Southeast Asia Adhesives and Sealants Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Adhesives and Sealants Market Analysis
Southeast Asia's adhesives and sealants market is currently estimated at USD 3 billion. It is expected to reach USD 4.11 billion over the forecast period, registering a CAGR of over 6.5% during the forecast period.
Due to the COVID-19 outbreak, nationwide lockdowns worldwide, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- The demand for adhesives and sealants is extensively driven by the growing demand from the construction industry and increasing application in the packaging industry.
- However, the growth is likely to be hindered by the stringent VOC emissions regulations related to adhesives and sealants.
- The innovation and development of bio-based adhesives and shifting focus toward adhesive bonding for composite materials will likely offer opportunities for the adhesives and sealants market.
- Indonesia is the region's largest market for adhesives and sealants, where the end-user industries, such as construction, electronics, and packaging, drive consumption.
Southeast Asia Adhesives and Sealants Market Trends
Building and Construction Industry to Witness Fastest Growth
- Due to their characteristics and physical properties, adhesives and sealants include extensive use in the building and construction industry, making it the dominant end-user segment in the adhesives and sealants market.
- Some properties of adhesives and sealants include good cohesion, adhesion and elasticity, high cohesive strength, flexibility, the high elastic modulus of the substrate, resistance from thermal expansion, and environmental resistance from UV light, corrosion, saltwater, rain, and other weathering conditions.
- They are used in several applications, like heating, ventilation, air conditioning (HVAC), concrete, joint cement, resilient flooring, roofing, fixed window frames, etc.
- Growing construction activities in countries such as Indonesia, Philippines, Vietnam, Indonesia, and Thailand are driving the consumption of adhesives and sealants market in the region.
- The Vietnamese Government initiated a national housing development strategy for 2021-30 to cater to the demand of low-income earners. Many giant developers stepped in with their plans to develop housing projects. For instance, Vinomes devised a plan to build 500,000 social housing units, while Him Lam Group announced the social housing project Thuong Thanh, which will cover 60,000 sq m. The country's housing development gained traction with the Prime Minister's recent announcement of a plan to build more than 1.2 million houses by 2030.
- Further, Thailand is one of the largest hubs for tourists. It is witnessing huge investments in expanding and constructing malls, luxury hotels, etc. The Pattaya Marriott Marquis Hotel is the largest project in Thailand's pipeline, which may be in operation by 2024, with over 900 guest rooms. This new Marriott Marquis will be part of a dual-property development, including the 398-room JW Marriott and the Pattaya Beach Resort & Spa. Marriott may add four new hotels under three of its brands across Bangkok and Pattaya in Thailand by 2027. Marriott's portfolio in Thailand includes 45 hotels and resorts, including nine properties with Asset World Corporation.
- All the abovementioned factors are expected to boost the studied market's growth.
Indonesia to Dominate the Market
- Indonesia dominates the consumption of adhesives and sealants in the region. Growing construction activities, electronics production, and increasing consumption in the packaging industry are some of the key factors driving the growth of the adhesives and sealants market in the country.
- In Southeast Asia, Indonesia is one of the largest and fastest-growing markets. Moreover, the Indonesian government started a program to build about one million housing units across Indonesia, for which the government allocated about USD 1 billion in the budget.
- Indonesia's construction industry experienced increased growth due to increases in infrastructure construction. In 2022, approximately 148.6 thousand small construction establishments were active in Indonesia.
- Indonesia is Southeast Asia's largest automotive production hub. The production of automobiles for the year 2022 accounted for 1,470,146 units, an increase of 31% compared to 2020. Although the penetration of electric vehicles in the country is admissibly low, the future of the electric vehicle industry in the country looks very bright. The government is determined to support the adoption of electric vehicles in the country for producers and consumers. Moreover, the government is giving EV consumers subsidies and tax cuts to EV automakers. Indonesia is pushing for the development and manufacture of electric vehicles and battery production facilities, which in turn is likely to benefit the market growth in the country.
- Moreover, Indonesia is developing Jawa 9 and Jawa 10, two new coal-fired power plants, to expand the Suralaya coal-fired steam power plant (CFSPP). Each unit is expected with a capacity of 1 GW. Jawa 9 is estimated to be commissioned in the fourth quarter of 2023, whereas Jawa 10 is scheduled for the first quarter of 2024.
- Hence, all such trends in the end-user industries are expected to drive the growth of the adhesives and sealants market in the country over the forecast period.
