Global Adhesives and Sealants Market Analysis and Forecast 2015-2020

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Global Adhesives and Sealants Market
(2015 – 2020)
Mordor Intelligence
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2. EXECUTIVE SUMMARY
The global adhesives market was valued at USD 40,037.17 million in 2015 and is projected to reach USD
53,715.39 million by 2020, growing at a CAGR of 6.05%% during the forecast period, 2015 to 2020. The
global sealants market was valued at USD 6,354.62 million in 2015, and is projected to reach USD 8,539.49
million by 2020, growing at a CAGR of 6.09%, during the forecast period 2015-2020.
Adhesives and sealants are often grouped together, as they both are applied to the surfaces of materials
to adhere and seal them together. They are generally available in the liquid form, which is viscous in
nature, with no or little flow characteristics. Adhesives are majorly chosen for their bonding and holding
power and have high tensile and shear strength. Adhesives are of two varieties, namely structural
adhesives (strength is vital for the success of the assembly) and non-structural adhesives (generally have
low strength, are used to bond weak substrates and for temporary fastening). Sealants are majorly opted
for their ability to resist relative movement of the substrates, to fill gaps, and to contain or exclude another
material. They have less strength compared to adhesives, but are more flexible in nature.
Adhesives and sealants, owing to their ability to bind different materials together by distributing stress
more efficiently across the joint, are becoming an integral part of various commercial and industrial
sectors. In the global adhesives and sealants market report, we have considered the following major end-
user sectors:
 building and construction
 paper, board, & packaging
 transportation
 woodworking and joinery
 footwear & leather
 healthcare
 electrical & electronics
 others

The paper, board, and packaging segment accounted for 23.88% share of the global adhesives market,
while building and construction segment accounted for 48.17% global sealants market in 2015.
The global adhesives and sealants market is driven by a number of factors, such as the accelerating
demand from the automotive industry, increasing demand from the packaging industry, and shifting focus
towards composites. However, the market faces certain drawbacks, such as stringent environmental
regulations regarding VOC emissions, and economic slowdown in Europe.
The global adhesives market, based on technology, can be broadly segmented into water-borne adhesives,
solvent-borne adhesives, reactive adhesives, hot melts adhesives, and others. These segments are further
categorised according to the sub-segmentations of the technology. The global sealants market, based on
product type, can be broadly segmented into silicone sealants, polyurethane sealants, plastisol sealants,
emulsion sealants, and others.
The market has been geographically segmented into Asia-Pacific, North America, Europe, South America,
and Middle-East & Africa. With the improvement in the financial status of the consumers, the purchasing
power of the middle class consumers has increased, which in turn is augmenting the demand for
automobiles and buildings (in turn increasing the construction activities) in the Asia-Pacific region,
making the region an area of immense potential and opportunities. However, the volatility in the raw
material prices in the region has considerably hindered the growth of this market.
The recovering construction industry in the European region and accelerating demand for electric vehicles
across the world will offer numerous opportunities for the growth of the global adhesives and sealants
market. Some of the major companies dominating this market for its products, services, and continuous
product development are 3M, Dow Chemicals, Henkel AG & Co. KGaA, Avery Dennison, Royal Adhesives &
Sealants LLC, and Ashland Inc.

3. MARKET OVERVIEW AND TRENDS
3.2 LATEST TRENDS
3.2.1 RENUVA RENEWABLE RESOURCE TECHNOLOGY
Polyol industry is currently experiencing the trend of bio-based compounds. Further, a need for
dependable and high performing polyols strongly exists in the sector. As a move to capture this top
prospect segment, Dow Chemical Company with its RENUVA Renewable Resource Technology (RRT),
created a natural oil-based polyol, which not only delivers a performance like that of traditional polyol but
also boasts of unwanted odors. The RRT employed by Dow mainly involves breaking down of the natural
oil and functionalizing it. The fragmented molecules are then polymerized into designed polyols with
control of molecular weight and functionality for better consistency and higher quality.
Dow claims that this technology can be customized to meet the demands for one- and two- component
urethane adhesives and sealants. RRT boasts to enable customized polyols that cater to a wide range of
adhesive applications with unbeatable product performance and high levels of renewable content.
Developmental bio-based polyols from Dow for adhesive applications
Product Functionality
OH#
Typical
Approximate Renewable
Content (% wt.)
Water
(ppm)
Typical Uses and
Applications
DWD
2215.01
2.0 40 40%
<400
ppm
Sealants and Elastomeric
Adhesives
DWD
2220.01
2.0 56 40%
<400
ppm
Adhesives
DWD
2208.01
2.0 125 40%
<400
ppm
Adhesives
DWD
2342.01
3.0 67 35%
<400
ppm
Adhesives
Source: Dow Chemical Company

RENUVA Technology allows the design of polyurethane structure to meet mechanical performance
requirements including tensile strength and modulus as well. The natural oil-based components also
boast of enhanced weatherability, environmental resistance and increased resistance to water.
Performance in Model Urethane Elastomeric Adhesive
Developmental bio-based polyols from Dow for sealant applications
Product Functionality
OH#
Typical
Approximate
Renewable
Content (% wt.)
Water
(ppm)
Typical Uses and Applications
DWD
2215.01
2.0 40 40% <400 ppm
Adhesives
DWD
2220.01
2.0 56 40% <400 ppm
Adhesives
1
0.76
1.77
1.64
0.3
1 1 1 1 1
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Modulus Tensile Strength Adhesive Strength
Polypropylene
Adhesive Strength
Steel
Swelling in Water
RENUVA Technology Conventional Polyether

Potential benefits of employing RENUVA technology based polyols in adhesives and sealants
 Acid Resistance
 Excellent low-temperature flexibility
 Good balanec of mechanical properties
 Good wetting of low energy substrates
 Hydrolytic resistance
 Useful in making stable, low-viscosity urethane prepolymers
 Good ultraviolet and oxidative stability.
---Detailed Analysis Available in the Full Report---

