OTTAWA, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The global high performance adhesives market was valued at USD 30.5 billion in 2019 and projected to registered a compound annual growth rate (CAGR) of around 6.32% during forecast period 2020 to 2027. Read more details@ https://www.precedenceresearch.com/high-performance-adhesives-market
High performance adhesives are broadly employed in construction and automation industry, transportation and medical sector and aerospace & defense sectors among others. Light weight adhesives are implemented in automotive sector for the light weight vehicle manufacturing. Thegreat usability of high-performance adhesives in medical sector can convey novel growth openings for the manufactures.
Usage of these adhesives makes the vehicle quieter, lighter and safer than mechanical fastening approaches like bolting, welding, and soldering. Adhesives canal locate load consistently across the surface which offers better effectiveness in comparison with mechanical fastening that creates local stress in the fused parts. Adhesives significantly show great potential for usage in the automotive sector for digitization of cars. They can be also used to insulate sensors and cameras, manage the processor temperature, and protect wiring components in vehicles among others.
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Growth Factors
Intensifying government and private expenditure construction and in healthcare sector across the world has become critical factor triggering the growth of the high performance adhesives market. Technological progressions in high performance adhesives are projected to play a foremost role in amplifying the industry growth throughout the prediction period. Since past couple of years, rapid development is being attained with the help of novel macromolecular chemistries, raw materials and additives. Further, accessibility of extremely sophisticated manufacturing equipment has permitted for custom bonding solutions that are sturdily out stripping conventional fastening and soldering solutions.
However, the outburst of COVID-19 across the world has directly obstructed the manufacturing sector, construction industry, and other sectors in the first quarter of 2020. Fluctuations in cost of essential raw materials can hamper the growth of market. Further, stringent environmental guidelines in European nations can work as a challenge for numerous European manufacturers.
Additionally, research institutions plus multiple manufacturers are undertaking different initiatives and offering huge funding to cultivate low-cost and long-lasting high-performance adhesives. They are also striving hard to advance the characteristics of high-performance adhesives for other end-use sectors. The automotive sector is persistently striving to design efficient and lightweight vehiclesthat can decrease CO2 emissions suggestively. Severe protocols concerning CO2 releases are being obeyed globally. High-performance adhesives play an imperative part in plummeting CO2 discharges by offering the vehicle with structural strength.
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Regional Snapshots
Asia Pacific accounted for prominent stake of the market revenue in 2019 which was more than 40% of the total market. This dominance is credited to immense growth of the packaging, construction, and transportation sectors in this region. Economies including Vietnam, China, India and Indonesia perceive speedy economic growth. This in turn is reinforcing the demand for high performance adhesives across these economies for different application sectors. Furthermore, Asia Pacific has conveyed a comparatively stronger performance in landscape affected with the COVID-19 epidemic than North America and Europe.
Europe is anticipated to record sluggish progress due to market maturity for high-performance adhesives. Companies in established regions have aninadequate presence in budding markets of Latin America and Middle East and Africa. Reinforcement of distribution channels in these regions may assists these corporations enlarge their footmark in these potential market during the forthcoming years.
Report Highlights
- Asia Pacific conquered the global market and accounted for highest consumption by nations such as India, China, and Japan.
- Intensifying demand for packaging applications and packaged foods items in India is in turn heightening the need for high performance adhesives preferred in the packaging industry
- Growing healthcare spending in the emergent nations is projected to augment the requirement for the medical devices and associated accessories. This budding healthcare sector is in turn anticipated to trigger high performance adhesives market growth during years to come.
- Developing aged populace, likelihood of additional unusual infectious sickness epidemic such as COVID-19 and upsurge in cardiovascular illnesses on account of unhealthy lifestyle is anticipated to trigger sizable funding by international and government institutions in healthcare industry
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Key Players & Strategies
Global high performance adhesives sector is extremely competitive and is a fragmented landscape because of the occurrence of numerous foremost performers plus local players functioning in numerous areas of the globe. The crucial high-performance adhesive companies contending in this marketplace are 3M Company, Henkel AG & Co., Bostik SA, H.B. Fuller Company, Avery Dennison Corporation, Illinois Tool Works Inc., Royal Adhesives & Sealants, LLC and Sika AG.
Other considerable market contenders contributing in the market revenue include Parson Adhesives, Inc., Master Bond Inc., LLC, Dymax Corporation, Mapei Construction Products India Pvt Ltd, Uniseal Inc., Loxeal Engineering Adhesive Permabond LLC., and Gurit, LORD Corporation, amongst others.
Market Segmentation
By Technology
- Solvent based
- Hot melt
- Water based
- Reactive & others
By Product
- Polyurethane
- Silicone
- Epoxy
- Acrylic
- Others
By End-User
- Electrical & electronics
- Packaging
- Medical
- Transportation
- Construction
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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