Tokyo, Nov. 11, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global industrial adhesives market size was valued at USD 50.5 billion in 2020. Industrial adhesives are the chemical compounds that are particularly designed for joining two compounds. They are generally made from synthetic and natural materials and have their application in wide range of industries that include construction, packaging, automotive, medical, furniture, and many others.
Number of researches and advancements in the field of polymeric chemistry have extended the product portfolio in the industrial adhesives market.Various VAE (EVA) copolymers and advanced bonding technologies have attracted number of industrial adhesives manufacturers. Salient features of VAE copolymers as an adhesive material includes high strength,excellent bonding & curing,and elasticity. Further, advancements in the resin chemistry have opened up new paradigm for the various end-use industries to explore wide range of industrial adhesives product range.
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Growth Factors
Rising demand for advanced adhesive technologies particularly from paper packaging and automotive industry is the key trend that boosts the market growth for industrial adhesives in the coming years. Emerging aspects in the packaging industry such as renewable packaging solutions for food & beverages, pharmaceuticals, and cosmetics industry have created alluring opportunities for the market players.
Automotive is another significant application segment in the global industrial adhesives market that anticipated witnessing exponential growth over the forecast period owing to rising trend for light weight vehicles and high fuel efficiency. With rising global pollution governments of several countries have manifested strict laws for vehicle manufacturers to reduce the overall weight of the vehicles and adopt supportive technologies to improve the fuel efficiency. Adhesive products provide excellent bonding of auto body parts and consequently reduces the excess weight of hinges and other automobile components. This significantly drives the industrial adhesives market.
Moreover, increasing penetration of electric vehicles and autonomous vehicles again trigger the growth of industrial adhesives market. Electric vehicles significantly propel the demand for high fuel efficiency and light vehicle components that forces manufacturers to increase application of adhesive products in place of conventional bonding agents.
In addition, aerospace industry is other most prominent industry that witnesses significant demand of industrial adhesives. This is mainly attributed to the custom formulations that has extended the avenues of adhesive developers particularly for the industrial applications. Other than this, changing food habits especially in the developing nations and the Asia Pacific region prominently drives the demand for packaging in food & beverages that in turn propel the market for industrial adhesives.
Report Scope of the Industrial Adhesives Market
| Report Coverage | Details |
| Market Size in 2020 | USD 50.5 Billion |
| Growth Rate from 2021 to 2030 | CAGR of 6.3% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Mentioned | Hitachi Chemical Company Ltd, Cytec Industries Inc., Henkel AG & Co., Sika AG, 3M Company, Akzo Nobel, Mitsubishi Chemicals Corporation, Bayer Product Science (Covestro), H.B Fuller, DuPont de Nemours, Inc., Adhesive Films Inc. |
Report Highlights
- The Asia Pacific is the most promising region in the global industrial adhesives market owing to accelerating growth in packaging and automotive industry
- By product, acrylic adhesives dominated the global industrial adhesives market with more than 40.1% of sales share in the year 2020
- Epoxy adhesives are largely used in the automotive sector and hence likely to witness profound growth in the upcoming years
- Based on application, packaging industry is the front-runner in the global industrial adhesives market with holding around half of the market share
- Footwear segment witnesses the fastest growth rate during the forecast period owing to changing customer preferences towards sports and designer shoes
Regional Snapshots
Based on geography, the global industrial adhesives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific leads the global market for industrial adhesives with nearly half of the revenue share in the year 2020. This is majorly attributed to the increasing construction activities, rising automotive sales, rising demand for packed & frozen foods, and many others. As per a report published by PwC on Capital Project and Infrastructure Spending: Outlook to 2025, the Asia Pacific infrastructure market anticipated to witness a growth of nearly 8% yearly over the next decade and approaching to a value of US$ 5.36 trillion by the year 2025.
Other than Asia Pacific, North America and Europe are the other significant regions that witness steady growths over the forthcoming years owing to prominent impact of packaging and automotive industry growth on GDP.
Key Players & Strategies
The industry players in the global industrial adhesives market are largely focused towards fulfilling the wide range of consumer demand coming especially from the packaging industry. The packaging industry is alone a vast untapped market that attracts significant investments by several players. Since, the adhesives market needs versatility, hence market participants are continuously engaged in research & development activities to grab maximum benefit in terms of product diversification and maintain their competitive edge on the global scale. Continuous R&D in resin chemistry helps in enhancing characteristics of the adhesive products that includes glazing, waterproofing, aesthetic, and sealing properties.
Some of the key players in the global industrial adhesives market are Cytec Industries, Inc., Henkel AG & Co., Hitachi Chemical Company Ltd, Sika AG, 3M Company, Mitsubishi Chemicals Corporation, Bayer Product Science (Covestro), H.B Fuller, DuPont de Nemours, Inc., Akzo Nobel, Lord Corporation, Avery Denison Group, Ashland Inc., Toyo Polymer Co. Ltd., and Adhesive Films Inc. among others.
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By Product
- Polyvinyl Acetate
- Acrylic
- Epoxy
- Ethyl Vinyl Acetate
- Polyurethane
- Others
By Application
- Packaging
- Automotive
- Electrical & Electronics
- Industrial Machinery
- Medical
- Footwear
- Furniture
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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