4. MARKET DYNAMICS
4.2 RESTRAINTS
4.2.2 STRINGENT ENVIRONMENTAL REGULATIONS REGARDING VOC EMISSIONS
There exists a massive amount of environmental concern involved in the adhesives & sealants market.
Emission of volatile organic compounds (VOCs) is a matter of concern. Constant push from regulatory
authorities such as EPA (Environmental protection agency) and REACH (registration, evaluation,
authorization, and restriction of chemicals) is likely to limit the use of solvent-borne adhesives and
sealants to reduce the impact on the environment.
Regulations in the United States
To maintain the air quality, individual state-level and even a pan-country rules exist in the United States,
governing the use of adhesives and sealants. The United States Environmental Protection Agency (EPA)
defined VOC as follows -
“Any compound of carbon, excluding carbon monoxide, carbon dioxide, carbonic acid, metallic carbides
or carbonates, and ammonium carbonate, which participates in atmospheric photochemical reaction.”
On a national level, the EPA fixed a rule mandating VOC limits for a broad range of consumer products to
include sealants and adhesives. Though the EPA haven’t drafted a national standard for industrial
adhesive applications, it has developed a Control Technology Guideline (CTG), mainly to assist local or
state’s air pollution control authorities, in the development of approaches to control VOC emissions from
miscellaneous industrial adhesive application processes.

Regional VOC regulations in some of the states of the United States (16 fl oz or Less)
State Effective Date Sell Through Expires State Rule
Connecticut 1/1/2009 Unlimited 22a-174-44
Delaware 5/1/2009-1/1/2017 Unlimited 1141
Illinois 7/1/2009-7/1/2012 Unlimited Title 35(B)223.200-285
Indiana 6/1/2011 Unlimited 326 IAC 8
Maine 1/1/2009 Unlimited 06 096 – Ch 149
Maryland 1/1/2009 Unlimited 26.11.35.01
Massachusetts 1/1/2009 Unlimited 310 CMR
Michigan 1/29/2007 Unlimited 2005-035EQ
New Hampshire 1/1/2007 – 1/1/2015 Unlimited Env-A 4100
New Jersey 1/1/2009 Unlimited 7:27-26
New York 10/15/2009 Unlimited 235-1
Pennsylvania 1/1/2009 Unlimited 25:130
Ohio 1/1/2009 Unlimited 3745-112
Rhode Island 7/1/2009 Unlimited 44
Washington DC 3/1/2011 Unlimited 20-7
Virginia 8/1/2010 Unlimited 9 VAC 5-45-6
Utah 9/1/2014 Unlimited 307-357
Source: State Websites, Mordor Intelligence Analysis

Source: State Website, Mordor Intelligence Analysis
Regional VOC regulations in some of the states of the United States (Larger than 16 gl oz)
State Effective Date Sell Through Expires State Rule
Connecticut 1/1/2009 Unlimited 22a-174-44
Delaware 5/1/2009 Unlimited 1141
Maine 1/1/2011 Unlimited 06 096 – Ch 149
Maryland 1/1/2009 Unlimited 26.11.35.01
New Jersey 1/1/2009 Unlimited 7:27-26
New York 9/30/2010 12/31/2011 235-1
Rhode Island 7/1/2009 Unlimited 44
Washington DC 3/1/2011 Unlimited 20-7
Pennsylvania 1/1/2012 Unlimited 25:130
Massachusetts 1/1/2015 9/1/2015 310 CMR 7.18(30)
Virginia 8/1/2010 Unlimited 9 VAC 5-45-4
Utah 9/1/2014 Unlimited 307-342

Source: State Websites, Mordor Intelligence Analysis
The local governments are now ensuring the firm compliance of these regulations by levying hefty fines
and penalties for sale or use of non-compliant products in the regulated states. CARB (California Air
Resources Board regulates the VOC for adhesives and sealants in the state. The following are the currently
effective regulations for products of 16 fl oz or less in the state.
 Non-chemically Curing Sealant/Caulking compound VOC limit has dropped to 1.5%
 Chemically Curing Sealant/Caulking Compound VOC limit has dropped to 3%
 Aerosol Rust Converter – MIR Limit 1.10
The following are the thirteen air districts within California with VOC regulations for products larger
than 16 fl oz:
 Antelope Valley AQMD
 Shasta County AQMD
 Tehana County APCD
 Bay Area AQMD

 El Dorado APCD
 Placer County APCD
 Sacramento Metro AQMD
 San Diego APCD
 San Joaquin APCD
 Santa Barbara APCD
 South Coast AQMD
 Ventura County APCD
 Yolo-Solano AQMD

4.4 PORTER’S FIVE FORCE ANALYSIS
4.4.1 BARGAINING POWER OF SUPPLIERS
The global adhesives and sealants market can be characterized by large manufacturer arena with
moderate supplier base. The degree of differentiation of inputs in the market was fair with a large chunk
of vendors offering similar quality of raw materials. However, the impact of inputs on cost or
differentiation remained high whilse catering to high-end applications. The presence of substitute inputs
remained flat while the supplier concentration to firm concentration ratio remained low with a large
number of manufacturers catering to the same end product. The strength of distribution channel
remained high during the forecast period with the established players in the market setting a robust
supply chain network. Employee solidarity remained relatively medium while the supplier switching costs
relative to firm switching costs remained fairly high during the past two years. On the downside, the ability
0
2
4
6
8
10
Supplier switching costs relative
to firm switching costs
Degree of differentiation of
inputs
Impact of inputs on cost or
differentiation
Presence of substitute inputs
Strength of distribution channel
Supplier concentration to firm
concentration ratio
Employee solidarity (e.g. labor
unions)
Supplier competition: the ability
to forward vertically integrate
and cut out the buyer

of vendors to forward vertically integrate and cut out the buyer remained high in 2015. As a whole, the
overall bargaining power of suppliers is moderate and is expected to rise in the light of growing vertical
integrations.
Bargaining power of Suppliers is Moderately High

5. MARKET SEGMENTATION AND ANALYSIS
5.1 ADHESIVES BY TECHNOLOGY
The global market for Adhesives can be broadly segmented into water-borne, solvent-borne, reactive and
hot melts by technology type. In 2015, the water-borne chemicals accounted for over 40% of overall the
market share owing to the current trend of environmentally friendly bio-based systems. The market for
this type is expected to take over the solvent-borne adhesives, growing at a higher CAGR of XX% during
the forecast period, due to the synthetic and polluting nature of the later. Hot melts are finding their
increased application across bookbinding, labeling, textiles and packaging industries. This market is
expected to gain significant traction, especially in the developing economies of Asia-Pacific region.
Reactive type adhesives have found their established employment in electrical and electronic industries
and the market for this type is poised to grow at a CAGR of XX% with improving parent market.
Global Adhesives Market Revenue, by Technology, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Water-borne XX XX XX 26,740.52 XX
Solvent-borne XX XX XX XX 5.71%
Reactive XX 7,296.44 XX XX XX
Hot melts XX XX 5,464.61 XX XX
Others XX XX XX XX XX
Total XX XX 40,037.17 53,715.39 6.05%
Source: Mordor Intelligence Analysis
Global Adhesives Market Value Share, By Technology (2016)

