Fort Collins, Colorado, May 14, 2024 (GLOBE NEWSWIRE) --
Huge demand from the automotive industry drives the industry demand.
The automotive industry is a significant driving force behind expanding the dual cure adhesives market. With vehicles becoming increasingly lightweight and fuel-efficient, manufacturers are turning towards advanced bonding solutions such as dual cure adhesives to join dissimilar materials while maintaining structural integrity effectively. The International Organization of Motor Vehicle Manufacturers (OICA) reports a global vehicle production of 93.5 million units in 2023, indicating the industry's resilience and the potential for increased demand for adhesives. Moreover, the emergence of electric vehicles (EVs) presents fresh opportunities for dual cure adhesives, given their superior thermal and electrical insulation properties crucial for EV battery assembly.
Simultaneously, the electronics industry's rapid progression and miniaturization trend drives the demand for dual cure adhesives. As electronic devices continue to shrink in size while becoming more intricate and multifunctional, manufacturers require bonding solutions that are both reliable and precise, capable of withstanding harsh environments and ensuring long-term performance. Dual cure adhesives, renowned for their ability to bond small components and cure rapidly, are becoming indispensable in producing smartphones, wearables, and IoT devices. The Semiconductor Industry Association (SIA) highlights the industry's growth, with global semiconductor sales reaching USD 574.1 billion in 2022, further underscoring the driving the need for advanced bonding technologies like dual cure adhesives.
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Segmentation Overview:
The dual cure adhesives market has been segmented into type, substrate, application, and region.
The electronics is the leading application segment.
- Based on the market segmentation by application, the electronics segment is anticipated to be the largest in 2023. The rapid advancement of the electronics industry, driven by the increasing demand for smartphones, wearables, and IoT devices, is a crucial factor contributing to this segment's dominance.
Epoxy-based dual cure adhesives registered massive market share in 2023.
- Based on the market segmentation by type, the epoxy-based dual cure adhesives segment held the largest market share in 2023. Epoxy-based adhesives are known for their excellent mechanical strength, superior adhesion to various substrates, and resistance to harsh environmental conditions.
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Dual Cure Adhesives Market Report Highlights:
- The dual cure adhesives market growth is anticipated at a CAGR of 6.2% by 2032.
- The versatile use of dual cure adhesives has encouraged industry developments in the coming years.
- North America is expected to be the largest regional market for dual cure adhesives in 2023, driven by advanced manufacturing industries such as automotive, aerospace, and electronics.
- Some prominent players in the dual cure adhesives market report include Henkel AG & Co. KGaA, 3M Company, Sika AG, H.B. Fuller Company, Delo Industrial Adhesives, Dymax Corporation, Permabond LLC, Master Bond Inc., Panacol-Elosol GmbH, Loxeal Srl, Novachem Corporation, and Hernon Manufacturing Inc.
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