Southeast Asia Adhesives and Sealants Industry Overview
Southeast Asia's adhesives and sealants market is fragmented in nature. Some of the key players in the market include 3M, Arkema Group, Sika AG, H.B. Fuller, and Henkel AG & Co. KGaA, amongst others.
Southeast Asia Adhesives and Sealants Market Leaders
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3M
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Arkema Group
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Sika AG
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H.B. Fuller
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Henkel AG & Co. KGaA
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Adhesives and Sealants Market News
- February 2022: Arkema finalized the acquisition of the Performance Adhesive business of Ashland. The acquisition helped to strengthen Arkema's adhesive solutions segment and aligned with the company's strategy to become a pure Specialty Material player by 2024. The value of the transaction was USD 1.65 billion.
- February 2022: H.B. Fuller Company announced that it had acquired FournyNV, a provider of various types of adhesives. The company is also engaged in developing bio-based adhesives.
Southeast Asia Adhesives and Sealants Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Report
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Growing Demand from Construction Industry
- 4.1.2 Increasing Application in Packaging Industry
- 4.1.3 Other Drivers
-
4.2 Restraints
- 4.2.1 Stringent Environmental Regulations Regarding VOC Emissions
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Adhesive Technology
- 5.1.1 Water Borne
- 5.1.1.1 Acrylic
- 5.1.1.2 Ethylene Vinyl Acetate (EVA) Emulsion
- 5.1.1.3 Polyurethane Dispersion and CR (Chloroprene Rubber) Latex
- 5.1.1.4 Polyvinyl Acetate (PVA) Emulsion
- 5.1.1.5 Other Water-borne Adhesives
- 5.1.2 Solvent-borne
- 5.1.2.1 Styrene-Butadiene Rubber (SBR)
- 5.1.2.2 Styrene-Butadiene Rubber (SBR)
- 5.1.2.3 Poly Acrylate (PA)
- 5.1.2.4 Other Solvent-borne Adhesives
- 5.1.3 Reactive
- 5.1.3.1 Epoxy
- 5.1.3.2 Modified Acrylic
- 5.1.3.3 Silicone
- 5.1.3.4 Polyurethane
- 5.1.3.5 Anaerobic
- 5.1.3.6 Cyanoacrylate
- 5.1.3.7 Other Reactive Adhesives
- 5.1.4 Hot Melt
- 5.1.4.1 Ethylene Vinyl Acetate
- 5.1.4.2 Styrenic Block Copolymers
- 5.1.4.3 Thermoplastic Polyurethane
- 5.1.4.4 Other Hot Melt Adhesives
- 5.1.5 Other Technologies
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5.2 Sealant Product Type
- 5.2.1 Silicone
- 5.2.2 Polyurethane
- 5.2.3 Acrylic
- 5.2.4 Polyvinyl Acetate
- 5.2.5 Other Product Types
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5.3 End-user Industry
- 5.3.1 Building and Construction
- 5.3.2 Paper, Board, and Packaging
- 5.3.3 Transportation
- 5.3.4 Woodworking and Joinery
- 5.3.5 Footwear and Leather
- 5.3.6 Healthcare
- 5.3.7 Electrical and Electronics
- 5.3.8 Other End-user Industries
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5.4 Geography
- 5.4.1 Indonesia
- 5.4.2 Vietnam
- 5.4.3 Thailand
- 5.4.4 Malaysia
- 5.4.5 Philippines
- 5.4.6 Singapore
- 5.4.7 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 Arkema Group
- 6.4.3 Ashland
- 6.4.4 Avery Dennison Corporation
- 6.4.5 Beardow Adams
- 6.4.6 Dow
- 6.4.7 DuPont
- 6.4.8 Dymax Corporation
- 6.4.9 Franklin International
- 6.4.10 H.B. Fuller Company
- 6.4.11 Henkel AG & Co. KGaA
- 6.4.12 Huntsman International LLC
- 6.4.13 ITW Performance Polymers (Illinois Tool Works Inc.)
- 6.4.14 Jowat AG
- 6.4.15 Mapei Inc.
- 6.4.16 Tesa SE (A Beiersdorf Company)
- 6.4.17 MUNZING Corporation
- 6.4.18 Pidilite Industries Ltd.
