North America Adhesives and Sealants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Adhesives and Sealants Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

North America Adhesives and Sealants market is expected to reach a value of around USD 13.5 billion by the end of this year and is projected to register a CAGR of 5.8% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily in the future.

Key Highlights

• The expanding packaging industry in the region is likely to drive the market significantly in the coming years.
• However, the strict regulations on the usage of VOC-free content are expected to hinder the market's growth.
• The development of bio-based and hybrid Adhesives is expected to act as an opportunity in the future.
• United States is expected to dominate the demand for the adhesives and sealants market during the forecast period.

Key Market TrendsIncreasing Demand from Packaging Industry

• Packaging is a fast-growing industry in terms of design and technology for protecting and enhancing products' safety and longevity.
• The demand for quick and on-the-go packaged items is increasing due to consumers' busier lifestyles, greater spending power, and related factors. Due to the COVID-19 pandemic, the country-wide lockdowns and temporary shutdown of manufacturing facilities caused several issues, including disruptions in supply chains, imports, and exports.
• The growing interest in public health, along with the emerging e-commerce activities across the nation, is likely to continue boosting the growth of the food processing industry, which will further drive the packaging demand over the coming years.
• United States packaging industry has been driven by the rapid growth of the food and beverage industry in recent years. The sales of packaging products to retail food and beverage stores amounted to around USD 880 billion in 2021, representing a growth of nearly 3.5% compared to 2020.
• Also, corrugated packaging in United States is growing significantly. For example, the country shipped 416 billion square feet of corrugated packaging in 2021, representing a growth of nearly 8% compared to 2017.
• Moreover, the Canadian packaging industry has majorly been driven by the rapid growth of the food and beverages industry in recent years. Sales through retail food and beverage stores increased in 2021 and amounted to around USD 143 billion in 2021 compared to USD 142 billion in 2020.
• Thus, owing to above mentioned factors, expanding packaging industry is likely to drive the market during the forecast period.

United States to Dominate the Market

• United States is the largest market for adhesives and sealants market in North America. The end-user industries, such as construction, electronics, automotive, and packaging, are expected to drive growth in the market over the forecast period.
• The country holds the largest packaging market in the region and is expected to grow significantly. Packaging production is majorly driven by paper and paperboard in United States, which accounted for nearly 22% of the packaging produced in 2021.
• Among the different types of packaging, the flexible packaging market is growing faster as it makes products more convenient and safer for consumers.
• Also, United States is the largest country for construction activities in the North American region. The country had a GDP of USD 25,350 per capita, with an expected growth rate of 3.7% Y-o-Y in 2022. The construction industry contributes nearly 4.2% of the US GDP. The factors affecting the US construction industry are new investments, residential & non-residential constructions, government policies, and others.
• Furthermore, adhesives are widely used in the construction industry in the country because of their diverse applications, such as roofing, flooring, prefabricated components joinery, and assembling. United States construction industry is expected to account for 11.1% of the global growth in construction up to 2030. This is likely to result in an increase in demand for construction adhesives in the forecast period, 2022- 2028.
• Hence, owing to above factor, United States is likely to dominate the North American region market during the forecast peroid.

Competitive Landscape

The North American adhesives and sealants market is consolidated in nature. The major companies include 3M, Arkema Group, Sika AG, HB Fuller Company, and Henkel AG & Co. KGaA, among others (in no particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.