Global Adhesives Market, by Technology, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Water-borne XX 5,947.64 XX XX XX
Solvent-borne XX XX XX XX XX
Reactive XX XX XX XX XX
Hot melts XX XX XX XX XX
Total 10,427.11 XX XX XX 3.91%
Water-borne
Solvent-borne
Reactive
Hot melts
Others
SAMPLE FIGURE

Global Adhesives Market Volume Share, By Technology (2016)
Water-borne
Solvent-borne
Reactive
Hot melts
Others
SAMPLE FIGURE

5.1.1 WATER-BORNE
The global market for Water-borne adhesives accounted to USD 18,658.55 million in 2013. This market is
expected to touch USD 26,740.52 million by 2020, growing at a CAGR of XX% during 2015-2020. Water-
borne adhesives use water as a carrier or diluting medium to disperse a resin. Allowing the water to
evaporate or be absorbed by the substrate sets them. These adhesives are compounded with water as a
diluent rather than a volatile organic solvent, and they can be considered as low VOC adhesives. Water-
borne adhesives are produced from either soluble synthetic polymers (from polymers such as cellulose
ethers, polyvinyl alcohol, methylcellulose, carboxymethylcellulose, and polyvinylpyrrolidone) or natural
polymers (from vegetable sources such as starches and dextrins; protein sources such as blood, fish, milk
albumen, and soybean; and animal sources such as bones and hides).
Global Water-borne Adhesives Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Acrylic XX 11,393.67 XX XX XX
PVA Emulsion 4,597.72 XX XX XX XX
EVA Emulsion XX XX XX XX 5.87%
PU Dispersion and CR Latex XX XX XX 1,082.06 XX
Others XX XX 784.57 XX XX
Total 18,658.55 XX XX 26,740.52 XX

Global Water-borne Adhesives Market Value Share, By Type (2016)
Global Water-borne Adhesives Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Acrylic XX XX XX XX XX
PVA Emulsion XX XX XX XX XX
EVA Emulsion XX XX XX XX XX
PU Dispersion and CR Latex XX XX XX XX XX
Total XX 5,947.64 XX XX XX
Acrylic
PVA Emulsion
EVA Emulsion
PU Dispersion and CR Latex
Others
SAMPLE FIGURE

Global Water-borne Adhesives Market Volume Share, By Type (2016)
Global Water-borne Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
Building & Construction XX XX XX XX XX
Paper, Board & Packaging XX 5,482.12 XX XX XX
Woodworking & Joinery XX XX XX XX XX
Transportation XX XX XX XX 6.90%
Footwear & leather 289.00 XX XX XX XX
Healthcare XX XX 1,248.34 XX XX
Electronics XX XX XX 2,392.38 XX
Total 18,658.55 XX XX 26,740.52 XX
Acrylic
PVA Emulsion
EVA Emulsion
PU Dispersion and CR Latex
Others
SAMPLE FIGURE

Global Water-borne Adhesives Market Value Share, by End-user Industry (2016)
Water-borne adhesives are increasingly becoming an integral part of various end-user industries, owing
to their eco-friendly and low-toxic nature, high solid content, and high initial adhesion properties. They are
finding a wide range of applications in the automotive, construction, shoe, woodwork & furniture, mattress
and paper & packaging industries, among others.
Global Water-borne Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
Paper, Board & Packaging XX XX XX XX XX
Transportation XX XX XX XX XX
Footwear & leather XX XX XX XX XX
Healthcare XX XX XX XX XX
Electronics XX XX XX XX XX
Building & Construction
Paper, Board & Packaging
Woodworking & Joinery
Transportation
Footwear & Leather
Healthcare
Electronics
Others
SAMPLE FIGURE

Global Water-borne Adhesives Market Volume Share, by End-user Industry (2016)
Global Water-borne Adhesives Market, by Region, 2013-2020 (in USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Asia Pacific XX XX XX XX XX
North America XX XX XX XX XX
Europe XX XX XX XX XX
South America XX XX XX XX XX
Middle-East and Africa XX XX XX XX XX
Total 18,658.55 XX XX 26,740.52 XX
Transportation
Footwear & Leather
Healthcare
Electronics
Others
SAMPLE FIGURE

Global Water-borne Adhesives Market Value Share, by Region (2016)
In 2015, Asia-Pacific region dominated the market for these adhesives, followed by North America and
Europe. China is currently leading the market in terms of consumption of water-based adhesives, followed
by India. However, the dearth of stringent norms regarding VOC emission from paints, coatings, sealants
and adhesives in the developing countries has considerably hindered the growth of this market. With the
improvement in the financial status of the consumers, the purchasing power of the middle class
consumers has increased, which in turn is accelerating the demand for automobiles and buildings in the
Asia-Pacific region. This in turn is making these countries a market of immense potential and
opportunities. Furthermore, the recovering construction industry in the European region will offer
numerous opportunities for the growth of the water-borne adhesives market.
Asia Pacific
North America
Europe
South America
Middle-East and Africa
SAMPLE FIGURE

