Wilmington, Delaware, United States, March 01, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global high-performance adhesives market is projected to grow at a CAGR of 6.0% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 19.1 billion is anticipated for the market in 2031. As of 2023, the demand for high-performance adhesives is expected to close at US$ 11.9 billion.
The high-performance adhesives market is experiencing growth due to innovations in automation and the miniaturization of electronic devices, alongside increased demand from the medical and aerospace sectors. This surge in demand is driving expansion in the market size.
Growing demand for high-performance adhesives from various end-use industries such as automotive, aerospace, electronics, medical, and construction is a significant driver. These industries require adhesives that offer superior strength, durability, and resistance to extreme conditions.
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High performance adhesives play a critical role in assembling various medical devices, including catheters, pacemakers, prosthetics, diagnostic equipment, wound care products, surgical instruments, dental applications, and drug delivery systems.
Economic growth, rising disposable incomes, and urbanization in emerging markets are driving the demand for consumer electronics, automotive vehicles, and construction activities, thereby boosting the need for high performance adhesives.
The automotive and aerospace industries are increasingly adopting lightweight materials to improve fuel efficiency and reduce emissions. High performance adhesives play a crucial role in bonding these materials, driving their demand in these sectors.
The adoption of advanced manufacturing processes such as additive manufacturing (3D printing) and composite materials fabrication requires specialized adhesives for joining components, further driving the growth of the high performance adhesives market.
Rapid industrialization and infrastructure development in emerging markets present significant growth opportunities for high performance adhesive manufacturers, as these regions witness increased demand for durable and high-quality adhesive solutions
Key Takeaways from the Market Study
- As of 2022, the high-performance adhesives market was valued at US$ 11.3 billion
- Based on end-use industry, the packaging segment is expected to dominate the global market during the forecast period.
High-performance Adhesives Market: Key Trends and Opportunistic Frontiers
- With the increasing miniaturization of electronic devices, there is a rising demand for high-performance adhesives capable of bonding small components with precision.
- High-performance adhesives with fast curing times, consistent quality, and compatibility with automated dispensing systems are in high demand.
- The high-performance adhesives market is expanding into new geographical regions and industry verticals such as renewable energy, medical devices, and flexible electronics.
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High-performance Adhesives Market – Regional Analysis
- North America holds a significant share in the high-performance adhesives market, driven by the presence of key industries such as automotive, aerospace, electronics, and medical devices. Technological advancements, stringent regulations promoting eco-friendly adhesives, and investments in research and development contribute to market growth in this region.
- The Asia-Pacific region is witnessing rapid growth in the high-performance adhesives market, fueled by robust industrialization, urbanization, and infrastructure development. Countries like China, Japan, South Korea, and India are major contributors to market growth due to their expanding automotive, electronics, and construction sectors. Increasing investments in research and development and rising disposable incomes drive the demand for high-quality adhesive solutions in the region.
Competitive Landscape
Industry leaders are continuously innovating to align with consumer needs and expand their product offerings. They're employing diverse tactics like forging partnerships and pursuing mergers and acquisitions to strengthen their market presence worldwide. They're prioritizing research and development to introduce cutting-edge adhesive solutions.
- Henkel AG & Co. KGaA
- 3M
- H. B. Fuller
- Avery Dennison Corporation
- Bostik
- Illinois Tool Works Inc.
- Pidilite Industries Ltd.
- Huntsman International LLC
- Ashland
- Parker Hannifin Corp
- Dymax
- Delo
- Sika AG
Key Developments from the market are
- In February 2024, Henkel AG & Co. KGaA, a prominent provider of adhesives, sealants, and functional coatings, announced the signing of an agreement to acquire Seal for Life Industries LLC. This strategic move aims to bolster Henkel's adhesive technologies business by integrating Seal for Life's expertise in protective coatings and sealing solutions. Through this acquisition, Henkel aims to enrich its product portfolio and reinforce its position in the market.
- In June 2023, The Fedrigoni Group, a renowned provider of paper and self-adhesive materials, introduced a new line of high-quality self-adhesive materials tailored for neck label applications. This strategic initiative enables the company to enrich its product offerings and address the evolving needs of consumers in the market.
High-performance Adhesives Market – Key Segments
Type
- Acrylic
- Epoxy
- Polyurethane
- Silicone
Formulation Technology
- Water-based
- Solvent-based
- Hot Melt
- UV-curable
End-use Industry
- Automotive
- Electronics
- Packaging
- Medical
- Construction
- Aerospace
- Others
- Marine
- Leather & Footwear
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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