Global Industrial Adhesives Market is expected to reach $75.66 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.
Industrial Adhesives Market
The Global Industrial Adhesives Market accounted for USD 44.36 Billion in 2020 and is expected to reach USD 75.66 Billion by 2028, growing at a CAGR of 6.9% from 2021 to 2028.
Adhesion and stability are used to bind substrates with industrial adhesives. Industrial adhesives are used in a wide range of uses, from manufacturing to construction. These adhesives are easy to use and allow for permanent bonding between substrates that are identical or dissimilar. Hot-melt or spray adhesives, for example, may be used to bind cloth to wood, plastic, or metal without the need for stitching. Stringent environmental requirements have led with the use of water-based adhesives rather than solvent-based adhesives in the manufacturing, aerospace, and automotive industries, resulting in increased demand for industrial adhesives.
Because of the uncertainties surrounding the length and magnitude of the coronavirus pandemic, customers and end-user businesses have pushed for the advancement of anti-microbial offerings. The demand for applications in healthcare system manufacturing to prevent the spread of anti-biotic-resistant bacteria and hospital-acquired infections is expected to increase.
Due to cost and reliability concerns, demand has been relatively poor in recent years. However, improvements in wellbeing and the economy have aided in the rationale of using these products. Manufacturers of industrial adhesives may consider repurposing and rebranding strategies for their products. Liquid metal, biocides, organo-silane nano-coatings, and specialized peptide coatings are examples of materials.
Overall, the pandemic is expected to have a negative impact on the global adhesives market, with a drop in production and revenue in 2020, as manufacturing industries and industrial facilities around the world have seen a drop in productivity as a result of shutdown and pandemic prevention measures.
One of the major growth drivers for the Global Industrial Adhesives Market is increasing demand for adhesives from the building & construction industry. Residential development is being driven by population growth and urbanization in developing countries such as China, India, Indonesia etc. In these countries, there is a growing need for permanent housing, which is driving demand for adhesives. Adhesives are used in a variety of building uses, including carpet, tiling, wallpapers, and external insulation systems. As a result, the construction industry's growing demand for adhesives is a major market driver.
Another factor for the growth in this market is Growth in the Packaging, Woodworking & Transportation Market. Over the forecasted timeframe, increasing packaging demand from various end-use industries such as healthcare, food & beverages, and cosmetics is expected to drive market growth. Over the next few years, the market for industrial adhesives is expected to be driven by the growth in e-commerce commodities demand, which requires packaging.
|Industrial Adhesives Market
|Market Size in 2020
|USD 44.36 Billion
|Market Forecast in 2028
|USD 75.66 Billion
|mpound Annual Growth Rate
|CAGR of 6.9%
|Number of Pages
|Value (USD Billion), and Volume (Units)
|Key Companies Covered
|Henkel AG & Co. KGaA, H.B. Fuller, BASF SE, The Dow Chemical Company, Huntsman Corporation, Sika AG, Toyo Polymer Co. Ltd., Adhesive Films Inc., Mitsubishi Chemicals Corporation, and Hitachi Chemical Company Ltd.
|By Application, By Product And By Region
|North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2016 to 2019
|2020 - 2028
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In the Industrial Adhesives Market, acrylics were the most common product category. They are used to increase the bonding ability of metals while also improving their visual appeal. Quick curing and acid and solvent resistance make them ideal for a variety of end-use industries, including furniture, medical equipment, and packaging.
Polyvinyl acetate is predicted to report an average growth owing to its properties such as high boiling & temperature tolerance. It is ideal for use in the packaging industry and furniture production due to its superior bond strength and increased creep resistance.
The automobile industry makes extensive use of epoxy adhesives. Epoxy adhesives are ideal for the automotive industry because of their longevity, oil absorption capability, strong wash-out resistance, and high strength over a large temperature range.
Packaging sector dominate the application segment with 30% of market share. Increased use of industrial adhesives for printing, carton wrapping, and corrugated box production has resulted in strong market penetration in the packaging sector. Furthermore, increasing demand for frozen products, the expansion of the food and beverage industry, and the use of flexible packaging are projected to create opportunities for growth. Adhesives have become a common substitute for mechanical fasteners in packaging applications due to properties such as high handling capability, superior performance under stressful conditions, and curing efficiency. Adhesive applications in vehicles are gaining popularity as the trend toward lightweight cars and sleek new designs shifts, allowing for lower wind resistance and higher speeds. Steel sheets with a thickness of 0.6 to 0.8 mm are used in most vehicle bodies, and they require high-strength bonding to ensure optimum protection in the event of a collision or mishap. The rise in demand for different materials such as glass, rubber, and plastic from the automotive industry is driving the development.
In 2020, Asia Pacific was the leading region, accounting for 8.9% CAGR. Due to low labour costs and friendly government legislation, major automobile firms have relocated their manufacturing operations to China, India, Thailand, and Vietnam. Over the next seven years, rising per capita income among the middle class in countries like China and India is expected to boost vehicle sales. In the coming years, these trends are likely to fuel product demand.
In North America, growing demand from the packaging industry is projected to remain a core driver of business growth over the forecast period. The growth of the packaging industry, which absorbs a vast number of industrial adhesives, is responsible for changes in customer tastes toward simplicity, expanded shelf life, quick-serve, and portability of goods. This will almost certainly propel business demand in the coming years.
Some of the key players in the Global Industrial Adhesives Market include Henkel AG & Co. KGaA, H.B. Fuller, BASF SE, The Dow Chemical Company, Huntsman Corporation, Sika AG, Toyo Polymer Co. Ltd., Adhesive Films Inc., Mitsubishi Chemicals Corporation, and Hitachi Chemical Company Ltd.
To improve competitive competition, industry leaders are employing tactics such as mergers and acquisitions, capacity extension, and long-term contracts with end-users. For example, H.B. Fuller Company purchased the assets of H.E. Wisdom & Sons, Inc. and its subsidiary Wisdom Adhesives Southeast, LLC in January 2017, bolstering the company's North American presence.
The Global Industrial Adhesives Market was valued at USD 44.36 Billion in 2020.
The Global Industrial Adhesives Market is expected to reach USD 75.66 Billion by 2028, growing at a CAGR of 6.90% between 2021 to 2028.
Increasing demand for adhesives from the building & construction industry and Growth in the Packaging, Woodworking & Transportation Market. are the major key factors in driving the Global Industrial Adhesives Market.
The Asia Pacific is currently the largest market share in Global Industrial Adhesives Market and a key region in the advances in Global Industrial Adhesives Market, followed by North America and Europe.
Some of the key players in the Global Industrial Adhesives Market include Henkel AG & Co. KGaA, H.B. Fuller, BASF SE, The Dow Chemical Company, Huntsman Corporation, Sika AG, Toyo Polymer Co. Ltd., Adhesive Films Inc., Mitsubishi Chemicals Corporation, and Hitachi Chemical Company Ltd and Others.