Report Overview

Packaging demand, a construction boom, and an automotive industry growth, countered by VOC regulations and COVID-19 economic impacts drive the growth of Thailand Adhesives and Sealants Market during the forecast period between 2024 and 2030

Thailand Adhesives and Sealants Market – Industry Trends & Forecast Report, 2030

Thailand Adhesives and Sealants Market size by value was estimated at USD 1.82 billion in 2023. During the forecast period between 2024 and 2030, Thailand Adhesives and Sealants Market size is expected to expand at a CAGR of 6.20% reaching a value of USD 2.76 billion by 2030. The driving factors of Thailand Adhesives and Sealants Market include increasing demand from the automotive, construction, and packaging industries. Growth in infrastructure projects and rising urbanization fuel demand for adhesives in construction and renovation. The expanding automotive sector drives the need for lightweight materials, boosting adhesive usage. Additionally, Thailand's growing packaging industry, supported by e-commerce and consumer goods, propels sealant applications. Environmental regulations also encourage the development of eco-friendly, high-performance adhesives and sealants in the market.

Adhesives and Sealants – Overview

Adhesives are substances used to bond surfaces together, offering various strengths and flexibility for different materials. Sealants fill gaps and resist the relative movement of surfaces, ensuring airtight or watertight seals. Both are crucial in industries like construction, automotive, and packaging for their properties in joining, sealing, and protection. They come in various forms, such as liquids, pastes, and tapes, tailored to specific applications and environments.

Thailand Adhesives and Sealants Market

Growth Drivers

Expansion of Construction Sector

The growth of Thailand Adhesives and Sealants Market is largely driven by the rapid expansion of the construction sector. Increasing urbanization, government investments in infrastructure projects, and a surge in residential and commercial construction activities are boosting demand for advanced adhesives and sealants. These materials are essential for various applications such as bonding, sealing, and insulation in construction. The rising focus on sustainable building solutions also accelerates the adoption of eco-friendly adhesives and sealants in Thailand.

Challenges

Fluctuating Prices of Raw Materials

Thailand Adhesives and Sealants Market is facing challenges due to volatile raw material prices, particularly petrochemicals, which are key ingredients. Fluctuations in crude oil prices, supply chain disruptions, and inflationary pressures are driving up production costs. This volatility is making it difficult for manufacturers to maintain stable pricing, affecting their profitability and market competitiveness. Companies are focusing on optimizing their supply chains and exploring alternative materials to mitigate the impact of rising costs.

Impact of Escalating Geopolitical Tensions on Thailand Adhesives and Sealants Market

Intensifying and further spreading of geopolitical tensions among countries across the major regions could adversely affect Thailand Adhesives and Sealants Market. Disruptions in global trade routes and supply chains may lead to shortages or delays in raw materials like resins, polymers, and chemicals, increasing production costs. Thailand, as an export-reliant economy, may face reduced demand from key international markets, impacting overall market growth. Additionally, fluctuating currency exchange rates and increased tariffs could make it more expensive for local manufacturers to import essential inputs. Geopolitical instability can also cause uncertainty in foreign investment, slowing down industrial growth in key sectors like automotive, construction, and electronics, which are major consumers of adhesives and sealants in Thailand. Despite these challenges, domestic demand and government support for local production may mitigate some negative effects.

Thailand Adhesives and Sealants Market

Segmental Coverage

Thailand Adhesives and Sealants Market – By Type

By type, Thailand Adhesives and Sealants Market is divided into Adhesives and Sealants segments.

The adhesive segment is further classified into Acrylic Adhesives, Polyurethane Adhesives, Epoxy Adhesives, Polyvinyl Acetate (PVA) Adhesives, Rubber-based Adhesives, and other (including Cyanoacrylates, Silicone-based adhesives) sub-segments. In the adhesive segment, acrylic adhesives typically represent the largest sub-segment due to their versatility and strong bonding capabilities across a wide range of industries, such as construction, automotive, and packaging.

The sealants segment, on the other hand, is further subdivided into Silicone Sealants, Polyurethane Sealants, Acrylic Sealants, Polysulfide Sealants, and other (including Butyl Sealants) sub-segments. In the sealants segment, silicone sealants dominate, particularly in construction and electronics, due to their flexibility, durability, and resistance to extreme temperatures and environmental conditions. These two sub-segments lead their respective categories driven by growing demand in sectors requiring high-performance bonding and sealing solutions.

Thailand Adhesives and Sealants Market (for Adhesives) – By Technology

By technology (for Adhesives), Thailand Adhesives Market is divided into Water-based Adhesives, Solvent-based Adhesives, Hot Melt Adhesives, and Reactive & other Adhesives segments. The water-based adhesives technology segment holds the largest market share of Thailand Adhesives Market by technology. The segment’s dominance is driven by their eco-friendly nature, low VOC emissions, and versatility across industries such as packaging, construction, and automotive. Water-based adhesives are preferred due to their safety, ease of use, and strong bonding capabilities, particularly in packaging and woodworking applications. The growing emphasis on sustainable and environmentally conscious products further boosts the demand for water-based adhesives in Thailand.

Thailand Adhesives and Sealants Market – By End User

On the basis of end user, Thailand Adhesives and Sealants Market is divided into Construction Industry, Automotive & Aerospace, Furniture Manufacturing, Healthcare & Medical, Packaging Industry, Electronics Industry, and other (Footwear & Leather Industry) segments. The packaging industry segment holds the largest market share of Thailand Adhesives and Sealants Market by end user, due to a spurring demand for flexible and sustainable packaging solutions, fueled by the growth of the e-commerce and food and beverage sectors. Adhesives are widely used in packaging materials, especially in corrugated boxes, tapes, and labeling. The sector's expansion, combined with increased consumer preferences for eco-friendly and durable packaging, has solidified the packaging industry as the dominant segment in this market.

Competitive Landscape

Key players in the highly competitive Thailand Adhesives and Sealants Market include 3M, Arkema Group, Dow, Dunlop Adhesives (Thailand) Co. Ltd, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman International LLC, Selic Corp Public Company Limited, Sika AG, and Star Bond (Thailand) Company Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Adhesives

1. Acrylic Adhesives

2. Polyurethane Adhesives

3. Epoxy Adhesives

4. Polyvinyl Acetate (PVA) Adhesives

5. Rubber-based Adhesives

6. Others (Cyanoacrylates, Silicone-based adhesives)

• Sealants

1. Silicone Sealants

2. Polyurethane Sealants

3. Acrylic Sealants

4. Polysulfide Sealants

5. Others (Butyl Sealants)

By Technology (For Adhesives)

• Water-based Adhesives

• Solvent-based Adhesives

• Hot Melt Adhesives

• Reactive & other Adhesives

By End User

• Construction Industry

• Automotive & Aerospace

• Furniture Manufacturing

• Healthcare & Medical

• Packaging Industry

• Electronics Industry

• Others (Footwear & Leather Industry)