- 6.4.19 Sika AG
- 6.4.20 Wacker Chemie AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovation and Development of Bio-based Adhesives
- 7.2 Shifting Focus Toward Adhesive Bonding for Composite Materials
Southeast Asia Adhesives and Sealants Industry Segmentation
Adhesives are made from a combination of resins, additives, and solvents. The composition of the resins and additives entirely depends on the end use to which they are put. The market is segmented by adhesive technology, sealant product type, geography, and end-user industry. The market is segmented by adhesive technology into water-borne, solvent-borne, reactive, hot melt, and other technologies. By sealant product type, the market is segmented into silicone, polyurethane, acrylic, polyvinyl acetate, and other product types. The end-user industry segments the market into building and construction, paper, board, packaging, transportation, woodworking and joinery, footwear and leather, healthcare, electrical, electronics, and other industries. Each segment's market sizing and forecasts are based on value (USD).
| Adhesive Technology | Water Borne | Acrylic |
| Ethylene Vinyl Acetate (EVA) Emulsion | ||
| Polyurethane Dispersion and CR (Chloroprene Rubber) Latex | ||
| Polyvinyl Acetate (PVA) Emulsion | ||
| Other Water-borne Adhesives | ||
| Adhesive Technology | Solvent-borne | Styrene-Butadiene Rubber (SBR) |
| Styrene-Butadiene Rubber (SBR) | ||
| Poly Acrylate (PA) | ||
| Other Solvent-borne Adhesives | ||
| Adhesive Technology | Reactive | Epoxy |
| Modified Acrylic | ||
| Silicone | ||
| Polyurethane | ||
| Anaerobic | ||
| Cyanoacrylate | ||
| Other Reactive Adhesives | ||
| Adhesive Technology | Hot Melt | Ethylene Vinyl Acetate |
| Styrenic Block Copolymers | ||
| Thermoplastic Polyurethane | ||
| Other Hot Melt Adhesives | ||
| Adhesive Technology | Other Technologies | |
| Sealant Product Type | Silicone | |
| Polyurethane | ||
| Acrylic | ||
| Polyvinyl Acetate | ||
| Other Product Types | ||
| End-user Industry | Building and Construction | |
| Paper, Board, and Packaging | ||
| Transportation | ||
| Woodworking and Joinery | ||
| Footwear and Leather | ||
| Healthcare | ||
| Electrical and Electronics | ||
| Other End-user Industries | ||
| Geography | Indonesia | |
| Vietnam | ||
| Thailand | ||
| Malaysia | ||
| Philippines | ||
| Singapore | ||
| Rest of Southeast Asia |
Southeast Asia Adhesives and Sealants Market Research FAQs
What is the current Southeast Asia Adhesives and Sealants Market size?
The Southeast Asia Adhesives and Sealants Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Adhesives and Sealants Market?
3M, Arkema Group, Sika AG, H.B. Fuller and Henkel AG & Co. KGaA are the major companies operating in the Southeast Asia Adhesives and Sealants Market.
What years does this Southeast Asia Adhesives and Sealants Market cover?
The report covers the Southeast Asia Adhesives and Sealants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Adhesives and Sealants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Adhesive Industry Report
The Southeast Asia Adhesives and Sealants market is a dynamic and rapidly evolving sector, segmented by various adhesive technologies such as water-borne, solvent-borne, reactive, hot melt, and other technologies. The market is also categorized by sealant product types including silicone, polyurethane, acrylic, polyvinyl acetate, and other product types. Key end-user industries include building and construction, paper, board, and packaging, transportation, woodworking and joinery, footwear and leather, healthcare, electrical and electronics, and other end-user industries.
The market size and industry overview provide a comprehensive understanding of the market share and market analysis. This market report highlights the market research and market trends, showcasing the market growth and industry report. The industry analysis and market forecast offer insights into the market leaders and the overall market outlook.
Industry information and industry reports are crucial for understanding the industry research and industry sales. The industry size and industry statistics offer a detailed view of the industry trends and market data. The market forecast and market growth are essential for predicting future market leaders and market outlook.
The market overview and market predictions are based on extensive market review and market segmentation. The market value is derived from various industry reports and industry research. The report example and report PDF provide a detailed view of the research companies involved in this market.
In summary, the Southeast Asia Adhesives and Sealants market is a comprehensive and detailed industry with a focus on market data, market forecast, and market growth. The industry analysis and industry outlook provide valuable insights into the market leaders and market value. The market review and market segmentation offer a detailed understanding of the market and its various components.
