collaborations between businesses and research institutions aim to expand Singapore's small satellite capacity and produce innovative space services and applications. Therefore, all the abovementioned factors are likely to impact the market studied.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Import dependency will likely squeeze the industry size in the upcoming years
Singapore Sealants Industry Overview
The Singapore Sealants Market is moderately consolidated, with the top five companies occupying 52.63%. The major players in this market are 3M, Dow, Henkel AG & Co. KGaA, Shin-Etsu Chemical Co., Ltd. and Sika AG (sorted alphabetically).
Singapore Sealants Market Leaders
3M
Dow
Henkel AG & Co. KGaA
Shin-Etsu Chemical Co., Ltd.
Sika AG
Other important companies include ALTECO co., ltd., Arkema Group, H.B. Fuller Company, PFE Technologies Pte Ltd, Soudal Holding N.V..
*Disclaimer: Major Players sorted in alphabetical order.
Singapore Sealants Market News
- January 2020: H.B. Fuller Company introduced a new range of Gorilla professional-grade adhesives and sealants for MRO industrial applications.
- April 2019: Dow completed the separation of its Material Science division through a spin-off of Dow Inc.
Free with this Report
We provide a complimentary and exhaustive set of data points on global and regional metrics that present the fundamental structure of the industry. Presented in the form of 24+ free charts, the section covers rare data on various end-user production trends including automobile production, newly built construction floor area, packaging production, aircraft deliveries, footwear production, and regional data on adhesives and sealants demand, etc.
Singapore Sealants Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
-
4.1 End User Trends
- 4.1.1 Aerospace
- 4.1.2 Automotive
- 4.1.3 Building and Construction
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4.2 Regulatory Framework
- 4.2.1 Singapore
- 4.3 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2028 and analysis of growth prospects)
-
5.1 End User Industry
- 5.1.1 Aerospace
- 5.1.2 Automotive
- 5.1.3 Building and Construction
- 5.1.4 Healthcare
- 5.1.5 Other End-user Industries
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5.2 Resin
- 5.2.1 Acrylic
- 5.2.2 Epoxy
- 5.2.3 Polyurethane
- 5.2.4 Silicone
- 5.2.5 Other Resins
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
-
6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
- 6.4.1 3M
- 6.4.2 ALTECO co., ltd.
- 6.4.3 Arkema Group
- 6.4.4 Dow
- 6.4.5 H.B. Fuller Company
- 6.4.6 Henkel AG & Co. KGaA
- 6.4.7 PFE Technologies Pte Ltd
- 6.4.8 Shin-Etsu Chemical Co., Ltd.
- 6.4.9 Sika AG
- 6.4.10 Soudal Holding N.V.
7. KEY STRATEGIC QUESTIONS FOR ADHESIVES AND SEALANTS CEOS
8. APPENDIX
-
8.1 Global Adhesives and Sealants Industry Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework (Industry Attractiveness Analysis)
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Drivers, Restraints, and Opportunities
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- VOLUME OF AIRCRAFTS DELIVERED, UNITS, SINGAPORE, 2017-2028
- Figure 2:
- PRODUCTION VOLUME OF AUTOMOBILES, UNITS, SINGAPORE, 2017-2028
- Figure 3:
- FLOOR AREA OF NEW CONSTRUCTION, SQUARE FEET, SINGAPORE, 2017-2028
- Figure 4:
- VOLUME OF SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 5:
- VALUE OF SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 6:
- VOLUME OF SEALANTS CONSUMED BY END USER INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 7:
- VALUE OF SEALANTS CONSUMED BY END USER INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 8:
- VOLUME SHARE OF SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2016 VS 2022 VS 2028
- Figure 9:
- VALUE SHARE OF SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2016 VS 2022 VS 2028
- Figure 10:
- VOLUME OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 11:
- VALUE OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 12:
- VALUE SHARE OF SEALANTS CONSUMED IN AEROSPACE INDUSTRY BY RESIN, %, SINGAPORE, 2021 VS 2028
- Figure 13:
- VOLUME OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 14:
- VALUE OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 15:
- VALUE SHARE OF SEALANTS CONSUMED IN AUTOMOTIVE INDUSTRY BY RESIN, %, SINGAPORE, 2021 VS 2028
- Figure 16:
- VOLUME OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 17:
- VALUE OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 18:
- VALUE SHARE OF SEALANTS CONSUMED IN BUILDING AND CONSTRUCTION INDUSTRY BY RESIN, %, SINGAPORE, 2021 VS 2028
- Figure 19:
- VOLUME OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 20:
- VALUE OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 21:
- VALUE SHARE OF SEALANTS CONSUMED IN HEALTHCARE INDUSTRY BY RESIN, %, SINGAPORE, 2021 VS 2028
- Figure 22:
- VOLUME OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 23:
- VALUE OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY, USD, SINGAPORE, 2017 - 2028
- Figure 24:
- VALUE SHARE OF SEALANTS CONSUMED IN OTHER END-USER INDUSTRIES INDUSTRY BY RESIN, %, SINGAPORE, 2021 VS 2028
- Figure 25:
- VOLUME OF SEALANTS CONSUMED BY RESIN, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 26:
- VALUE OF SEALANTS CONSUMED BY RESIN, USD, SINGAPORE, 2017 - 2028
- Figure 27:
- VOLUME SHARE OF SEALANTS CONSUMED BY RESIN, %, SINGAPORE, 2016 VS 2022 VS 2028
- Figure 28:
- VALUE SHARE OF SEALANTS CONSUMED BY RESIN, %, SINGAPORE, 2016 VS 2022 VS 2028
- Figure 29:
- VOLUME OF ACRYLIC SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 30:
- VALUE OF ACRYLIC SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 31:
- VALUE SHARE OF ACRYLIC SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2021 VS 2028
- Figure 32:
- VOLUME OF EPOXY SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 33:
- VALUE OF EPOXY SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 34:
- VALUE SHARE OF EPOXY SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2021 VS 2028
- Figure 35:
- VOLUME OF POLYURETHANE SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 36:
- VALUE OF POLYURETHANE SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 37:
- VALUE SHARE OF POLYURETHANE SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2021 VS 2028
- Figure 38:
- VOLUME OF SILICONE SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 39:
- VALUE OF SILICONE SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 40:
- VALUE SHARE OF SILICONE SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2021 VS 2028
- Figure 41:
- VOLUME OF OTHER RESINS SEALANTS CONSUMED, KILOGRAM, SINGAPORE, 2017 - 2028
- Figure 42:
- VALUE OF OTHER RESINS SEALANTS CONSUMED, USD, SINGAPORE, 2017 - 2028
- Figure 43:
- VALUE SHARE OF OTHER RESINS SEALANTS CONSUMED BY END USER INDUSTRY, %, SINGAPORE, 2021 VS 2028
- Figure 44:
- MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, SINGAPORE, 2019 - 2021
- Figure 45:
- MOST ADOPTED STRATEGIES, COUNT, SINGAPORE, 2019 - 2021
- Figure 46:
- REVENUE SHARE OF SEALANTS BY MAJOR PLAYERS, %, SINGAPORE, 2021
Singapore Sealants Industry Segmentation
Aerospace, Automotive, Building and Construction, Healthcare are covered as segments by End User Industry. Acrylic, Epoxy, Polyurethane, Silicone are covered as segments by Resin.
- The Singaporean sealants market is dominated mainly by the other end-user industries segment, followed by the healthcare industry. The other end-user industries segment comprises electronics and electrical components, locomotive, marine, DIY, etc., of which the electronics industry holds the major share due to the diverse applications. They are used for sealing sensors and cables, etc. Moreover, the rapid growth of e-commerce activities and the strong market positioning of the consumer electronics segment are likely to propel the size of the Singaporean sealants market. However, the electronics industry's growth declined in 2020 due to the COVID-19 pandemic and resultant restrictions, which caused a scarcity of raw materials. However, the raw materials supply chain was restored in 2021, which led to a hike in demand for sealants across the country.
- DIY applications, such as waterproofing, weather-sealing, cracks-sealing, and joint-sealing, have also recently gained popularity. Sealants are designed to provide longevity and ease of application on different substrates. The DIY industry in Singapore is expected to grow at a rate of 14.31%, which will create scope for the sealants market over the coming years.
- The healthcare industry primarily uses sealants for assembling and sealing medical device parts. Medical-grade sealants have unique applicability to various substrates such as glass, metal, plastic, painted surfaces, etc., and their features, such as weather-proofing, heat resistance, and anti-aging, are likely to boost the sealants' demand. Singapore is expected to register significant growth in medical device manufacturing due to unprecedented demand from the domestic sector. Such developments are expected to boost sealant demand over the forecast period.
End User Industry | Aerospace |
Automotive | |
Building and Construction | |
Healthcare | |
Other End-user Industries | |
Resin | Acrylic |
Epoxy | |
Polyurethane | |
Silicone | |
Other Resins |
Market Definition
- End-user Industry - Building & Construction, Automotive, Aerospace, Healthcare, and Others are the end-user industries considered under the sealants market.
- Product - All sealant products are considered in the market studied
- Resin - Under the scope of the study, resins like Polyurethane, Epoxy, Acrylic, Silicone, and Others are considered
- Technology - For the purpose of this study, One component and Two component sealant technologies are taken into consideration.