Global Water-borne Adhesives Market, by Region, 2013-2020 (in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific XX XX XX XX XX
Global Water-borne Adhesives Market Volume Share, by Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Technological Developments
The water-borne adhesives technology has been developed as a result of growing regulations, by the
environmental agencies, on adhesive manufacturers to produce eco-friendly substitutes of solvent-borne
adhesives, in order to reduce VOC emission. Water-borne dry bonding adhesive technology started with
barrier adhesives. Environmental pressure forced the advent of new acrylic emulsion technology with a
different perspective on the required performance for dry bonding. This technology has advanced to
broaden the spectrum of chemical type polymers that can be manufactured in water. Currently, there is a
high level of development activity for water-borne adhesives and this technology is expected to open up
huge latitudes for the market growth over the forecast period.
Even though the performance requirements of water-borne adhesives have escalated over time, the
research activity has slowed down due to technological maturity in the traditional adhesives. The industry
is attempting to revive research by focusing on process technology expertise and newer approaches, such
as nanotechnology.
The goal of the developments in water-borne adhesives technology is to reduce the environmental impact
and hazards associated with solvent-borne adhesives, without compromising on the performance quality
of adhesive-bonded joints. Some of the steps taken in this direction are:
 Replacement of organic solvents, especially chlorinated solvents, with water
 Aqueous Emulsion polymerization to replace sol-based polymerization
 Surface treatment process development for water-borne adhesives
 Development of solvent free, 100% solid adhesives
 Development of safer cross-linking systems for 100% solid adhesives
 Replacement of petroleum-derived polymers with bio-based alternatives

5.1.1.1 ACRYLICS
The global market for acrylic water-borne adhesives accounted to USD 11,393 million in 2014. This market
is expected to touch USD XX million by 2020, growing at a CAGR of XX% during the forecast period.
Acrylic resins are thermoplastic resins produced by the polymerization of methacrylic acid esters
(methacrylates) or acrylic acid esters (acrylates). Acrylic resins feature excellent transparency and
durability. Acrylic derivatives are added to heated plastic to create a material that has a high heat and
impact resistance, as well as good clarity and UV resistance. They find a broad range of applications in
molding materials, coatings, and adhesives because of these characteristics. Acrylic adhesives are fast-
setting and oxidation-resistant adhesives, which can be found in both water and solvent-based
formulations. Owing to their high strength, acrylic adhesives are commonly used for building &
construction applications, and a specialized variation is widely used for bonding implant prostheses to
bones. They find a wide range of applications in the health and medical field, electronic productions, and
appliance and automotive manufacturing.
Global Acrylic Water-borne Adhesives Market, by Region, 2013-2020 (in USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)

Global Acrylic Water-borne Adhesives Market Value Share, by Region (2016)
Asia-Pacific is currently the biggest market for acrylic adhesives, with China leading in terms of market
share. Increasing industrial investment and high GDP growth in the emerging economies of India and
China are expected to drive the demand for acrylic adhesives in Asia-Pacific. In North America and Europe,
the market is expected to grow at a sluggish rate, owing to stringent environmental regulation in the region
and market saturation in several end-user industries.
Global Acrylic Water-borne Adhesives Market, by Region, 2013-2020 (in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Total XX XX XX XX XX
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Acrylic Water-borne Adhesives Market Volume Share, by Region (2016)
The global market for acrylic-based water-borne adhesives is primarily driven by its growing demand in
the automotive industry. Acrylic adhesive offers advantages over other adhesives, since it works
efficiently even on contaminated surfaces, and has null affect on the aesthetics of the surface. However,
the environmental and health hazards associated with acrylic adhesives have led to stringent
environmental regulations in the industry, which has been a major factor hampering the growth of the
former market. The regulations have also increased the threat of substitution in the market. There have
been significant researches for developing bio-based acrylic adhesives, which is expected to offer a huge
growth opportunity in the market.
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

5.3 BY END-USER INDUSTRY
Adhesives and sealants find their major application in building and construction, transportation,
packaging and electronics sectors. Others applications include woodworking & joinery, footwear & leather
and healthcare. As of 2015, the market for the former in building and construction alone, accounted to
over XX% of the overall market share. Recovering automotive industry with the stringent emission
regulations is place is expected to propel the market for adhesives and sealants at a higher CAGR off XX%
during the forecast period in the transportation industry.
Global Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
Building & Construction XX XX XX XX 6.06%
Paper, Board & Packaging XX 9,161.67 XX XX XX
Transportation XX XX 4,053.62 XX XX
Healthcare 4,028.87 XX XX XX XX
Electronics XX XX XX 5,287.30 XX
Total XX XX 40,037.17 53,715.39 6.05%

Global Adhesives Market Value Share, by End-user Industry (2016)
Global Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
Total 10,427.11 XX XX XX 3.91%
Transportation
Footwear & Leather
Healthcare
Electronics
Others
SAMPLE FIGURE

Global Adhesives Market Volume Share, by End-user Industry (2016)
Transportation
Footwear & Leather
Healthcare
Electronics
Others
SAMPLE FIGURE

5.3.2 PAPER, BOARD AND PACKAGING
The global market for adhesives in paper, board and packaging accounted to USD 9161.67 million in 2014.
This market is expected to touch USD XX million by 2020, growing at a CAGR of XX% during the forecast
period.
Global Adhesives Market in Paper, Board, and Packaging Industry, by Region, 2013-2020
(in USD million)
Region 2013 2014 2015 2020 % CAGR (2015-2020)
Global Adhesives Market Value Share in Paper, Board, and Packaging Industry, by Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Adhesives Market in Paper, Board, and Packaging Industry, by Region, 2013-2020
(in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Adhesives Market Volume Share in Paper, Board, and Packaging Industry, by Region (2016)
Adhesives, owing to their physical properties (such as adhesion to a variety of substances, bonding of
dissimilar materials, flexibility, high cohesive strength, resistance against thermal expansion, and
environmental resistance from UV light, salt water, rain and other weathering conditions) are used widely
in paper bonding. Their application range from corrugated box construction and the lamination of printed
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

sheets, to packaging materials used for all types of consumer products and the production of large
industrial tubes and cores. Moreover, adhesives are also used in day-to-day used products, such as
bathroom tissues, books and paper towels. Sealants are used in the packaging industry to seal joints in
packaging material when necessary.
Global Water-borne Adhesives Market in Paper, Board, and Packaging Industry, by Region,
2013-2020 (in USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Water-borne Adhesives Market Value Share in Paper, Board, and Packaging Industry, by
Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Water-borne Adhesives Market in Paper, Board, and Packaging Industry, by Region,
2013-2020 (in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Water-borne Adhesives Market Volume Share in Paper, Board, and Packaging Industry, by
Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Solvent-borne Adhesives Market in Paper, Board, and Packaging Industry, by Region,
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Solvent-borne Adhesives Market Value Share in Paper, Board, and Packaging Industry, by
Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Solvent-borne Adhesives Market in Paper, Board, and Packaging Industry, by Region,
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Solvent-borne Adhesives Market Volume Share in Paper, Board, and Packaging Industry, by
Region (2016)
Out of paper, board and packaging, packaging accounts for the largest market for adhesives, and its
applications include composites containers and tubes, bags, carton side seam & closures, cups, labels,
remoistenable products, specialty envelopes, foil laminates, films, disposables (non-woven) and
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

