August 6, 2025 • 21 mins
You might not think about what holds our world together—but that invisible hero is adhesives. In this insightful episode, Adhesion Matters dives into how mergers and acquisitions have quietly transformed this foundational—and surprisingly dynamic—industry over the past fifty years.
What You’ll Discover:
- An Invisible Powerhouse in Plain Sight
Learn why adhesives aren’t just sticky—they’re a multi-billion-dollar, fast-growing market—projected to rise from around $85 billion in 2025 to nearly $115 billion by 2030, at a healthy 6% CAGR. - Driving Forces Behind Growth
From lightweighting in vehicles and planes, to automated packaging in the e-commerce boom, to modular construction—adhesives are increasingly replacing screws, rivets, and other fasteners. - Why M&A Matters
Despite its size, the adhesives sector remains remarkably fragmented—only about 40% is held by major players; the other 60% lies with hundreds of small and midsize manufacturers. That fragmentation makes it ripe for consolidation. - What Makes Targets Irresistible
Acquirers are chasing niche specialists with proprietary tech, strong positions in growing markets (like EVs, aerospace, medical), sustainable formulations, or geographic reach in high-growth regions. - High-Stakes Deals & Smart Strategies
Hear how deals like Henkel’s Loctite acquisition in the 1990s, Huntsman’s transformation through specialty polyurethanes and epoxies, Dow’s long-running joint venture with Corning, and DuPont’s recent reshaping through divestiture and focused acquisitions have reshaped the industry. - Why It All Matters to You
M&A isn’t just financial jiggery-pokery—these moves unlock R&D capabilities, scale operational efficiencies, accelerate global presence, and bring us closer to advanced, sustainable, and high-performance adhesive solutions.
Bottom Line:
Adhesives may be invisible, but M&A is actively crafting their future. If you're interested in how innovation, strategy, and market forces converge behind the bond, this episode is your backstage pass to the dealmaking driving our emerging world.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Lucas Adheron (00:00):
Welcome to the Deep Dive.
Today, we're pulling back thecurtain on an industry that
quite literally holds our modernworld together.
But it's one you rarely, ifever, really think about.
adhesives.
It's this huge, rapidly growingsector that's been, well,
dramatically reshaped by mergersand acquisitions M&A over the
(00:21):
last, what, five decades.
Elena Bondwell (00:22):
Yeah, about that.
It's been a long process.
Lucas Adheron (00:24):
So our mission today is to sort of unpack its
hidden strategic importance,show you how M&A has driven its
evolution and, you know, explorewhat that means for its future.
Elena Bondwell (00:32):
It's fascinating, isn't it?
Something so ubiquitous, almostinvisible, is actually a
multibillion dollar powerhouse.
I mean, to give you a sense ofthe scale, this market is
projected to grow from, let'ssee, an estimated $85.38 billion
this year.
85
Lucas Adheron (00:47):
billion, wow.
Elena Bondwell (00:48):
To nearly $115 billion by 2030.
That's with a compound annualgrowth rate, or CAGR, of 6%.
6%.
Yeah, which is a prettyconsistent expansion.
It really underscores just howfoundational and, frankly,
adaptable this invisibleindustry is to almost every
major global trend.
Lucas Adheron (01:06):
A 6% CAGR for an industry like this is pretty
remarkable.
And when you look at the keydry for this growth, it becomes
clear why it's so robust.
We're talking about thelightweighting revolution in
vehicles, making cars and planeslighter.
the explosion of automatede-commerce packaging, and the
(01:26):
increasing push towards modularconstruction.
This isn't just about stickingthings together anymore.
It's about enabling thesefuture-forward technologies and
efficiencies.
Elena Bondwell (01:35):
That's precisely it.
Adhesives have moved far beyondjust sticky tape.
They are now high-performancebonding solutions, actively
displacing traditionalmechanical fasteners like screws
or rivets in many cases.
This shift is less about simpleassembly and more about
advanced material So
Lucas Adheron (01:53):
as we unpack these growth catalysts, you'll
find just how interwovenadhesives are with our daily
lives.
Take the e-commerce boom, forexample.
The sheer volume of boxesmoving through fulfillment
centers worldwide.
It demands a level ofreliability and speed from
packaging adhesives.
Elena Bondwell (02:09):
Absolutely.
Labels, tapes, carton sealing.
Lucas Adheron (02:11):
Exactly.
Things that would have beenunimaginable just a decade ago.
And then there's the rapid riseof modular and prefabricated
construction, especiallyprominent in the Asia-Pacific
region.
Elena Bondwell (02:22):
Yeah, that relies heavily on advanced
adhesives for speed and,importantly, structural
integrity.
And we really can't overlookthe sustainability imperative
either.
There's this intenseindustry-wide push for
eco-friendly recyclableformulations.
Lucas Adheron (02:38):
That seems like a big challenge.
Elena Bondwell (02:39):
It is.
This isn't just a nice-to-have.
It's driving fundamentalinnovation.
It raises a really importantquestion how can we bond things
strongly today while stillallowing for easy recycling or
disassembly at the end of aproduct's life?
It's a complex challenge withmassive implications.
Lucas Adheron (02:57):
I'm struck by that point on sustainability.
Plus, you've got ongoingtechnological innovation in
areas like, what, waterborne andhot melt technologies.
Elena Bondwell (03:04):
That's right.
They're constantly expandingwhat's possible, pushing the
boundaries of what adhesives canactually do.
Lucas Adheron (03:09):
So when we break down the market segmentation,
where does the biggest demandlie?
Elena Bondwell (03:15):
Well, Packaging leads.
It's the dominant end user,holding about 43% of the
adhesives and sealants market in2024.
Globally, it's even higher,maybe around 52%.
Makes
Lucas Adheron (03:25):
sense, given what you said about e-commerce.
Elena Bondwell (03:27):
Totally.
But the high growth sectors arereally interesting, too.
Building and construction,that's projected to grow at a
6.5% CAGR through 2030.
Okay.
And healthcare, which isactually the fastest growing
segment overall, lots ofpotential there.
Lucas Adheron (03:42):
So from a chemistry perspective, what are
we looking at?
It must be a Pretty diverse.
Elena Bondwell (03:46):
Oh, incredibly diverse.
You have polyurethane, which isprized for its versatility and
strength.
Silicone for high tempresistance and flexibility.
Lucas Adheron (03:54):
And like super glue.
Elena Bondwell (03:55):
Exactly.
Cyanoacrylate, that's the superglue known for its fast
setting, high strengthproperties.
Then you have water-basedtechnologies, which currently
account for 42% of revenue,largely because they're more
eco-friendly.
Right.
And reactive systems are thefastest growing through 2030
with an 8.2% CAGR.
Lucas Adheron (04:14):
Reactive systems?
What's special about those?
Elena Bondwell (04:16):
Well, unlike glues that just dry, reactive
systems undergo a chemicalchange.
They cure to form theseincredibly strong and durable
bonds, perfect for highperformance needs where
durability is absolutelyparamount.
Lucas Adheron (04:28):
Got it.
So what does this all mean foryou, the listener?
Adhesives are these criticalinputs enabling major industrial
trends.
Think about lightweighting inautomotive and aerospace, those
hyper-efficient automatedpackaging lines we talked about,
and the speed and precision ofmodular construction.
Elena Bondwell (04:46):
And it's why the sector is often characterized
as highly recession resistant.
Its utility is just sopervasive across almost every
industry.
Lucas Adheron (04:53):
It really does hold the modern world together,
often without us even realizingit.
Elena Bondwell (04:56):
Which brings us neatly to why M&A is such a,
well, such a driving force inthis industry.
Despite its colossal size andfoundational importance, the
adhesives market is remarkablyfragmented.
Lucas Adheron (05:08):
Fragmented?
How so?
Elena Bondwell (05:09):
Well, a handful of major players only hold about
40% of the global market value.
Lucas Adheron (05:13):
40% at least.
Elena Bondwell (05:15):
A massive 60% dispersed among hundreds,
literally hundreds, of small andmedium-sized enterprises, many
with revenues under $100million.
So
Lucas Adheron (05:24):
what you're saying is this creates a really
diverse pool of attractiveacquisition candidates for the
bigger companies to, well...
scoop up.
Elena Bondwell (05:33):
It absolutely does.
And one of the core reasons forthis consolidation often boils
down to raw material costpressure.
Raw materials make up a hugechunk of the cost of goods sold,
something like 53 to 63percent.
Lucas Adheron (05:46):
Wow, that's high.
Elena Bondwell (05:47):
It is.
And volatile prices for thosematerials disproportionately
impact the smaller players.
It makes them vulnerable and,frankly, attractive targets for
larger companies who are seekingeconomies of scale in
procurement.
This isn't just about gettingbigger.
it's about gaining leverage inpurchasing.
Lucas Adheron (06:05):
It's a critical observation.
And then there's globalization,right?
Elena Bondwell (06:08):
Exactly.
As major customers like the bigautomotive OEMs consolidate
globally, adhesive manufacturershave to expand their own global
footprint to serve themeffectively.
Lucas Adheron (06:18):
And M&A is the fastest way to do that.
Elena Bondwell (06:19):
By far.
You can't just organicallybuild that kind of presence
overnight.
Acquisition gives you immediatescale and market access.
Lucas Adheron (06:26):
Makes sense.
What about regulations?
Do they play a part?
Elena Bondwell (06:29):
Oh, definitely.
Environmental regulations playa significant role.
Strict rules like those on VOCemissions or the EU construction
products regulation, they forceinnovation and compliance.
So companies that already haveadvanced compliant and
sustainable technologies, thinkwater based or UV cured
adhesives, they become highlydesirable acquisition targets.
Lucas Adheron (06:52):
So the acquirer gets that tech quickly.
Elena Bondwell (06:55):
Precisely.
It allows them to rapidly meetevolving demands without having
to reinvent the wheelinternally.
Lucas Adheron (07:02):
Yeah, of course, there's the ever-increasing
demand for high-performancesolutions.
Elena Bondwell (07:06):
Right.
The shift towards specializedapplications, lightweighting,
automated packaging, advancedmedical devices, it drives M&A
towards those niche players whohave proprietary formulations.
Lucas Adheron (07:16):
So it's not just about adding volume.
Elena Bondwell (07:17):
No, it helps acquirers reposition themselves
as specialty materials providerswith unique, hard-to-replicate
capabilities.
Lucas Adheron (07:24):
Okay, let's talk financials.
This sector is seen ashigh-value and
recession-resistant, you said.
Elena Bondwell (07:29):
Yeah.
Lucas Adheron (07:29):
How does that translate to the M&A deals?
Elena Bondwell (07:31):
Well, it translates into consistency.
consistently high M&A valuationmultiples.
Lucas Adheron (07:35):
Meaning they pay a lot for these companies.
Elena Bondwell (07:37):
Relatively speaking, yes.
For example, the Arkema andAshland deal was valued at over
20 times trailing 12 monthsEBITDA.
Lucas Adheron (07:45):
20 times.
Can you quickly explain EBITDAagain?
Elena Bondwell (07:48):
Sure.
It's earnings before interest,taxes, depreciation, and
amortization.
It's basically a common way tomeasure a company's operational
profitability, how much cash itgenerates before accounting for
non-operational costs in certainaccounting charges.
Lucas Adheron (08:05):
Okay, so 20x EBITDA is high, but they expect
it to come down.
Elena Bondwell (08:08):
Yes, that multiple was expected to reduce
significantly, down to maybe8.7x by 2026, once they achieve
the planned synergies.
And generally, the averagechemical M&A multiple is
approaching maybe 9.0xenterprise value to EBITDA
through 2025.
Still pretty healthy.
Lucas Adheron (08:26):
And those high multiples are justified by what
you called highly obtainableoperating synergies.
Elena Bondwell (08:30):
That's the key, especially in raw material
purchasing because of that highcost percentage, but also in
sales and marketing andmanufacturing optimization.
Lucas Adheron (08:37):
So the raw material savings are a huge
driver.
Elena Bondwell (08:40):
Massive.
This isn't just financialjargon.
It means these acquisitions aredesigned to unlock real,
tangible efficiency gains,making them incredibly
attractive investments.
Lucas Adheron (08:51):
What's also interesting here is the role of
private equity.
Elena Bondwell (08:53):
Yes.
PE firms are quite active.
They account for about 25% ofchemical industry transactions
overall.
Lucas Adheron (09:00):
Why are they so interested?
Elena Bondwell (09:01):
They're drawn by the fragmentation, which offers
consolidation opportunities,the stable cash flows many of
these businesses generate, andrelatively low capital
expenditure requirementscompared to other industries.
Lucas Adheron (09:13):
So they often pursue buy and build strategy.
Elena Bondwell (09:15):
Yes, exactly.
They buy a platform company andthen add on smaller
acquisitions.
It further accelerates marketconsolidation and offers viable
exit routes for smaller, oftenfamily-owned businesses.
Lucas Adheron (09:27):
Okay, so we've talked about why this industry
is so ripe for M&A.
Now let's look at who isactually leading this charge.
How are these corporate titansstrategically using acquisitions
to redefine their empires?
Let's start with Henkel.
You call them a master of theacquisition game.
Elena Bondwell (09:43):
They really are a prime example of an
acquisition-led powerhouse.
They've systematically combinedtheir own organic growth with
really strategic purchases overdecades.
Lucas Adheron (09:53):
The Loctite deal in 97 seems pivotal.
Elena Bondwell (09:56):
Oh, absolutely a game changer for Henkel.
They paid over a billiondollars just for a 65% stake.
Lucas Adheron (10:01):
And Loctite was special because?
It
Elena Bondwell (10:03):
was incredibly profitable.
Famous for that, sells by thedrop and not by the pound model,
a really efficient business.
And crucially, they heldproprietary tech, anaerobic
adhesives and cyanoacrylate, youknow, the super glue tech.
Lucas Adheron (10:16):
So it gave Henkel a flagship brand and high
margin technology.
Elena Bondwell (10:20):
Exactly.
It catapulted them forward inthe adhesive space.
Lucas Adheron (10:23):
And they didn't stop there?
Elena Bondwell (10:24):
No.
In 2008, they bought NationalStarch for $2.7 billion.
That broadened Henkel'sportfolio significantly.
And more recently.
Just last year, 2023, theacquisition of Critica
Infrastructure.
It shows their ongoing focus ontargeted bolt-ons, this time
(10:45):
for sterilized maintenance,repair, and operations MRO
solutions specifically forcritical infrastructure.
It's a very consistentstrategy.
Lucas Adheron (10:54):
Okay, next up, Huntsman.
Their journey sounds like atransformation.
Elena Bondwell (10:57):
It really has been.
They moved from more basiccommodity chemicals towards
differentiated specialtyproducts, and M&A was absolutely
key to that.
Early on, they made some bigmoves to diversify, acquiring
Texaco Chemical in 94, ICI'sIndustrial Chemicals Division in
99.
These brought in key adhesivebuilding blocks like
polyurethanes, laying thegroundwork.
Lucas Adheron (11:20):
And then they created a specific division for
this.
Elena Bondwell (11:22):
Yes.
In 2003, they established theirAdvanced Materials Division.
That came through acquiring theVantico Group, which really
focused them on epoxy, acrylicand polyurethane systems,
including the well-knownEroldite brand.
That was a clear signal ofmoving into higher value
applications.
Lucas Adheron (11:37):
Right.
Eroldite.
I know that name.
Elena Bondwell (11:39):
Exactly.
And their recent bolt-ons in2020, CBC Thermoset Specialties
for $300 million and GabrielPerformance Products for $250
million.
These just What did those
Lucas Adheron (11:54):
deals achieve?
Elena Bondwell (11:55):
Okay, moving on to Dow.
Their M&A
Lucas Adheron (12:08):
strategy sounds more like...
Continuous portfolio sculpting.
Elena Bondwell (12:13):
That's a good way to put it.
They've engaged in massivemergers, but also very strategic
divestitures over the years.
Think about the Dow Corningjoint venture.
It started way back in 1943 asa 50-50 JV with Corning
Glassworks.
Lucas Adheron (12:25):
Wow.
1943.
Yeah.
Elena Bondwell (12:26):
A long history.
Dow finally acquired theremaining 50% in 2016 for $4.8
billion, securing full controlof that crucial silicone
technology.
That's a long game they played.
Lucas Adheron (12:36):
Decades.
And then the huge Dow DuPontmerger.
Elena Bondwell (12:38):
Right.
In 2017, that was a monumentalmonumental corporate
reorganization.
It ultimately led to a morefocused material science company
for Dow after the spinoff in2019.
The goal was really aboutcreating a leaner, more agile
enterprise focused on its corestrengths.
Lucas Adheron (12:54):
And they're still refining.
You mentioned a recentdivestiture.
Elena Bondwell (12:56):
Yes, very recent 2024.
They sold their flexiblepackaging, laminating adhesives
business to Arnama for $150million.
This was explicitly driven bywhat they called a best owner
mindset, a strategic decision tofocus on core, high-value,
sustainable segments where theysee better growth or synergy.
Lucas Adheron (13:16):
But they didn't sell everything in that area.
Elena Bondwell (13:18):
No, and this is crucial.
Dow retained its water-basedlaminating and acrylic
adhesives.
It shows a very nuanced,strategic approach.
They're optimizing theirportfolio, not just making broad
cuts.
Lucas Adheron (13:28):
Interesting.
Okay, finally, DuPont, alsoknown for big portfolio changes.
Elena Bondwell (13:32):
Yes, significant portfolio rationalization and
also targeted acquisitions.
Their mobility and materialsdivestiture in 2022 was huge,
selling the majority of that 11billion.
Lucas Adheron (13:44):
Why such a big move?
Elena Bondwell (13:46):
It was all about unlocking shareholder value and
really sharpening their focuson core, high growth, high
margin businesses where theyfelt they had the strongest
competitive advantages andfuture potential.
Lucas Adheron (14:00):
But like Dow, they kept certain parts.
Elena Bondwell (14:02):
Exactly.
DuPont retained specific partsof that business, notably
certain advanced solutions andperformance resins, specifically
their auto adhesives andfluids.
Lucas Adheron (14:12):
Ah, so keeping a foot in high-value automotive,
probably thinking about EVs.
Elena Bondwell (14:17):
That seems very likely.
It shows a focused interestthere.
And just this year, 2024, theyacquired Donatel Plastics.
Lucas Adheron (14:24):
What's that?
Elena Bondwell (14:24):
It's a medical device contract manufacturer.
This move demonstrates a clearpivot, or at least an increased
focus, towards high growth andmarkets like healthcare.
Lucas Adheron (14:34):
Where specialized adhesives are critical.
Elena Bondwell (14:36):
Absolutely critical for new product
development and medical devices.
Lucas Adheron (14:39):
These case studies really paint to picture.
M&A isn't just about gettingbigger.
Elena Bondwell (14:44):
No, it's about becoming more specialized, more
efficient, and morestrategically aligned with where
the market is heading.
It's about shaping the entireindustry landscape, really.
Lucas Adheron (14:53):
So what are the overall effects, the ripples, of
all this consolidation acrossthe industry?
You mentioned earlier thatdespite all this M&A activity,
the market remains prettyfragmented at the lower end.
Elena Bondwell (15:05):
That's right.
That 60% held by hundreds ofsmaller players is still a
defining characteristic.
It's not like it's it's becomean oligopoly.
Not yet anyway.
Lucas Adheron (15:13):
Okay.
But M&A does accelerateinnovation.
Elena Bondwell (15:16):
Oh, clearly.
Especially in those key areas.
Sustainable formulations, highperformance applications like
medical grade or EV components,and advanced curing
technologies.
Larger players gain R&Dcapabilities and critical
know-how from the firms theyacquire.
Acquisitions effectively becomea shortcut to accessing cutting
edge technology.
Lucas Adheron (15:35):
And it drives operational excellence, you
said.
Those synergies.
Elena Bondwell (15:39):
Yes.
Acquisitions can generatesubstantial Exactly.
But also leverage sales andmarketing operations and
optimize manufacturingfootprints.
Those savings are absolutelymassive and can immediately
impact the bottom line.
Lucas Adheron (15:57):
M&A also offers a quick way to expand globally.
Elena Bondwell (16:00):
Definitely.
It provides a rapid pathway formajor players to expand their
reach, particularly into highgrowth regions like Asia
Pacific.
It bypasses the slower, oftenmore capital intensive process
of building organically fromscratch.
It's a fast track to marketshare.
Lucas Adheron (16:16):
And financially, the impact is pretty direct.
Elena Bondwell (16:18):
Very direct.
M&A is a lever for enhancedfinancial performance and
shareholder value.
It can accelerate earningsgrowth and generate significant
free cash flow.
Often there are expectations ofimmediate EP meaning
Lucas Adheron (16:32):
the deal is expected to boost earnings per
share right away
Elena Bondwell (16:35):
correct making the acquiring company appear
more profitable for itsshareholders almost instantly
assuming the deal is structuredand executed well
Lucas Adheron (16:42):
so this leads us to the critical question what's
next where is this m&a trainheaded
Elena Bondwell (16:47):
well the first point is that persistent 60
fragmentation that ensures acontinuous pipeline of
attractive acquisitioncandidates for years to come the
consolidation isn't finished
Lucas Adheron (16:58):
so what makes these remaining targets so
attractive?
What are acquirers looking for?
Elena Bondwell (17:03):
Several things.
Niche specialization and atechnological edge are key.
That could mean proprietaryformulations or expertise in
advanced curing technologieslike UV LED curing or these
sophisticated dual cure systems.
Lucas Adheron (17:17):
Expertise in specific chemistries, too.
Elena Bondwell (17:19):
Yes.
High performance chemistriesfor extreme conditions, epoxies,
silicones, cyanoacrylates ormaterials with critical
properties likebiocompatibility, which is
crucial for medicalapplications.
Lucas Adheron (17:30):
And being in the right markets.
Elena Bondwell (17:32):
Absolutely.
A strong position in highgrowth end markets is vital.
Medical devices, EV electronicsadvanced packaging, aerospace,
maybe critical infrastructurerepair.
Geographic presence is also afactor.
Having a strong regional marketshare in high-growth areas like
Asia Pacific or key NorthAmerican industrial hubs is a
big plus.
Lucas Adheron (17:52):
And sustainability must be playing a
bigger role now.
Elena Bondwell (17:54):
Increasingly important, yes.
A focus on sustainable,eco-friendly, or recyclable
solutions definitely makes atarget more attractive.
ESG alignment is becoming tablestakes.
Lucas Adheron (18:03):
And the financials.
Elena Bondwell (18:04):
Financially healthy companies, of course.
Stable cash flows, relativelylow capital expenditure needs
that makes them appealing,especially as we said to private
equity.
And finally, the ownershipstructure often matters.
Family owned businesses orperhaps founder led unfunded
companies might be activelylooking for scale or planning
exit strategies, making themopportune targets.
Lucas Adheron (18:26):
OK, so can you give us some examples?
Who fits this kind of profile?
Elena Bondwell (18:29):
Well, consider a company like Master Bond Inc.
in the USA.
They're currently an unfundedcompany specializing in a
diverse range of highperformance So a perfect bolt-on
Lucas Adheron (18:51):
for someone needing that specific expertise.
Elena Bondwell (18:54):
Exactly.
Then there's JowettCorporation, originally German,
but with a big U.S.
presence, too.
They're a global industrialadhesive supplier.
They have manufacturing sitesacross continents, Germany, USA,
Switzerland, Malaysia.
and importantly, a new R&D andmanufacturing center in China,
plus a broad product range,including green adhesives.
Lucas Adheron (19:16):
And they're family-owned.
Elena Bondwell (19:17):
Yes, family-owned.
That combination, globalfootprint, sustainable
offerings, family ownership,could make them an attractive
platform acquisition for alarger player or even PE.
Lucas Adheron (19:28):
Interesting.
One more.
Elena Bondwell (19:29):
Let's look at DELO Industrial Adhesives, also
from Germany, also family-owned,but they invest a really
significant amount, about 15% oftheir turnover, back into R&D.
Lucas Adheron (19:38):
15% is a lot.
Elena Bondwell (19:39):
It is.
They're a leader in UV curingand advanced dual curing
systems.
And they provide turnkeysolutions, not just the
adhesive, but the dispensing andcuring equipment too.
Lucas Adheron (19:48):
So a full system provider.
Elena Bondwell (19:50):
Right.
They're critical suppliers insemiconductor sensors, medical
equipment, EV manufacturing,working with huge global OEMs
like Mercedes-Benz, Samsung,Bosch.
They really epitomize thathighly specialized
innovation-driven target.
Lucas Adheron (20:04):
Okay.
So to sort of wrap up our deepdive today, the adhesive
industry, though oftenoverlooked, is clearly a truly
dynamic, high growth sector.
Elena Bondwell (20:13):
Absolutely.