Keyword | Definition |
---|---|
Hot-melt Adhesive | Hot melt adhesives are generally 100% solid formulations, based on thermoplastic polymers. They are solid at room temperature and are activated upon heating above their softening point, at which stage they are liquid, and hence, can be processed. |
Reactive Adhesive | A reactive adhesive is made up of monomers that react in the adhesive curing process and do not evaporate from the film during use. Instead, these volatile components become chemically incorporated into the adhesive. |
Solvent-borne Adhesive | Solvent-borne adhesives are mixtures of solvents and thermoplastic, or slightly cross-linked polymers, such as polychloroprene, polyurethane, acrylic, silicone, and natural and synthetic rubbers (elastomers). |
Water-borne Adhesive | Water-borne adhesives use water as a carrier or diluting medium to disperse a resin. They are set by allowing the water to evaporate or be absorbed by the substrate. These adhesives are compounded with water as a diluent, rather than a volatile organic solvent. |
UV Cured Adhesive | UV curing adhesives induce curing and create a permanent bond without heating by using ultraviolet (UV) light or other radiation sources. An aggregation of monomers and oligomers is cured or polymerized by ultraviolet (UV) or visible light in a UV adhesive. Because UV is a radiating energy source, UV adhesives are often referred to as radiation curing or rad-cure adhesives. |
Heat-resistant Adhesive | Heat-resistant Adhesives refer to those that do not break down under high temperatures. One aspect of a complicated system of circumstances is the adhesive's capacity to withstand disintegration brought on by high temperatures. As the temperature rises, adhesives may liquefy. They can withstand stresses resulting from differing coefficients of expansion and contraction, which might be an additional advantage. |
Reshoring | Reshoring is the practice of moving commodity production and manufacturing back to the nation where the business was founded. Onshoring, inshoring, and back shoring are further terms used. Offshoring, the practice of producing items abroad to lower labor and manufacturing costs, is the opposite of this. |
Oleochemicals | Oleochemicals are compounds produced from biological oils or fats. They resemble petrochemicals, which are substances made from petroleum. The oleochemical business is built on the hydrolysis of oils or fats. |
Nonporous Materials | Nonporous materials are substances that do not permit the passage of liquid or air. Nonporous materials are those that are not porous, such as glass, plastic, metal, and varnished wood. Since no air can get through, less airflow is required to raise these materials, negating the requirement for high airflow. |
EU-Vietnam Free Trade Agreement | A trade agreement and an investment protection agreement were concluded between the European Union and Vietnam on June 30, 2019. |
VOC content | Compounds with limited solubility in water and high vapor pressure are known as Volatile Organic Compounds (VOCs). Many VOCs are human-made chemicals that are used and produced in the manufacture of paints, pharmaceuticals, and refrigerants. |
Emulsion Polymerization | Emulsion polymerization is a method of producing polymers or connected groups of smaller chemical chains known as monomers, in a water solution. The method is often used to make water-based paints, adhesives, and varnishes, in which the water stays with the polymer and is marketed as a liquid product. |
2025 National Packaging Targets | In 2018, the Australian Environment Ministry set the following 2025 National Packaging Targets: 100% of the packaging must be reusable, recyclable, or compostable by 2025, 70% of plastic packaging must be recycled or composted by 2025, 50% of average recycled content must be included in packaging by 2025, and problematic and unnecessary single-use plastic packaging must be phased out by 2025. |
Russian Government’s Import Substitution Policy | The Western sanctions suspended the distribution of several high-tech items to Russia, including those required by the raw material export sectors and the military-industrial complex. In response, the government launched an "import substitution" scheme, appointing a special commission to oversee its implementation in early 2015. |
Paper Substrate | Paper substrates are paper sheets, reels, or boards with a base weight of up to 400 g/m2 that has not been converted, printed or otherwise altered. |
Insulation Material | A material that inhibits or blocks heat, sound, or electrical transmission is known as Insulation Material. The variety of insulation materials includes thick fibers like fiberglass, rock and slag wool, cellulose, and natural fibers as well as stiff foam boards and sleek foils. |
Thermal Shock | A temperature change known as thermal shock generates stress in a material. It commonly results in material breakdown and is especially prevalent in brittle materials like ceramics. When there is a quick temperature change, either from hot to cold or vice versa, this process occurs abruptly. It occurs more frequently in materials with poor heat conductivity and insufficient structural integrity. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: The quantifiable key variables (industry and extraneous) pertaining to the specific product segment and country are selected from a group of relevant variables & factors based on desk research & literature review; along with primary expert inputs. These variables are further confirmed through regression modeling (wherever required).
- Step-2: Build a Market Model: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms