Beyond the Numbers: Trends Shaping the Top 20
The 2025 Top 20 reveals where growth is happening—and where challenges remain.
It is July and at ASI, that means we publish our annual list of the top adhesive and sealant manufacturers. Each year’s ranking tells a story that goes beyond the financial results. This year, I observed that shifting economic conditions, changing end-market demands, and strategic investments tell a story of how the adhesives and sealants industry is growing and changing.
If I were to characterize the performance of companies on the top 20 list in 2025, I would say that performance across the sector is a good reflection of the state of the global economy, which is growing at a modest rate below pre-pandemic levels, and consistent with current global economic trends, specifically investment in AI-related businesses and EV and data center energy storage technologies.
Sales for most companies on the list were either down compared to 2024 or showed slight increases in sales, with a few outliers. Of the largest suppliers on the list, most showed a drop in sales for 2025. Henkel was down 5.1%, H.B. Fuller’s sales were down 2.8%, Sika’s sales dropped 4.8%, Huntsman sales decreased from $6 billion to $5.7 billion, and Wacker sales were down from €5.72 billion to €5.5 billion. Avery Dennison, LINTEC, RPM, Pidilite, ITW, DuPont, DELO, and Toagosei showed increases.
Companies with significant exposure in mature, western markets, such as construction, automotive and general industrial in Europe and North America, struggled a bit in 2025. Companies with positions in emerging markets, specialized technology niches, or exposure in high-growth end markets, such as AI-related electronics and EV batteries, outperformed in 2025.
Examples of this trend include Toagosei, with sales up 2% in 2025, and DELO, which saw sales growth of 8% in 2025. DELO produces adhesives that serve the semiconductor and consumer electronics sectors. In its financial analysis for 2025, the company cited AI-related semiconductor demand in South Korea and China as a growth driver.
Also consistent with global economic trends is the lack of growth in companies with strong positions in building and construction. Companies that provide construction adhesives, including Sika, Huntsman, and H.B. Fuller’s Construction Adhesive segment, saw challenges as the weakness in the residential construction market impacted their sales.
That said, one factor that appears to be more pronounced than in past years is the impact of the dollar compared to currencies such as the euro. In several instances, company sales were up in terms of local currency but dropped when converted to dollars.
Also noteworthy this year is the M&A activity over the past 18 months. Acquisitions appeared to be specific and strategic rather than on a larger scale. Major transactions included Henkel’s acquisition of ATP Adhesives Systems and its purchase of a majority stake in Wetherby Laroc, a UK façade systems company, in January and February of 2026. Sika announced six acquisitions in 2025, all in the construction chemicals and waterproofing industries, while Avery Dennison acquired Taylor Adhesives. RPM purchased The Pink Stuff, a consumer cleaning company, Ready Seal, a wood stain and sealer provider, in 2025, and metal-based roofs and facades provider Kalzip in March 2026.
With these acquisitions, companies were filling product gaps or expanding their geographic reach, rather than participating in acquisitions that significantly grew their size. The one exception came in June, when Huntsman announced its merger with Olin, creating a $12.5 billion revenue-based North American chemical powerhouse.
That was 2025. What is in store for 2026 and 2027? So far, things appear to be moving a bit. In the first quarter of 2026, Avery Dennison saw its sales grow by 7%, 3M increased GAAP sales by 1.3%, and RPM saw sales jump 8.9%. H.B. Fuller just reported a sales increase of 5.8% versus the second quarter of fiscal 2025. Additionally, a number of the larger European companies that reported a decline in sales for the first quarter actually had sales growth on an organic/constant currency basis, indicating that the value of the dollar relative to other currencies provides a more complete explanation than weak underlying demand alone.
The past five years have been marked by almost constant disruption. Companies have had to navigate a global pandemic, geopolitical instability, shifting economic conditions, and the rapid emergence of artificial intelligence, forcing them to continually reassess their strategies and adapt to changing circumstances. Against that backdrop, it is not surprising that our industry has experienced uneven performance.
I hope that you enjoy this issue of ASI, and as always, please contact me at parkerk@bnpmedia.com with your comments and questions.
