November 11, 2021, 18:00 ET | Source: Priority Research Priority Research
Tokyo, November 11, 2021 (GLOBE NEWSWIRE) - According to data from Precedence Research, the global industrial adhesives market will be worth US$50.5 billion in 2020. Industrial adhesives are compounds designed specifically to connect two compounds. They are usually made of synthetic and natural materials and are widely used in construction, packaging, automotive, medical, furniture and other industries.
Multiple researches and advancements in the field of polymer chemistry have expanded the product portfolio of the industrial adhesives market. Various VAE (EVA) copolymers and advanced bonding technologies have attracted many industrial adhesive manufacturers. The salient features of VAE copolymers as adhesive materials include high strength, excellent adhesion and curing, and elasticity. In addition, advances in resin chemistry have opened up a new paradigm for various end-use industries to explore a wide range of industrial adhesive products.
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The growing demand for advanced adhesive technologies, especially in the paper packaging and automotive industries, will be the main trend driving the growth of the industrial adhesives market in the next few years. Emerging areas of the packaging industry, such as renewable packaging solutions in the food and beverage, pharmaceutical and cosmetic industries, have created attractive opportunities for market participants.
Automobiles are another important application area of the global industrial adhesives market. Due to the upward trend of light vehicles and high fuel efficiency, exponential growth is expected during the forecast period. As global pollution intensifies, governments in some countries have enacted strict laws on automakers to reduce the overall weight of vehicles and adopt supporting technologies to improve fuel efficiency. Adhesive products provide excellent adhesion to car body parts, thereby reducing the excess weight of hinges and other car parts. This has greatly promoted the industrial adhesive market.
In addition, the increasing popularity of electric vehicles and self-driving cars has once again triggered the growth of the industrial adhesives market. Electric vehicles have significantly promoted the demand for high fuel efficiency and light-weight automotive components, forcing manufacturers to increase the use of adhesive products to replace traditional adhesives.
In addition, the aerospace industry is another most prominent industry, and there is a great demand for industrial adhesives. This is mainly due to the expansion of the adhesive developer's avenues with custom formulations, especially for industrial applications. In addition, changing dietary habits, especially in developing countries and the Asia-Pacific region, has significantly boosted the demand for food and beverage packaging, which in turn boosted the industrial adhesive market.
Industrial Adhesives Market Report Scope
Based on geographic location, the global industrial adhesives market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region leads the global industrial adhesives market with nearly half of its revenue share in 2020. This is mainly due to the increase in construction activities, the increase in car sales, and the increase in demand for packaging and frozen food. According to PwC's report on Capital Projects and Infrastructure Expenditure: Looking Forward to 2025, the Asia-Pacific infrastructure market is expected to grow by nearly 8% annually in the next ten years, and is close to a value of US$5.36 trillion in 2025.
Due to the significant impact of packaging and automotive industry growth on GDP, in addition to the Asia-Pacific region, North America and Europe are other important regions that will achieve stable growth in the next few years.
Industry participants in the global industrial adhesives market are mainly focused on meeting a wide range of consumer needs, especially those from the packaging industry. The packaging industry is a huge untapped market that has attracted a lot of investment from multiple participants. As the adhesive market requires versatility, market participants continue to participate in research and development activities to maximize the benefits of product diversification and maintain their competitive advantage on a global scale. The continuous research and development of resin chemistry helps to enhance the characteristics of adhesive products, including glazing, waterproofing, aesthetics and sealing performance.
Some of the major players in the global industrial adhesives market are Cytec Industries, Henkel Corporation, Hitachi Chemical Co., Ltd., Sika Corporation, 3M Corporation, Mitsubishi Chemical Corporation, Bayer Product Science (Covestro), HB Fuller , DuPont de Nemours, Inc., Akzo Nobel, Lord Corporation, Avery Denison Group, Ashland Inc., Toyo Polymer Co. Ltd. and Adhesive Films Inc. etc.
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