Rockville, July 11, 2023 (GLOBE NEWSWIRE) -- The adhesives market is anticipated to grow at a CAGR of 5% between 2022 to 2032, reaching a value of US$ 102.6 billion. Growth in the packaging, construction & woodworking, and transportation end-use industries, as well as technological advancements, have all contributed to the expansion of the global market
The market is expanding due to the usage of high-performance adhesives in automotive applications for both the interior and exterior. More adhesives are being used in the construction sector, which is promoting market expansion. The industrial adhesives market expanded at a CAGR of 4.8% from 2016 to 2021.
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Key Driving Forces Accelerating the Market Growth
- The construction industry in North America is witnessing substantial growth, which is driving the demand for adhesives. Adhesives are widely used in construction applications such as flooring, paneling, insulation, and sealing. The growth of residential, commercial, and infrastructure projects is fueling the demand for adhesives in the region.
- The automotive industry in North America is a major consumer of adhesives. Adhesives are used for various applications in automobiles, including bonding components, laminating, and sealing. With the increasing production and demand for vehicles in the region, the adhesives market is experiencing significant growth.
- The packaging industry is witnessing rapid growth due to factors such as e-commerce, increased consumer spending, and changing lifestyles. Adhesives play a crucial role in packaging applications, including carton sealing, labeling, and flexible packaging. The expansion of the packaging industry is driving the demand for adhesives in North America.
- Continuous advancements in adhesive technologies are expanding their application scope and improving their performance. New adhesive formulations are being developed with enhanced bonding strength, durability, and environmental sustainability. These advancements are attracting industries to adopt adhesives as a viable alternative to traditional joining methods such as welding and mechanical fastening.
Vital indicators shaping the future of the industry
- The overall economic growth of North America plays a significant role in the adhesives market. Factors such as GDP growth, industrial output, and consumer spending impact the demand for adhesives in various industries. A robust and expanding economy creates favorable conditions for the market's growth.
- During the forecast period, the North American adhesives market is expected to witness a CAGR of more than 5.5% during the forecast period due to growing demand for composite joints and construction projects under development in the region.
- Continued advancements in adhesive technologies will shape the future of the market. Innovations in adhesive formulations, bonding techniques, and application methods will drive the adoption of adhesives across different industries. Adhesives with improved performance characteristics, sustainability features, and compatibility with new materials will gain prominence in the market.
- Environmental regulations and increasing emphasis on sustainability are vital indicators shaping the adhesives market. Stricter regulations on VOC emissions, waste management, and recycling practices will drive the demand for environmentally friendly adhesives. Adhesive manufacturers will need to focus on developing products that meet these regulations and align with sustainable practices.
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Challenges hindering the market growth
- Fluctuating prices of raw materials used in adhesive production can pose challenges for manufacturers. Factors such as supply-demand dynamics, geopolitical tensions, and currency fluctuations can lead to price volatility, impacting the cost of adhesive formulation. Manufacturers need to manage and mitigate the risks associated with raw material price fluctuations to maintain profitability.
- Adhesives often contain volatile organic compounds (VOCs) and other potentially harmful substances. Increasing environmental and health regulations restrict the use of certain adhesive formulations, especially those with high VOC emissions. Manufacturers must comply with these regulations and invest in research and development to formulate low-VOC or VOC-free adhesives. This transition to more environmentally friendly products can be challenging and costly.
How competition influences the market
Competition in the market pushes manufacturers to offer innovative products. Key players invest in R&D to introduce new adhesive formulations and applications that offer unique features and advantages.
- For instance, GE Sealants and Adhesives had introduced a nine-product line of Siliconized Acrylic latex Caulks to protect painting projects of inside and outside home renovations. Another example is of Bostik, an adhesive specialist had launched a modified and innovative silicone sealant for back bedding applications in September 2019.
Major Adhesives Providers
- 3M
- Arkema S.A.
- Henkel Corporation
- Ashland Inc.
- Avery Dennison
- BASF SE
- Evonik Industries
- H.B. Fuller Company
- PPG Industries
- RPM International Inc.
- Sika AG
- Wacker Chemie AG
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Key Segments Covered in the Adhesives Market Study
- by Type :
- Water Based
- Solvent Based
- Hot Melt
- Reactive
- Pressure Sensitive (PSA)
- Other
- by Application :
- Packaging
- Building/Construction
- Transportation
- Footwear & Leather Goods
- Product Assembly
- Consumer/DIY Applications
- Other Applications
- by Product :
- Acrylics-based
- Epoxy-based
- Polyvinyl Acetate (PVA)-based
- Polyurethane (PU)-based
- Styrenic Blook-based
- Other Adhesive Products
- by Region :
- North America Market
- Europe Market
- Asia Pacific Market
- Latin America Market
- Middle East & Africa Market
Check out more related studies published by Fact.MR Research:
Instant Adhesives Market: The global instant adhesives market stands at US$ 2.7 billion in 2023 and is projected to reach a valuation of US$ 6.5 billion by the end of 2033, expanding at a CAGR of 9.3%.
Emulsion Adhesives Market: The global emulsion adhesives market has been predicted to advance at a CAGR of 7.4% through 2033, with the market increasing from a valuation of US$ 18.5 billion in 2023 to US$ 38 billion by 2033-end.
Water-based Adhesives Market: The global water-based adhesives market is predicted to expand at a CAGR of 7.7%, increasing from a value of US$ 20 billion in 2023 to US$ 42 billion by 2033-end.
Structural Adhesives Market: Worldwide consumption of structural adhesives is predicted to increase at a CAGR of 6.7% from 2022 to 2032. The global structural adhesives market stands at a value of US$ 14.74 billion in 2022 and is estimated to bring in revenue of US$ 28.2 billion by the end of 2032.
Ceramic Adhesives Market: The global ceramic adhesives market is valued at US$ 8.3 billion in 2023 and is projected to reach US$ 17.8 billion by the end of 2033, progressing rapidly at a CAGR of 7.9% over the decade.
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