And M&A has been the primaryengine of its transformation,
really driven by that uniquemarket fragmentation and the
relentless demand for ever morespecialized solutions.
Lucas Adheron (20:24):
And we've seen how leading players have used
M&A not just for pure scale, butreally for strategic
repositioning, getting access tocutting edge innovation and
achieving significantoperational efficiencies.
Elena Bondwell (20:35):
That's right.
And the ongoing consolidationwill undoubtedly continue to
shape this vital industry inprofound ways.
It's a space to watch.
Lucas Adheron (20:42):
Definitely.
As our world demands lighter,more connected, and crucially
more sustainable products, thequiet science of adhesives just
becomes even more critical.
Think about it.
The next breakthrough inelectric vehicles or medical
devices or even the simpleefficiency of your next online
package might literally be stuckon the innovative power of this
industry and its ongoingconsolidation.
(21:03):
So here's a thought to leaveyou with.
What seemingly invisibleindustry do you think is quietly
shaping our future right now.
Welcome to the Deep Dive.
Today, we're pulling back thecurtain on an industry that
quite literally holds our modernworld together.
But it's one you rarely, ifever, really think about.
adhesives.
It's this huge, rapidly growingsector that's been, well,
dramatically reshaped by mergersand acquisitions M&A over the
(00:21):
last, what, five decades.
Elena Bondwell (00:22):
Yeah, about that.
It's been a long process.
Lucas Adheron (00:24):
So our mission today is to sort of unpack its
hidden strategic importance,show you how M&A has driven its
evolution and, you know, explorewhat that means for its future.
Elena Bondwell (00:32):
It's fascinating, isn't it?
Something so ubiquitous, almostinvisible, is actually a
multibillion dollar powerhouse.
I mean, to give you a sense ofthe scale, this market is
projected to grow from, let'ssee, an estimated $85.38 billion
this year.
85
Lucas Adheron (00:47):
billion, wow.
Elena Bondwell (00:48):
To nearly $115 billion by 2030.
That's with a compound annualgrowth rate, or CAGR, of 6%.
6%.
Yeah, which is a prettyconsistent expansion.
It really underscores just howfoundational and, frankly,
adaptable this invisibleindustry is to almost every
major global trend.
Lucas Adheron (01:06):
A 6% CAGR for an industry like this is pretty
remarkable.
And when you look at the keydry for this growth, it becomes
clear why it's so robust.
We're talking about thelightweighting revolution in
vehicles, making cars and planeslighter.
the explosion of automatede-commerce packaging, and the
(01:26):
increasing push towards modularconstruction.
This isn't just about stickingthings together anymore.
It's about enabling thesefuture-forward technologies and
efficiencies.
Elena Bondwell (01:35):
That's precisely it.
Adhesives have moved far beyondjust sticky tape.
They are now high-performancebonding solutions, actively
displacing traditionalmechanical fasteners like screws
or rivets in many cases.
This shift is less about simpleassembly and more about
advanced material So
Lucas Adheron (01:53):
as we unpack these growth catalysts, you'll
find just how interwovenadhesives are with our daily
lives.
Take the e-commerce boom, forexample.
The sheer volume of boxesmoving through fulfillment
centers worldwide.
It demands a level ofreliability and speed from
packaging adhesives.
Elena Bondwell (02:09):
Absolutely.
Labels, tapes, carton sealing.
Lucas Adheron (02:11):
Exactly.
Things that would have beenunimaginable just a decade ago.
And then there's the rapid riseof modular and prefabricated
construction, especiallyprominent in the Asia-Pacific
region.
Elena Bondwell (02:22):
Yeah, that relies heavily on advanced
adhesives for speed and,importantly, structural
integrity.
And we really can't overlookthe sustainability imperative
either.
There's this intenseindustry-wide push for
eco-friendly recyclableformulations.
Lucas Adheron (02:38):
That seems like a big challenge.
Elena Bondwell (02:39):
It is.
This isn't just a nice-to-have.
It's driving fundamentalinnovation.
It raises a really importantquestion how can we bond things
strongly today while stillallowing for easy recycling or
disassembly at the end of aproduct's life?
It's a complex challenge withmassive implications.
Lucas Adheron (02:57):
I'm struck by that point on sustainability.
Plus, you've got ongoingtechnological innovation in
areas like, what, waterborne andhot melt technologies.
Elena Bondwell (03:04):
That's right.
They're constantly expandingwhat's possible, pushing the
boundaries of what adhesives canactually do.
Lucas Adheron (03:09):
So when we break down the market segmentation,
where does the biggest demandlie?
Elena Bondwell (03:15):
Well, Packaging leads.
It's the dominant end user,holding about 43% of the
adhesives and sealants market in2024.
Globally, it's even higher,maybe around 52%.
Makes
Lucas Adheron (03:25):
sense, given what you said about e-commerce.
Elena Bondwell (03:27):
Totally.
But the high growth sectors arereally interesting, too.
Building and construction,that's projected to grow at a
6.5% CAGR through 2030.
Okay.
And healthcare, which isactually the fastest growing
segment overall, lots ofpotential there.
Lucas Adheron (03:42):
So from a chemistry perspective, what are
we looking at?
It must be a Pretty diverse.
Elena Bondwell (03:46):
Oh, incredibly diverse.
You have polyurethane, which isprized for its versatility and
strength.
Silicone for high tempresistance and flexibility.
Lucas Adheron (03:54):
And like super glue.
Elena Bondwell (03:55):
Exactly.
Cyanoacrylate, that's the superglue known for its fast
setting, high strengthproperties.
Then you have water-basedtechnologies, which currently
account for 42% of revenue,largely because they're more
eco-friendly.
Right.
And reactive systems are thefastest growing through 2030
with an 8.2% CAGR.
Lucas Adheron (04:14):
Reactive systems?
What's special about those?
Elena Bondwell (04:16):
Well, unlike glues that just dry, reactive
systems undergo a chemicalchange.
They cure to form theseincredibly strong and durable
bonds, perfect for highperformance needs where
durability is absolutelyparamount.
Lucas Adheron (04:28):
Got it.
So what does this all mean foryou, the listener?
Adhesives are these criticalinputs enabling major industrial
trends.
Think about lightweighting inautomotive and aerospace, those
hyper-efficient automatedpackaging lines we talked about,
and the speed and precision ofmodular construction.
