Portland, OR, April 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial adhesives market generated $39.0 billion in 2019, and is projected to garner $54.9 billion by 2027, manifesting a CAGR of 6.3% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key segments, major investment pockets, competitive landscape, value chain, and regional scenario.
Rise in demand from the packaging sector and rise of the automotive industry in developing countries fuel the global industrial adhesives market. However, environmental regulations regarding volatile organic compound (VoC) restrain the market growth. Contrarily, rise in demand for low VoC, sustainable, and eco-friendly adhesives and rise in the end use industries in the emerging nations create new opportunities in the next few years.
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Covid-19 Scenario:
- Manufacturing activities of industrial adhesives have been hindered due to lockdown imposed by many countries. In addition, supply chain has been disrupted to curb the spread of coronavirus.
- The demand for industrial adhesives decreased due to stoppage of manufacturing activities in the end use industries such as construction, automotive, electronics, and others. However, the demand is expected to surge steadily as daily operations in these industries begin during the post-lockdown.
By composition, the vinyl segment accounted for the highest share, holding more than one-third of the total market share in 2019, and is projected to maintain its leadership status throughout the forecast period. Moreover, this segment would witness the fastest CAGR of 6.6% from 2020 to 2027. The research also analyzes segments including polyurethane, epoxy, acrylic, and others.
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By type, the water-based adhesives segment accounted for the largest market share in 2019, contributing to more than two-fifths of the global industrial adhesives market, and is projected to maintain its dominant share in terms of revenue during the forecast period. In addition, this segment is estimated to witness the fastest CAGR of 6.6% from 2020 to 2027.
By region, Asia-Pacific accounted for the highest market share in 2019, contributing to nearly half of the total market share, and is projected to maintain its lead position by 2027. In addition, this region is projected to witness the highest CAGR of 7.2% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
Leading players of the global industrial adhesives market analyzed in the research include 3M Company, Avery Dennison Corporation, Arkema S.A., Henkel AG & Co. KGaA, H.B. Fuller, Jowat SE, Parker Hannifin Corp, Wacker Chemie AG, Pidilite Industries Limited, and Delo.
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