The global markets for adhesives and sealants are estimated to be valued at $48.780 million and $21.745 million, respectively, in 2020 and projected to expand at a compound annual growth rate (CAGR) of 5.3% and 5.1%, respectively, through the next five years.

Increased demand for adhesives and sealants is driven by the emergence of new market applications that have resulted from evolving and improving assembly processes. In particular, a shift from major forms of industrial joining, such as welding and mechanical fastening, to adhesive bonding in major industries, such as automobiles, brought about growth opportunities. Similarly, miniaturization of components in the electronics industries enabled the use of adhesives to replace soldering and brazing in these industries.