corrugated boards. Different types of adhesives are used for different products; for instance in laminating
films, solvent-based polyurethane adhesive is used. Sealants are used to seal joint parts in packaging
materials when necessary. In this segment, application of adhesives and sealants in bookbinding is also
included and it is used as a bonding material. The major used adhesives are emulsion and hot melt-based
adhesives.
Global Reactive Adhesives Market in Paper, Board, and Packaging Industry, by Region,
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Reactive Adhesives Market Value Share in Paper, Board, and Packaging Industry, by Region
(2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Reactive Adhesives Market in Paper, Board, and Packaging Industry, by Region,
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Reactive Adhesives Market Volume Share in Paper, Board, and Packaging Industry, by Region
(2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Hot Melt Adhesives Market in Paper, Board, and Packaging Industry, by Region, 2013-2020 (in
USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Hot Melt Adhesives Market Value Share in Paper, Board, and Packaging Industry, by Region
(2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Hot Melt Adhesives Market in Paper, Board, and Packaging Industry, by Region, 2013-2020 (in
thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Hot Melt Adhesives Market Volume Share in Paper, Board, and Packaging Industry, by Region
(2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Sealants Market in Paper, Board, and Packaging Industry, by Region, 2013-2020
(in USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Sealants Market Value Share in Paper, Board, and Packaging Industry, by Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Sealants Market in Paper, Board, and Packaging Industry, by Region, 2013-2020
(in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Global Sealants Market Volume Share in Paper, Board, and Packaging Industry, by Region (2016)
The global packaging industry has been in a growth phase over the past three years. North America and
Europe have mature packaging markets. Asia-Pacific region is witnessing considerable growth; especially
China and India are the major growing markets for this industry. As the packaging industry is growing, the
adhesives and sealants market will grow subsequently. Europe is the largest market for bookbinding
adhesives, followed by Asia-Pacific, North America and South America. The demand for books and related
materials is expected to increase with the increasing population and literacy rate around the world. This
will drive the market for the bookbinding adhesives.
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

6. REGIONAL MARKET ANALYSIS
In 2015, North America market for Adhesives accounted to USD 8,754.02 million value and 2,095.06
thousand tonnes volume. Asia Pacific region alone accounted to over 25% of the overall market in 2015
and the market in the region is expected to grow at a higher pace with growing market for automotive,
packaging and electronics in this region.
Global Adhesives Market, by Region, 2013-2020 (in USD million)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific XX 15,594.30 XX XX XX
North America XX XX 8,754.02 XX XX
Europe XX XX XX XX 5.64%
South America 1,596.90 XX XX XX XX
Middle-East and Africa XX XX XX 697.50 XX
Total XX XX 40,037.17 53,715.39 6.05%
Global Adhesives Market Value Share, by Region (2016)
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

Global Adhesives Market, by Region, 2013-2020 (in thousand tonnes)
Region 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific XX XX XX XX 4.38%
North America XX XX 2,095.06 XX XX
Europe 2,590.54 XX XX XX XX
South America XX XX XX 631.78 XX
Middle-East and Africa XX 155.87 XX XX XX
Total 10,427.11 XX XX XX 3.91%
Global Adhesives Market Volume Share, by Region (2016)
In terms of volume, European market for adhesives accounted to 2,590.54 thousand tonnes in 2013. The
market in terms of volume is poised to grow at a CAGR of 4.38% over the forecast period in the Asia
Pacific region.
Asia Pacific
North America
Europe
South America
SAMPLE FIGURE

6.1 ASIA-PACIFIC
China emerged as the single largest market for adhesives and sealants in the Asia Pacific region as of
2015. The former market is poised to grow at a CAGR of 5.39% in terms of value in the region over the
forecast period. With initiatives such as ‘Make in India’, the applicatory markets of industries, automotive
and electronics are expected to gain significant traction in the country, driving the market for the
dependent adhesives and sealants sector at a high CAGR over the forecast period.
Asia-Pacific Adhesives Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)
China XX XX 8,500.50 XX XX
India XX 1,235.37 XX XX XX
Japan XX XX XX XX 5.39%
South Korea 1,294.49 XX XX XX XX
Thailand XX XX XX 401.28 XX
Malaysia 170.58 XX XX XX XX
Indonesia XX XX XX XX XX
Australia & New Zealand XX XX XX XX XX
Rest of Asia-Pacific XX XX XX XX XX

Asia-Pacific Adhesives Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
China XX XX XX XX XX
India XX XX XX XX XX
Japan XX XX XX XX XX
South Korea XX XX XX XX XX
Thailand XX XX XX XX XX
Malaysia XX XX XX XX XX
Total XX XX XX XX 4.38%
Asia-Pacific Water-borne Adhesives Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)

Asia-Pacific Water-borne Adhesives Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific Solvent-borne Adhesives Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)

Asia-Pacific Solvent-borne Adhesives Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific Reactive Adhesives Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)

Asia-Pacific Reactive Adhesives Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific Hot Melt Adhesives Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)

Asia-Pacific Hot Melt Adhesives Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
Asia-Pacific Sealants Market, by Country, 2013-2020 (in USD million)
Country 2013 2014 2015 2020 CAGR (2015-2020)

Asia-Pacific Sealants Market, by Country, 2013-2020 (in thousand tonnes)
Country 2013 2014 2015 2020 CAGR (2015-2020)
6.1.1 CHINA
The China market for adhesives and sealants accounted to USD XX million in terms of value and XX
thousand tonnes in terms of volume in 2015. The former market is expected to grow at a CAGR of XX%
and XX% in terms of value and volume respectively, over the forecast period.
China Water-borne Adhesives Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)

China Water-borne Adhesives Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
China is an emerging economy and is the largest in terms of purchasing power parity; the second-largest
economy in terms of nominal GDP. In the year 2016, the nominal GDP in the country is expected to grow
at 6.5%, while in 2017 it is expected to grow at a slower rate of 6.3%. So far, the Chinese government’s
policies have been in line with the proposed objectives to implement economic reforms. China is the most
populated country in the world with high availability of skilled labor. China’s geographic location provides
easy access to industrial goods markets in neighboring countries and globally to other countries, making
it a major access point for manufacturers and suppliers. This has made China the largest manufacturing
country in the world.
China Solvent-borne Adhesives Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Chloroprene Rubber XX XX XX XX XX
Poly Acrylate (PA) XX XX XX XX XX
SBS Resin Adhesives XX XX XX XX XX