Elena Bondwell (04:46):
And it's why the sector is often characterized
as highly recession resistant.
Its utility is just sopervasive across almost every
industry.
Lucas Adheron (04:53):
It really does hold the modern world together,
often without us even realizingit.
Elena Bondwell (04:56):
Which brings us neatly to why M&A is such a,
well, such a driving force inthis industry.
Despite its colossal size andfoundational importance, the
adhesives market is remarkablyfragmented.
Lucas Adheron (05:08):
Fragmented?
How so?
Elena Bondwell (05:09):
Well, a handful of major players only hold about
40% of the global market value.
Lucas Adheron (05:13):
40% at least.
Elena Bondwell (05:15):
A massive 60% dispersed among hundreds,
literally hundreds, of small andmedium-sized enterprises, many
with revenues under $100million.
So
Lucas Adheron (05:24):
what you're saying is this creates a really
diverse pool of attractiveacquisition candidates for the
bigger companies to, well...
scoop up.
Elena Bondwell (05:33):
It absolutely does.
And one of the core reasons forthis consolidation often boils
down to raw material costpressure.
Raw materials make up a hugechunk of the cost of goods sold,
something like 53 to 63percent.
Lucas Adheron (05:46):
Wow, that's high.
Elena Bondwell (05:47):
It is.
And volatile prices for thosematerials disproportionately
impact the smaller players.
It makes them vulnerable and,frankly, attractive targets for
larger companies who are seekingeconomies of scale in
procurement.
This isn't just about gettingbigger.
it's about gaining leverage inpurchasing.
Lucas Adheron (06:05):
It's a critical observation.
And then there's globalization,right?
Elena Bondwell (06:08):
Exactly.
As major customers like the bigautomotive OEMs consolidate
globally, adhesive manufacturershave to expand their own global
footprint to serve themeffectively.
Lucas Adheron (06:18):
And M&A is the fastest way to do that.
Elena Bondwell (06:19):
By far.
You can't just organicallybuild that kind of presence
overnight.
Acquisition gives you immediatescale and market access.
Lucas Adheron (06:26):
Makes sense.
What about regulations?
Do they play a part?
Elena Bondwell (06:29):
Oh, definitely.
Environmental regulations playa significant role.
Strict rules like those on VOCemissions or the EU construction
products regulation, they forceinnovation and compliance.
So companies that already haveadvanced compliant and
sustainable technologies, thinkwater based or UV cured
adhesives, they become highlydesirable acquisition targets.
Lucas Adheron (06:52):
So the acquirer gets that tech quickly.
Elena Bondwell (06:55):
Precisely.
It allows them to rapidly meetevolving demands without having
to reinvent the wheelinternally.
Lucas Adheron (07:02):
Yeah, of course, there's the ever-increasing
demand for high-performancesolutions.
Elena Bondwell (07:06):
Right.
The shift towards specializedapplications, lightweighting,
automated packaging, advancedmedical devices, it drives M&A
towards those niche players whohave proprietary formulations.
Lucas Adheron (07:16):
So it's not just about adding volume.
Elena Bondwell (07:17):
No, it helps acquirers reposition themselves
as specialty materials providerswith unique, hard-to-replicate
capabilities.
Lucas Adheron (07:24):
Okay, let's talk financials.
This sector is seen ashigh-value and
recession-resistant, you said.
Elena Bondwell (07:29):
Yeah.
Lucas Adheron (07:29):
How does that translate to the M&A deals?
Elena Bondwell (07:31):
Well, it translates into consistency.
consistently high M&A valuationmultiples.
Lucas Adheron (07:35):
Meaning they pay a lot for these companies.
Elena Bondwell (07:37):
Relatively speaking, yes.
For example, the Arkema andAshland deal was valued at over
20 times trailing 12 monthsEBITDA.
Lucas Adheron (07:45):
20 times.
Can you quickly explain EBITDAagain?
Elena Bondwell (07:48):
Sure.
It's earnings before interest,taxes, depreciation, and
amortization.
It's basically a common way tomeasure a company's operational
profitability, how much cash itgenerates before accounting for
non-operational costs in certainaccounting charges.
Lucas Adheron (08:05):
Okay, so 20x EBITDA is high, but they expect
it to come down.
Elena Bondwell (08:08):
Yes, that multiple was expected to reduce
significantly, down to maybe8.7x by 2026, once they achieve
the planned synergies.
And generally, the averagechemical M&A multiple is
approaching maybe 9.0xenterprise value to EBITDA
through 2025.
Still pretty healthy.
Lucas Adheron (08:26):
And those high multiples are justified by what
you called highly obtainableoperating synergies.
Elena Bondwell (08:30):
That's the key, especially in raw material
purchasing because of that highcost percentage, but also in
sales and marketing andmanufacturing optimization.
Lucas Adheron (08:37):
So the raw material savings are a huge
driver.
Elena Bondwell (08:40):
Massive.
This isn't just financialjargon.
It means these acquisitions aredesigned to unlock real,
tangible efficiency gains,making them incredibly
attractive investments.
Lucas Adheron (08:51):
What's also interesting here is the role of
private equity.
Elena Bondwell (08:53):
Yes.
PE firms are quite active.
They account for about 25% ofchemical industry transactions
overall.
Lucas Adheron (09:00):
Why are they so interested?
Elena Bondwell (09:01):
They're drawn by the fragmentation, which offers
consolidation opportunities,the stable cash flows many of
these businesses generate, andrelatively low capital
expenditure requirementscompared to other industries.
Lucas Adheron (09:13):
So they often pursue buy and build strategy.
Elena Bondwell (09:15):
Yes, exactly.
They buy a platform company andthen add on smaller
acquisitions.
It further accelerates marketconsolidation and offers viable
exit routes for smaller, oftenfamily-owned businesses.
Lucas Adheron (09:27):
Okay, so we've talked about why this industry
is so ripe for M&A.
Now let's look at who isactually leading this charge.
How are these corporate titansstrategically using acquisitions
to redefine their empires?
Let's start with Henkel.
You call them a master of theacquisition game.
Elena Bondwell (09:43):
They really are a prime example of an
acquisition-led powerhouse.
They've systematically combinedtheir own organic growth with
really strategic purchases overdecades.
Lucas Adheron (09:53):
The Loctite deal in 97 seems pivotal.
Elena Bondwell (09:56):
Oh, absolutely a game changer for Henkel.
