“European adhesives and sealants market 2023-2028: A quantitative demand analysis and trend forecast”, prepared by Smithers on behalf of FEICA, is the eighth edition of the report. The aim of this program is to provide market statistics from an independent source which are updated at regular intervals.

The report, FEICA says, provides key insights to help companies better position themselves for success in today’s challenging business environment. The geographic scope of the study encompasses Europe, including Western Europe, Central and Eastern Europe (CEE) and Turkey. It discusses the factors influencing market growth by material type/process, end use, and region. The outlook to 2028 will cover a range of industry challenges and issues, and highlight opportunities for growth in a fast-changing market.

Preliminary published results show that the European adhesives and sealants (A&S) market in 2022 was 4.8 million tons with a value of €19.9 billion. Adhesives accounted for 83.5% share of the total volume in 2022 and 74.7% share of the value. Estimated volume demand in 2023 for adhesives & sealants will be lower at 4.6 million tons, although market value will remain roughly equal at €19.9 billion.

The combined demand for adhesives and sealants in Europe is forecast to see a small increase in volume between 2021 and 2028 of 1.3% CAGR. Volume demand in 2028 is forecast at 5.3 million tons, and a growth in value over the reporting period of 2.0% CAGR will result in a market of €21.4 billion. Although sealants have a smaller share of the European A&S market, their demand is forecast to grow at a slightly faster rate in volume than adhesives between 2023 and 2028.

Demand for adhesives and sealants started to recover in 2021 from the depressed market of 2020, the report shows. However, growth started to slow in 2022 as regional and global economies suffered from the effects of continuing high material costs, supply chain disruptions, and escalating energy costs resulting from the Russian invasion of Ukraine. These factors pushed up inflation levels, slowing consumer and business spending and putting many investment decisions on hold. Sales of adhesives and sealants in 2022 were also affected by destocking of high inventory levels built up in 2021 as a hedge against longer delivery schedules, occasional shortages, and ever-increasing prices.

Adhesives based on polymer dispersions and emulsions are the largest product group used in Europe with over 45% share of volume demand in 2022. Reactive (polymerizing) adhesives account for 19.5% of volume demand in this same year and hot-melt adhesives had a share of around 15.6%. Solvent-based adhesive demand is forecast to decline up to 2028 as end-users switch to more environment-friendly types, albeit at a slow rate since their high-performance properties will continue to be required for specialist applications over the next five years.

Reactive adhesives have been least affected by the economic downturn in 2022 and 2023 and are forecast to exhibit the fastest growth rate in the five years up to 2028. This growth comes from an increased demand from high-performance applications, such as the growing use of adhesives to replace mechanical fastenings in assembly operations. Adhesives based on natural polymers are also forecast to see strong growth from 2021 to 2028 due to an increased demand for sustainable materials.

Kristel Ons, secretary general of FEICA, stated: “There is increasing demand from consumers and from brand-owners aiming to improve their environmental credentials for greater use of sustainable materials in the products they buy or make. Adhesives and sealants are no exception and are, in fact, enablers of the circular economy.”