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The adhesive market size is estimated to grow by USD 18.18 billion at a CAGR of 4.5% between 2022 and 2027. The increasing demand for adhesives in the medical industry, driven by the need for advanced medical devices and equipment, is creating new opportunities for adhesive manufacturers. The rising demand for adhesives in the packaging industry, fueled by the growth of e-commerce and the need for sustainable packaging solutions, is also driving market growth. Additionally, the rising number of construction and real estate projects, particularly in emerging economies, is driving demand for adhesives used in construction and building materials. Overall, these factors are creating a favorable market environment for adhesive manufacturers to expand their operations and meet the growing demand for adhesive products.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by application (construction, packaging, furniture, and others), type (water-based adhesive, solvent-based adhesive, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa).
The market is driven by the demand for chemical mixtures that provide strong bonding on various surfaces. These adhesives offer advantages over traditional mechanical fastening methods, such as increased shear strength and tensile strength, particularly in building & construction and electrical & electronic applications. Technological advancements have led to adhesives being used in tablets, smartphones, and laptops, providing efficiency, durability, and cost-effectiveness. They are also used in industries like woodworking and footwear manufacturing for their ability to bond different substrates and prevent fluid leakage. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing demand for adhesives in the medical industry. The market for adhesives in medical applications is growing due to increasing demand and their superior performance compared to traditional fasteners. Advancements in adhesive technologies are particularly notable in the reusable medical device market. These adhesives are also used in building & construction, electrical & electronics, and various industries for their efficiency, durability, and cost-effectiveness. They are also used in the automotive industry and in the production of tablets, smartphones, and laptops. Key adhesives used in medical applications include epoxy, silicones, polysulfides, and polyurethanes. Factors such as growing investments in the medical sector due to lifestyle changes and population growth are expected to fuel market growth in the forecast period.
A key factor shaping the market growth is the increasing demand for non-hazardous, green, and sustainable adhesives. There is an increasing demand for for low-VOC (low-volatile organic compound) and green, sustainable adhesives from developing countries has resulted in the rising demand for eco-friendly industrial adhesives. The reduction of the overall solvent content in the process is fuelling the demand for eco-friendly adhesives.
Moreover, the main advantage of eco-friendly adhesives is that they can lower the solvent emissions and airborne particles emanating from the adhesive. As a result, there is an increasing focus by manufacturers towards adhesives using low VOC-emitting materials, including recycled denim or cellulose insulation. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
Fluctuations in the cost of raw materials are one of the key challenges hindering the market growth. The price volatility of raw materials of adhesives significantly impacts the manufacturing costs, selling prices, and profitability. Factors such as fluctuations in industries like petrochemicals and plastics can impact the global supply and demand for key raw materials such as polymers, resins, and solvents.
Moreover, factors such as political unrest, trade disputes, and sanctions in areas with significant raw material production can result in disruption of the supply chain. Furthermore, natural disasters like hurricanes, earthquakes, and floods can impact production as well as halt the shipping process and thereby increase raw material prices. Hence, such factors are negatively impacting the market which in turn will hinder the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers adhesives such as Scotch-Weld Epoxy Adhesives and VHB Tapes under their Industrial and Advanced Materials division.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The construction segment is estimated to witness significant growth during the forecast period. There is an increasing application of adhesives in the construction segment including the advanced past conventional construction techniques offering architects, engineers, and builders various options for putting structures together, fusing them together, and increasing their longevity. Additionally, it is widely used in the construction industry for structural bonding, enabling lightweight construction with enhanced load-bearing capacities.
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The construction segment was the largest segment and was valued at USD 19.00 billion in 2017. The main advantage of adhesives in the construction industry is that they make it easier to link different materials, including composites, metals, and polymers, which promotes creativity in architecture and artistic freedom. Furthermore, it is important for attaching panels, cladding materials, and facade components to buildings. Some of the main benefits of adhesives include offering insulation and weather resistance in addition to improving the aesthetic appeal as well as ensuring longevity, stability, and ease of maintenance when installing floor coverings and tiles. Hence, such applications are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global adhesives market in APAC is the increasing demand for adhesives in various applications across industries such as construction, packaging, and transportation.
Additionally, there are several infrastructural developments across APAC countries, including India, China, Japan, Thailand, Indonesia, the Philippines, and others which are positively impacting the market growth. Furthermore, the huge investments by the government as well as private companies in the construction industry will fuel the demand for adhesives in the region. hence, such factors are expected to drive market growth in the region during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market caters to various industries like building & construction and electrical & electronics. Sealants play a crucial role in bonding-related applications, providing advantages such as weight reduction and design flexibility. However, concerns exist regarding VOC emissions and health-related disorders. The market sees a shift towards sustainable polyurethane adhesives to address environmental issues. Advancements in technology improve bonding strength and temperature resistance, benefiting sectors like the aerospace and electronics industries. Manufacturers focus on product development and research and development to meet regulatory pressure and ensure performance benchmarks are met.
The market serves diverse sectors like building & construction and electrical & electronics, providing solutions for structural adhesives and holding- and bonding-related applications. Advancements in adhesive and sealant technologies enhance curing speed and aesthetics, meeting the demands of industries such as aerospace and electronics. There's a growing focus on sustainable bonding applications and environment-friendly materials to address concerns about VOC emissions and health-related disorders. Manufacturers aim to innovate in response to labor cost challenges and ensure quality through effective testing methods. The market plays a crucial role in various applications, from consumer goods to automotive and industrial sectors.
Market Scope |
|
Report Coverage |
Details |
Page number |
187 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2023-2027 |
USD 18.18 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.02 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, India, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Akzo Nobel NV, Arkema Group, Avery Dennison Corp., BASF SE, Dow Chemical Co., DuPont de Nemours Inc., Evonik Industries AG, H.B. Fuller Co., Henkel AG and Co. KGaA, Huntsman International LLC, Illinois Tool Works Inc., Jowat SE, KCC Co. Ltd., Mapei SpA, Pidilite Industries Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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