China Solvent-borne Adhesives Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Chloroprene Rubber XX XX XX XX XX
Poly-acrylate Adhesives XX XX XX XX XX
SBS Resin Adhesives XX XX XX XX XX
China is one of the largest exporters of adhesives to many countries, and the largest consumer as well.
The major adhesives manufacturing companies such as Henkel Ag & Co. KGaA, H.B. Fuller, Ashland Inc.
and others, have their manufacturing plants in China. Henkel, in the recent past, opened the world’s largest
adhesives factory in China, called the “Dragon plant,” while also focusing on their existing manufacturing
plants. With many western players establishing their production facilities in China, the overall production
of adhesives in the country is expected to increase considerably over the forecast period.
China Reactive Adhesives Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Polyurethane XX XX XX XX XX
Epoxy XX XX XX XX XX
Cyanoacrylate XX XX XX XX XX
Modified Acrylate XX XX XX XX XX
Anaerobic XX XX XX XX XX
Silicone XX XX XX XX XX

China Reactive Adhesives Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Epoxy XX XX XX XX XX
Cyanoacrylate XX XX XX XX XX
Modified Acrylate XX XX XX XX XX
Anaerobic XX XX XX XX XX
China is the largest producer of automotive with more than 24 million automotive produced in 2015; it
leads with the largest growth in the SUVs market with more than 5% sales growth in 2016. Used car sales
have also grown significantly. The construction sector slowed down after 2013, but still is the major
contributor to China’s GDP. Though the labor costs have increased, the construction activity is expected
to grow by 3.8% during the forecast period. The abolishment of the one-child policy is also expected to
increase the population in the future, further boosting the market for the construction sector. Citizens
older than 60 years of age in China have been increasing, which is expected to increase the demand for
new hospitals and medical care facilities. Growing construction industry is anticipated to increase the
market for adhesives & sealants in the country.

China Hot Melt Adhesives Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Ethyl Vinyl Acetate XX XX XX XX XX
Synthetic Rubber XX XX XX XX XX
Other XX XX XX XX XX
China Hot Melt Adhesives Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Ethyl Vinyl Acetate XX XX XX XX XX
Synthetic Rubber XX XX XX XX XX
Other XX XX XX XX XX
China Sealants Market, by Type, 2013-2020 (in USD million)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Polyvinyl acetate XX XX XX XX XX

China Sealants Market, by Type, 2013-2020 (in thousand tonnes)
Type 2013 2014 2015 2020 CAGR (2015-2020)
Polyvinyl acetate XX XX XX XX XX
China Water-borne Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)

China Water-borne Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
China Solvent-borne Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)

China Solvent-borne Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
China Reactive Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)

China Reactive Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
China Hot Melt Adhesives Market, by End-user Industry, 2013-2020 (in USD million)
End-User 2013 2014 2015 2020 CAGR (2015-2020)

China Hot Melt Adhesives Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-User 2013 2014 2015 2020 CAGR (2015-2020)
China Sealants Market, by End-user Industry, 2013-2020 (in USD million)
End-user Industry 2013 2014 2015 2020 CAGR (2015-2020)
Building and Construction XX XX XX XX XX
Paper, Board, & Packaging XX XX XX XX XX
Footwear and Leather XX XX XX XX XX
Health Care XX XX XX XX XX

China Sealants Market, by End-user Industry, 2013-2020 (in thousand tonnes)
End-user Industry 2013 2014 2015 2020 CAGR (2015-2020)
Building and Construction XX XX XX XX XX
Paper, Board, & Packaging XX XX XX XX XX
Footwear and Leather XX XX XX XX XX
Health Care XX XX XX XX XX
The electronics market in China has grown in the recent past with innovations and advanced technology
implementations. Electronic products such as smartphones, OLED TVs, tablets and so on, have the
highest growth in the market in the consumer electronics segment in the country. Since China emerged
as the cheap production hub for industries such as automotive, packaging and electronics, the packaging
industry is also growing in the country. China is the largest producer of footwear in the world. It is also
the largest exporter and consumer of footwear. There has been a significant growth in the footwear
market with the increase in consumer demand brought about by new lifestyle trends. Overall, the market
for adhesives & sealants is expected to grow at a high rate in the country.

7. COMPETITIVE LANDSCAPE
7.2 MARKET SHARE ANALYSIS
Globally, there are more than 1,500 suppliers competing in the sector (500 in the United States), with the
top 10 suppliers accounting for slightly less than 50% of the overall market. It is estimated that only 25 to
30 suppliers have sales in excess of USD 50 million and approximately 75 to 85 companies have sales
between USD 10 million and USD 50 million. An overwhelming majority of companies in this market have
annual sales of less than USD 10 million and focus on just one or two end-user markets. Overall, the
number of suppliers in the United States has remained relatively stable in the recent years.
Market Share Analysis (Sample Chart)
Henkel AG & Co. KGaA
3M
H.B. Fuller
XX
Arkema Group (Bostik)
XX
Sika
XX
Others
SAMPLE FIGURE

8. COMAPANY PROFILES (OVERVIEW, FINANCIALS, PRODUCTS &
SERVICES, AND RECENT DEVELOPMENTS)
8.45 SIKA AG
Overview
The company based in Switzerland, was founded in 1910. The company engages in the development and
manufacturing of products and systems for the sealing, bonding, protecting and reinforcing the building
and construction sector as well as the automotive industry.
The company offers numerous specialty chemical products for seven prime markets namely, flooring,
roofing, concrete, sealing & bonding, waterproofing, refurbishment, and industry (which include
automobile and commercial vehicle assembly, marine vessels, automotive aftermarket, renewable
engines, and façade engineering).
Sika AG has recently acquired a large number of companies recently from all over the world. In 2013, Sika
acquired five companies with 1,058 employees and annualized sales of CHF 372 million: AkzoNobel’s
Building Adhesives business (Europe), Everbuild (The United Kingdom), Texsa (India and Mexico), Optiroc
(Singapore and Malaysia) and Radmix (Australia). The most recent acquisition is an Australian company,
Construction Technologies Australia Pty Ltd., which manufactures tile adhesives and associated mortar
products in Australia.
Financials (in CHF million)
Year Net Sales Operating Profit Net Income
2015 5,489.2 673.3 465.1
2014 5,571.3 633.2 441.2