They paid over a billiondollars just for a 65% stake.
Lucas Adheron (10:01):
And Loctite was special because?
It
Elena Bondwell (10:03):
was incredibly profitable.
Famous for that, sells by thedrop and not by the pound model,
a really efficient business.
And crucially, they heldproprietary tech, anaerobic
adhesives and cyanoacrylate, youknow, the super glue tech.
Lucas Adheron (10:16):
So it gave Henkel a flagship brand and high
margin technology.
Elena Bondwell (10:20):
Exactly.
It catapulted them forward inthe adhesive space.
Lucas Adheron (10:23):
And they didn't stop there?
Elena Bondwell (10:24):
No.
In 2008, they bought NationalStarch for $2.7 billion.
That broadened Henkel'sportfolio significantly.
And more recently.
Just last year, 2023, theacquisition of Critica
Infrastructure.
It shows their ongoing focus ontargeted bolt-ons, this time
(10:45):
for sterilized maintenance,repair, and operations MRO
solutions specifically forcritical infrastructure.
It's a very consistentstrategy.
Lucas Adheron (10:54):
Okay, next up, Huntsman.
Their journey sounds like atransformation.
Elena Bondwell (10:57):
It really has been.
They moved from more basiccommodity chemicals towards
differentiated specialtyproducts, and M&A was absolutely
key to that.
Early on, they made some bigmoves to diversify, acquiring
Texaco Chemical in 94, ICI'sIndustrial Chemicals Division in
99.
These brought in key adhesivebuilding blocks like
polyurethanes, laying thegroundwork.
Lucas Adheron (11:20):
And then they created a specific division for
this.
Elena Bondwell (11:22):
Yes.
In 2003, they established theirAdvanced Materials Division.
That came through acquiring theVantico Group, which really
focused them on epoxy, acrylicand polyurethane systems,
including the well-knownEroldite brand.
That was a clear signal ofmoving into higher value
applications.
Lucas Adheron (11:37):
Right.
Eroldite.
I know that name.
Elena Bondwell (11:39):
Exactly.
And their recent bolt-ons in2020, CBC Thermoset Specialties
for $300 million and GabrielPerformance Products for $250
million.
These just What did those
Lucas Adheron (11:54):
deals achieve?
Elena Bondwell (11:55):
Okay, moving on to Dow.
Their M&A
Lucas Adheron (12:08):
strategy sounds more like...
Continuous portfolio sculpting.
Elena Bondwell (12:13):
That's a good way to put it.
They've engaged in massivemergers, but also very strategic
divestitures over the years.
Think about the Dow Corningjoint venture.
It started way back in 1943 asa 50-50 JV with Corning
Glassworks.
Lucas Adheron (12:25):
Wow.
1943.
Yeah.
Elena Bondwell (12:26):
A long history.
Dow finally acquired theremaining 50% in 2016 for $4.8
billion, securing full controlof that crucial silicone
technology.
That's a long game they played.
Lucas Adheron (12:36):
Decades.
And then the huge Dow DuPontmerger.
Elena Bondwell (12:38):
Right.
In 2017, that was a monumentalmonumental corporate
reorganization.
It ultimately led to a morefocused material science company
for Dow after the spinoff in2019.
The goal was really aboutcreating a leaner, more agile
enterprise focused on its corestrengths.
Lucas Adheron (12:54):
And they're still refining.
You mentioned a recentdivestiture.
Elena Bondwell (12:56):
Yes, very recent 2024.
They sold their flexiblepackaging, laminating adhesives
business to Arnama for $150million.
This was explicitly driven bywhat they called a best owner
mindset, a strategic decision tofocus on core, high-value,
sustainable segments where theysee better growth or synergy.
Lucas Adheron (13:16):
But they didn't sell everything in that area.
Elena Bondwell (13:18):
No, and this is crucial.
Dow retained its water-basedlaminating and acrylic
adhesives.
It shows a very nuanced,strategic approach.
They're optimizing theirportfolio, not just making broad
cuts.
Lucas Adheron (13:28):
Interesting.
Okay, finally, DuPont, alsoknown for big portfolio changes.
Elena Bondwell (13:32):
Yes, significant portfolio rationalization and
also targeted acquisitions.
Their mobility and materialsdivestiture in 2022 was huge,
selling the majority of that 11billion.
Lucas Adheron (13:44):
Why such a big move?
Elena Bondwell (13:46):
It was all about unlocking shareholder value and
really sharpening their focuson core, high growth, high
margin businesses where theyfelt they had the strongest
competitive advantages andfuture potential.
Lucas Adheron (14:00):
But like Dow, they kept certain parts.
Elena Bondwell (14:02):
Exactly.
DuPont retained specific partsof that business, notably
certain advanced solutions andperformance resins, specifically
their auto adhesives andfluids.
Lucas Adheron (14:12):
Ah, so keeping a foot in high-value automotive,
probably thinking about EVs.
Elena Bondwell (14:17):
That seems very likely.
It shows a focused interestthere.
And just this year, 2024, theyacquired Donatel Plastics.
Lucas Adheron (14:24):
What's that?
Elena Bondwell (14:24):
It's a medical device contract manufacturer.
This move demonstrates a clearpivot, or at least an increased
focus, towards high growth andmarkets like healthcare.
Lucas Adheron (14:34):
Where specialized adhesives are critical.
Elena Bondwell (14:36):
Absolutely critical for new product
development and medical devices.
Lucas Adheron (14:39):
These case studies really paint to picture.
M&A isn't just about gettingbigger.
Elena Bondwell (14:44):
No, it's about becoming more specialized, more
efficient, and morestrategically aligned with where
the market is heading.
It's about shaping the entireindustry landscape, really.
Lucas Adheron (14:53):
So what are the overall effects, the ripples, of
all this consolidation acrossthe industry?
You mentioned earlier thatdespite all this M&A activity,
the market remains prettyfragmented at the lower end.
Elena Bondwell (15:05):
That's right.
That 60% held by hundreds ofsmaller players is still a
defining characteristic.
It's not like it's it's becomean oligopoly.
Not yet anyway.
Lucas Adheron (15:13):
Okay.
But M&A does accelerateinnovation.
Elena Bondwell (15:16):
Oh, clearly.
Especially in those key areas.
Sustainable formulations, highperformance applications like
medical grade or EV components,and advanced curing
technologies.
