New York, June 20, 2022 (GLOBE NEWSWIRE) -- International Energy Agency has predicted a major expansion in electric vehicle adoption this decade. As per a report by IEA, global electric car sales are set for further strong growth after 40% rise in 2020. 3 million new electric cars were registered across the globe in 2020. Moreover, there are more than 10 million electric cars on road, as of 2020, and number of electric cars, vans, heavy trucks and buses on the road worldwide is expected to reach 145 million by 2030.
Research Nester has published a detailed market report on ‘Global Display Bonding Adhesive Market’ for the forecast period of 2022–2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific, and Middle East & Africa has been provided in the report.
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The global display bonding adhesive market is estimated to garner a notable revenue by rising at a significant CAGR over the forecast period, i.e., 2022 – 2031. The market is estimated to grow on the back of rapid progress in display technologies, increased use of adhesives in automotive applications, and expansion in the construction industry worldwide. Furthermore, the consistent urbanization and industrialization throughout the world is offering plenty of opportunities to the market players to expand their product portfolios, and is estimated to bring enormous growth opportunities to the market in the future. According to the World Bank 2020 data, some 55% of the world’s population, which is 4.2 billion inhabitants, live in cities. This trend is expected to continue. By 2050, with the urban population more than doubling its current size, nearly 7 of 10 people in the world will live in cities. Moreover, the unique properties of display bonding adhesives, such as high bond strength and low temperature resistance, make it irreplaceable and desirable in automotive, aerospace and other industries.
The global display bonding adhesive market is segmented on the basis of application into LCD displays, touch screens, aerospace displays, medical displays, and industrial displays, out of which, the LCD displays segment is projected to witness a notable growth in the global display bonding adhesive market over the forecast period. This can be attributed to the increasing demand for adhesives in LCD displays to prevent dust and condensed water from entering the cover glass, and to make displays shock resistant. Furthermore, increasing demand for electronic products, as the living standard of people is improving globally, is predicted to enhance the growth of the market segment in the future. In fact, in 2019, the LCD TV unit shipments across the globe exceeded 210 million units. Apart from these, high demand for consumer electronics across the globe is also predicted to boost the growth of the market segment in the future. For instance, the consumer electronics industry is set to garner a revenue of USD 755 billion in 2022.
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Furthermore, on the basis of type, the market is segmented into optically clear adhesive and liquid optical clear adhesive, out of which the optically clear adhesive segment is expected to hold the largest share in the market during the forecast period on account of its excellent qualities such as great efficiency, low shrinkage and dimensional stability. Furthermore, optically clear adhesive improves the display and clarity of LED and LCD screens by using optically clear laminations, which indicates a significant growth in the market during the forecast period. After the coronavirus pandemic in 2020, the demand for gaming monitors has significantly increased as people have to stay at home. In 2020, more than 18 million units of gaming monitors were sold across the world.
The global display bonding adhesive market is segmented by region into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is projected to witness a notable growth during the forecast period on account of new developments in the display industry, focus on upscaling the technology, and increase in electronics production across the countries in region, such as, China and Japan. For instance, China is the world’s largest manufacturers of computers, televisions and smartphones, producing more than 65%, 88% and 87% of these devices in the world in the year 2018.
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In addition to this, the market in the North America region is also anticipated to acquire a significant share over the forecast period on the back of high demand for automobile, especially commercial vehicles across the region. According to a factsheet by University of Michigan's Center for Sustainable Systems, in the U.S., the predominant mode of travel is by automobile and light truck, accounting for about 87% of passenger miles traveled in 2019.1 The U.S. has less than 4% of the world’s population, but has 12% of the world’s cars, compared to 18.7% in China, 6.0% in Japan, 4.5% in Germany, and 4.8% in Russia. Further, the high investments in the automobile sector by leading players, and growing population increasing the demand for motor vehicle, are some indicators to support the market growth in the region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Some of the prominent players and their company profiling mentioned in the report include 3M Company, H.B. Fuller Company, Ashland Inc., Dymax Corporation, Henkel Ag & Co. Kgaa, Permabond Engineering Adhesives Ltd., Bohle Group, The Dow Chemical Company, ThreeBond Holdings Co., Ltd., and Sika A.G, among others.
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