Sales by Region
Region Sales (in CHF million)
Europe, Middle-East and Africa 2,600
North America 839
Latin America 600
Asia-Pacific 1,017
Other Segments and Activities 433
Net Sales 5489
Source: Company data, Mordor Intelligence Analysis
47.4%
18.5%
15.3%
10.9%
7.9%
Sales by Region
EMEA
Asia-Pacific
North America
Latin America
Other Segments and Activities

Sales by Market
Segment Sales
Construction 4,359
Industry 1,130
Net Sales 5,489
Source: Company data, Mordor Intelligence Analysis
Products and Services
Types Products
Structural Adhesives
SikaMelt
SikaForce
Sikadur
Interior Adhesive
SikaMelt
SikaSense
SikaTherm
79.4%
20.6%
Sales by Market
Construction
Industry

Types Products
Exterior Adhesives
Sikaflex
SikaForce
Sikasil
SikaMelt
SikaFast
Paint Shop Sealants
SikaSeal
Sikaflex–AT Series
Assembly Line Adhesives
Sikaflex
SikaForce
SikaTack
Sika HydroPrep
Body Shop Adhesives
SikaPower
SikaSeal
Civil Engineering Sealants
Sikaflex
Sikasil
Building Envelope
Sikaflex
SikaHyflex
Recent Developments
Date Description
May, 2016
Sika launches SikaGrout, which is a blend of cement binders, admixtures, and additives
to enhance the properties for underwater hydraulic performance
Mar, 2016
Sika was awarded the 2015 European BIW Automotive Adhesives Product Leadership
Award, for its two flagship adhesives products SikaSeal and SikaPower
Apr, 2015
Sika Automotive won two awards in the 2015 Automotive PACE Award ceremony. The
company won product innovation award for Sikaflex ultra-high and Modulus Adhesives

Date Description
(UHM) for mixed material bonding and innovation partnership award for its collaboration
with BMW
Mar, 2015
SikaMelt-9185 IA (a next generation adhesives, which enable fully-automated bonding of
junction boxes to back sheets of photovoltaic modules) won OTTI innovation award 2015
at 30th Photovoltaic Symposium in Germany
Mar, 2015
Sika launched SikaCeram-290, a star light adhesive, which is suitable for tile-fixing
solution, suitable for swimming pools, facades, heated floors, and heavy-duty industrial
flooring
Jan, 2015
Sika acquired Dura-Moza, a Mozambique based company, which manufactures tile
adhesives and mortar. This acquisition will aid in accelerating the development and
market penetration of the company
Nov, 2014
The company launched a project Mesh Mould in collaboration with chair for digital
fabrication and architecture at ETH Zurich

TABLE OF CONTENTS
1. Introduction
1.1 General Study Assumptions
1.2 Study Deliverables
2. Executive Summary
3. Market Overview and Trends
3.1 Market Overview
3.2 Latest Trends
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Porter’s Five Force Analysis
5. Market Segmentation and Analysis
5.1 Adhesives by Technology
5.1.1 Water-borne
5.1.1.1 Acrylics
5.1.1.2 Polyvinyl Acetate (PVA) Emulsion
5.1.1.3 Ethylene Vinyl Acetate (EVA) Emulsion
5.1.1.4 Polyurethane Dispersions & CR (Chloroprene Rubber) Latex
5.1.1.6 Others
5.1.2 Solvent-borne
5.1.2.1 Styrene-Butadiene Rubber (SBR)

5.1.2.2 Chloroprene Rubber
5.1.2.3 Poly Acrylate (PA)
5.1.2.4 Others
5.1.3 Reactive
5.1.3.1 Epoxy
5.1.3.2 Modified Acrylics
5.1.3.3 Silicone
5.1.3.4 Polyurethane
5.1.3.5 Anaerobic
5.1.3.6 Cyanoacrylates
5.1.3.7 Others
5.1.4 Hot-melts
5.1.4.1 Ethylene Vinyl Acetate
5.1.4.2 Synthetic Rubbers
5.1.4.3 Others
5.1.5 Others
5.2 Sealants by Product Type
5.2.1 Silicone
5.2.2 Polyurethane
5.2.3 Acrylic
5.2.4 Polyvinyl Acetate
5.2.5 Others
5.3 By End-User Industry

5.3.1 Building and Construction
5.3.2 Paper, Board, & Packaging
5.3.3 Transportation
5.3.4 Woodworking & Joinery
5.3.5 Footwear and Leather
5.3.6 Healthcare
5.3.7 Electrical & Electronics
5.3.8 Others
6. Regional Market Analysis
6.1 Asia-Pacific
6.1.1 China
6.1.2 India
6.1.3 Japan
6.1.4 South Korea
6.1.5 Thailand
6.1.6 Malaysia
6.1.7 Indonesia
6.1.8 Australia & New Zealand
6.1.9 Rest of Asia-Pacific
6.2 Europe
6.2.1 Germany
6.2.2 United Kingdom
6.2.3 France

6.2.4 Italy
6.2.5 Rest of Europe
6.3 North America
6.3.1 United States
6.3.2 Canada
6.3.3 Mexico
6.3.4 Rest of North America
6.4 South America
6.4.1 Brazil
6.4.2 Argentina
6.4.3 Rest of South America
6.5 Middle-East and Africa
6.5.1 Saudi Arabia
6.5.2 South Africa
6.5.3 UAE
6.5.4 Rest of Middle-East and Africa
7. Competitive Landscape
7.1 Mergers & Acquisitions
7.2 Joint Ventures, Collaborations, and Agreements
7.3 Market Shares Analysis
7.4 Strategies Adopted by Leading Players
8. Company Profiles
8.1 3M Co.