Larger players gain R&Dcapabilities and critical
know-how from the firms theyacquire.
Acquisitions effectively becomea shortcut to accessing cutting
edge technology.
Lucas Adheron (15:35):
And it drives operational excellence, you
said.
Those synergies.
Elena Bondwell (15:39):
Yes.
Acquisitions can generatesubstantial Exactly.
But also leverage sales andmarketing operations and
optimize manufacturingfootprints.
Those savings are absolutelymassive and can immediately
impact the bottom line.
Lucas Adheron (15:57):
M&A also offers a quick way to expand globally.
Elena Bondwell (16:00):
Definitely.
It provides a rapid pathway formajor players to expand their
reach, particularly into highgrowth regions like Asia
Pacific.
It bypasses the slower, oftenmore capital intensive process
of building organically fromscratch.
It's a fast track to marketshare.
Lucas Adheron (16:16):
And financially, the impact is pretty direct.
Elena Bondwell (16:18):
Very direct.
M&A is a lever for enhancedfinancial performance and
shareholder value.
It can accelerate earningsgrowth and generate significant
free cash flow.
Often there are expectations ofimmediate EP meaning
Lucas Adheron (16:32):
the deal is expected to boost earnings per
share right away
Elena Bondwell (16:35):
correct making the acquiring company appear
more profitable for itsshareholders almost instantly
assuming the deal is structuredand executed well
Lucas Adheron (16:42):
so this leads us to the critical question what's
next where is this m&a trainheaded
Elena Bondwell (16:47):
well the first point is that persistent 60
fragmentation that ensures acontinuous pipeline of
attractive acquisitioncandidates for years to come the
consolidation isn't finished
Lucas Adheron (16:58):
so what makes these remaining targets so
attractive?
What are acquirers looking for?
Elena Bondwell (17:03):
Several things.
Niche specialization and atechnological edge are key.
That could mean proprietaryformulations or expertise in
advanced curing technologieslike UV LED curing or these
sophisticated dual cure systems.
Lucas Adheron (17:17):
Expertise in specific chemistries, too.
Elena Bondwell (17:19):
Yes.
High performance chemistriesfor extreme conditions, epoxies,
silicones, cyanoacrylates ormaterials with critical
properties likebiocompatibility, which is
crucial for medicalapplications.
Lucas Adheron (17:30):
And being in the right markets.
Elena Bondwell (17:32):
Absolutely.
A strong position in highgrowth end markets is vital.
Medical devices, EV electronicsadvanced packaging, aerospace,
maybe critical infrastructurerepair.
Geographic presence is also afactor.
Having a strong regional marketshare in high-growth areas like
Asia Pacific or key NorthAmerican industrial hubs is a
big plus.
Lucas Adheron (17:52):
And sustainability must be playing a
bigger role now.
Elena Bondwell (17:54):
Increasingly important, yes.
A focus on sustainable,eco-friendly, or recyclable
solutions definitely makes atarget more attractive.
ESG alignment is becoming tablestakes.
Lucas Adheron (18:03):
And the financials.
Elena Bondwell (18:04):
Financially healthy companies, of course.
Stable cash flows, relativelylow capital expenditure needs
that makes them appealing,especially as we said to private
equity.
And finally, the ownershipstructure often matters.
Family owned businesses orperhaps founder led unfunded
companies might be activelylooking for scale or planning
exit strategies, making themopportune targets.
Lucas Adheron (18:26):
OK, so can you give us some examples?
Who fits this kind of profile?
Elena Bondwell (18:29):
Well, consider a company like Master Bond Inc.
in the USA.
They're currently an unfundedcompany specializing in a
diverse range of highperformance So a perfect bolt-on
Lucas Adheron (18:51):
for someone needing that specific expertise.
Elena Bondwell (18:54):
Exactly.
Then there's JowettCorporation, originally German,
but with a big U.S.
presence, too.
They're a global industrialadhesive supplier.
They have manufacturing sitesacross continents, Germany, USA,
Switzerland, Malaysia.
and importantly, a new R&D andmanufacturing center in China,
plus a broad product range,including green adhesives.
Lucas Adheron (19:16):
And they're family-owned.
Elena Bondwell (19:17):
Yes, family-owned.
That combination, globalfootprint, sustainable
offerings, family ownership,could make them an attractive
platform acquisition for alarger player or even PE.
Lucas Adheron (19:28):
Interesting.
One more.
Elena Bondwell (19:29):
Let's look at DELO Industrial Adhesives, also
from Germany, also family-owned,but they invest a really
significant amount, about 15% oftheir turnover, back into R&D.
Lucas Adheron (19:38):
15% is a lot.
Elena Bondwell (19:39):
It is.
They're a leader in UV curingand advanced dual curing
systems.
And they provide turnkeysolutions, not just the
adhesive, but the dispensing andcuring equipment too.
Lucas Adheron (19:48):
So a full system provider.
Elena Bondwell (19:50):
Right.
They're critical suppliers insemiconductor sensors, medical
equipment, EV manufacturing,working with huge global OEMs
like Mercedes-Benz, Samsung,Bosch.
They really epitomize thathighly specialized
innovation-driven target.
Lucas Adheron (20:04):
Okay.
So to sort of wrap up our deepdive today, the adhesive
industry, though oftenoverlooked, is clearly a truly
dynamic, high growth sector.
Elena Bondwell (20:13):
Absolutely.
And M&A has been the primaryengine of its transformation,
really driven by that uniquemarket fragmentation and the
relentless demand for ever morespecialized solutions.
Lucas Adheron (20:24):
And we've seen how leading players have used
M&A not just for pure scale, butreally for strategic
repositioning, getting access tocutting edge innovation and
achieving significantoperational efficiencies.
Elena Bondwell (20:35):
That's right.
And the ongoing consolidationwill undoubtedly continue to
shape this vital industry inprofound ways.
It's a space to watch.
Lucas Adheron (20:42):
Definitely.
As our world demands lighter,more connected, and crucially
more sustainable products, thequiet science of adhesives just
becomes even more critical.
Think about it.
The next breakthrough inelectric vehicles or medical
devices or even the simpleefficiency of your next online
package might literally be stuckon the innovative power of this
industry and its ongoingconsolidation.
(21:03):
So here's a thought to leaveyou with.
What seemingly invisibleindustry do you think is quietly
shaping our future right now.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!