Industrial Adhesives Market Size Is Poised To Reach $71.32 Billion By 2025: Grand View Research Inc.

 

The global industrial adhesive market size is anticipated to reach USD 71.32 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. The market is majorly driven by the growing demand from the medical industry.

Medical is projected to be fastest growing application of industrial adhesives owing to their increasing use for surgical purposes. Acrylics are increasingly replacing sutures and staples used for treating wounds. Moreover, polyvinyl acetate is being increasingly used in medical packaging. The growing medical industry is likely boost the demand for adhesives over the coming years.

Packaging made of paper, cardboard, and other materials utilizes industrial adhesives to bind and seal the packaged product to avoid leakage or damage. Poly vinyl acetate is used in laminating cardboard with paper to add some kind of product information on the packaging and create an alluring appearance. The growing demand for frozen food & beverages, cosmetics, and online purchasing trend is expected to boost the product demand over the coming years.

Polyvinyl acetate is environmental friendly and there is no health risk involved in its utilization. The adhesive is used as a wood glue in furniture manufacturing owing to its high strength & creep resistance and provides good adhesion. Hence, the growing furniture market especially in Asia Pacific owing to the change in consumer life style, rising disposable income are anticipated to augment the market growth.

Asia Pacific is an emerging region for all the end-use industries such as automotive, packaging, electronics, furniture, machinery, and furniture. The growth in the region is attributable to the growing population and increasing manufacturing hubs due to the availability of cheap labor especially in China and India. This is likely to increase the product utilization in the region, thus augmenting the market growth. Major players are engaged in various strategies such as capacity expansion, merges & acquisition and binding contracts with the end-users to cater to the growing product demand. For instance, In September 2018, Henkel Ag & Co. laid a corner stone for its new innovation center for adhesive technologies with an investment of USD 144.79 million in Dusseldorf, Germany. The plant is expected to become fully functional by 2020.

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Various properties of the product such as flexibility, solvent-free, lower costs, less vibration, high fatigue & thermal shock tolerance along with reduced waste and high productivity have increased its application in the automotive industry. The product is increasingly replacing conventional materials such as fasteners used indoors, hoods, deck lid flanges, roof panels, and dashboards along with other automobile components. Adhesive bonding technologies have reduced the time and costs required to bond automotive components, while ultimately reducing overall weight & fuel consumption and improving efficiency. Increasing federal & governmental regulations regarding carbon emissions are expected to further complement product applications in the automotive industry.

Further key findings from the report suggest:

• Polyvinyl acetate segment is anticipated to register a CAGR of 5.4%, in terms of revenue, over the forecast period, owing to growing demand from furniture manufacturers
• Epoxy segment is projected to grow at a CAGR of 5.6%, in terms of volume, due to increasing product use in the car body
• Packaging is anticipated to be the largest application growing at a CAGR of 5.5%, in terms of volume, owing to the rising demand from packaged food & beverages
• North America accounted for a market revenue share of 20.5%, in 2018, owing to the increasing demand from packaging industry
• The key players operating in the industrial adhesives market are Henkel AG & Co., Bayer Product Science (Covestro) Mitsubishi Chemicals Corporation, Hitachi Chemical Company Ltd, and DuPont de Nemours, Inc

Global industrial adhesives market is widely spread with the presence of various international and local players including Henkel AG & Co., Cytec Industries Inc., Hitachi Chemical Company Ltd, Mitsubishi Chemicals Corporation, Dow Chemical Co, Bayer Product Science (Covestro), DuPont de Nemours, Inc., Adhesive Films Inc., Toyo Polymer Co. Ltd.

The market players are adopting strategies such as mergers & acquisitions, capacity expansion, and long term contracts with the end-users to increase the competitive rivalry. For instance, in January 2017, H.B. Fuller Company acquired the assets of H.E. Wisdom & Sons, Inc. and its affiliate Wisdom Adhesives Southeast, LLC, which strengthened the company’s presence in North America.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.