8.2 AdCo (UK) Limited
8.3 Adhesive Technologies Corp.
8.4 Adhesive Technologies Inc. (AdTech)
8.5 Adhesives Research Inc.
8.6 Aerocoll Chemie GmbH
8.7 Alfa International Corp.
8.8 American Biltrite Inc.
8.9 American Chemical Inc.
8.10 Arkema Group (Bostik SA)
8.11 Ashland Inc.
8.12 Avery Dennison Corp.
8.13 Beardow & Adams (Adhesives) Ltd
8.14 Benson Polymers Ltd.
8.15 BÜHNEN
8.16 Chemence Ltd.
8.17 Artimelt AG
8.18 DELO Industrial Adhesives
8.19 Dow Chemical Co.
8.20 Dow Corning Corporation (U.S.)
8.21 Drytac
8.22 Dymax
8.23 Dynea AS
8.24 Evans Adhesive Corporation Ltd.

8.25 Franklin International
8.26 H.B. Fuller Co.
8.27 Helmitin Adhesives
8.28 Henkel AG & Co. KGaA
8.29 Hexcel Corp.
8.30 Hexion
8.31 Huntsman Corp.
8.32 ITW Performance Polymers (Illinois Tool Works Inc.)
8.33 Jowat AG
8.34 KMS Adhesives
8.35 LORD Corp.
8.36 Mactac
8.37 Mapei Spa
8.38 Master Bond
8.39 Ninghai Dingcheng Adhesive Co., Ltd.
8.40 Paramelt B.V
8.41 Permabond Engineering Adhesives Ltd.
8.42 Pidilite Industries Ltd.
8.43 Royal Adhesives and Sealants
8.44 RPM International Inc.
8.45 Sika AG
8.46 Super Glue Corp.
8.47 Tesa SE (A Beiersdorf Company)

8.48 The Reynolds Co.
8.49 Wacker Chemie AG
8.50 Wisdom Adhesives Worldwide
8.51 Yokohama Industries
9. Disclaimer

RESEARCH METHODOLOGY
Introduction
The research process adopted for this entire study is a highly structured, two-stage process: size
estimation of the review period, and the market engineering for the forecast period of the global, country
and segment-level data that leads to the Data Generation Process (DGP) for the studied variables. The
size estimations are carried out through multiple bottom-up & top-down approaches. The bottom-up
approach includes the examining of historical revenues of key players, studying the size of the
applications, value and supply-chain analysis and end-user demand, which are then cross-validated by
secondary and primary resources. The top-down approach is an astute research process where the global
market sizing is carried out through the secondary research, validated by primary industry experts.
In this report, for analyzing the future trends for the studied market during the forecast period, we have
incorporated rigorous statistical and
econometric methods, further scrutinized by
secondary, primary sources and by our in-
house experts, supported through our
extensive data intelligence repository. The
market is studied holistically from both
demand and supply-side perspectives. This is
carried out to analyze both end-user and
producer behavior patterns, in the review
period, which affect price, demand and
consumption trends. As the study demands
analyzing the long-term nature of the market, the identification of factors influencing the market is based
on the fundamentality of the study market. Through secondary and primary research, endogenous &
exogenous factors are identified and are transformed to quantitative data through data extraction, and
further applied for inferential purposes.
Market
Engineering
Secondary
Research
Primary
Research
Econometric
Modelling
Value-Supply
Chain
Analysis
Expert
Validation

Analysis Methodology
Study Structure
Data Extraction Process
Data Corroboration
Analysis
(Econometric Forecast
Modelling + Secondary
Research + Expert)
Verification)
Inference
Data Generation Process
(DGP) and Forecasts
Info-graphical and
Comprehensive
Presentation of Inferences
and Estimates
Technology /
Market
Identification
Market Definition Segmentation
Key Countries /
Regions
Mapping of Key
Players
Value / Supply
Chain Analysis
Identification
of Exogenous
Factors
Recent Market
Developments
/ Competitive
Landscaping
Validation of
Market Size
Estimates
Consumer
Behavior Analysis
Market Dynamics
Market Structure
Analysis
Top-Down
Approach
Bottom-Up
Approach
Segment
and Region-
wise Market
Size
Forecasting
Market Share
Market Structure
Company
Profiles
Porter’s Five
Forces Analysis
Competitive
Landscape
Market Sizing

Study Phases
Secondary Research
The first phase of the research process is extensive secondary research and identification of related
intelligence from our data repository on the study market. Secondary data is compiled from various
databases such as industry bodies, associations, journals, company annual reports, white papers and
research publications by recognized industry experts, paid data sources and other published literature.
Data regarding the business plans and strategies of companies are derived from recent annual/investor
reports of key industry players for qualitative comparisons and analysis; financial data of these
companies are sourced primarily from Industry Association & Stock Exchange Filings to maintain a
standard benchmark.
Discussion Guide
The next phase is preparing an exhaustive discussion guide. The primary purpose of this phase is to
extract qualitative information regarding the market from the key industry leaders. The information
collated information is further carried out for quantitative analysis. The document helps in identifying the
major segments, market factors such as drivers, restraints, challenges, key economic factors, interaction
between market players, supply-value chain structure, bottom-up and top-down nature of the market,
competitive landscape, recent long-term and short-term strategic developments, and the market shares
of key market players. The document helps in deciding the scope and deliverables of the study, in terms
of the requirement of the market.
Secondary
Research
Primary
Research
Discussion
Guide
Econometric
Modelling
Expert
Validation
Data
Triangulation
Report
Writing

Econometric Modelling
The next phase is market engineering, which involves analyzing
the collected data, market breakdown and forecasting. Macro &
micro economic indicators, which are exogenous & endogenous
in nature, are identified through causal & correlation analysis,
which are further analyzed with the study variables to derive
statistical inferences on the study market. A structural forecast
model is developed in the process, and the most statistically reliable model is considered for forecasting.
Methods such as Markov Chain and Monte Carlo simulation are used to estimate the dynamics between
the sub-segments. Such attained data points are verified by the process of data triangulation, which
includes expert opinions and primary sources, to validate the numbers and arrive at close estimates.
Following data validation, the analysts begin to write the report. They garner insights from data and
forecasts, which are then drawn to visualize the entire ecosystem in a single report.
Expert Validation
The final phase before the report writing is the expert validation, where the estimated and projected values
through data triangulation are cross-validated through market experts or key people from the concerned
industry. They can be senior researchers, Directors, CFOs or CEOs. The cross-validated estimates are
finally approved by in-house experts.

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No part of this strategic analysis service may be given, lent, resold or disclosed to non-customers without written
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