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The industrial adhesives market size is forecast to increase by USD 22.17 billion at a CAGR of 6.38% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Industrial adhesives play a crucial role in various industries, particularly in building and woodworking, due to their wide range of applications. These adhesives are used in flooring, waterproofing, tiling, carpeting, insulation, wall coverings, roofing, and construction projects for bonding, maintenance, renovation, and repair in residential, commercial, and civil constructions. In construction, industrial adhesives serve as a strong bonding agent between materials and are also used as raw materials in concrete mixtures, slabs, coatings, and other applications. Their use enhances construction projects' durability and ability to withstand harsh weather conditions. Key industries utilizing industrial adhesives include automotive, electronics, medical devices, furniture, and non-woven fabrics.
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The building and woodworking segment was valued at USD 16.27 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth due to increasing demand from key countries such as China, Japan, India, and Australia. The expansion of the commercial and residential construction sector, coupled with infrastructure development investments, is driving the market's growth. Additionally, the retail sector in countries like China, India, Japan, South Korea, and Indonesia is witnessing growth, leading to an increased need for industrial adhesives to enhance product packaging's aesthetic appeal and attract customers. Furthermore, the manufacturing sector's expansion In these countries is also contributing to the market's growth. Industrial adhesives are essential in various industries, including glass bonding, welding, and riveting, to ensure high-quality adhesion.
Our researchers analyzed the data with 2023 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.
Increasing replacement of mechanical fasteners with industrial adhesives is the key driver of the market.
Rise in automation and implementation of Industry 4.0 is the upcoming market trend.
Rise in price of industrial adhesives is a key challenge affecting the industry growth.
The market forecasting 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 industry 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.
Industrial adhesives play a crucial role in various industries by ensuring high-quality cohesion and adhesion between substrates. These bonding agents have gained significance due to their ability to replace traditional joining methods such as welding, rivets, and glass bonding. The demand for industrial adhesives is driven by several factors, including the need for fuel economy, environmental concerns, and the production of lightweight vehicles. One of the primary factors fueling the growth of the market is the increasing focus on reducing fuel consumption and improving fuel economy. Adhesives offer a viable solution by reducing the weight of vehicles through the elimination of heavy joining methods like welding and rivets.
Additionally, the use of eco-friendly adhesives further contributes to the reduction of carbon emissions, making them an attractive alternative for automotive manufacturers. Another factor driving the market is the increasing production of medical devices and the need for high-quality adhesion. In the medical industry, adhesives are used to bond various components of medical devices, ensuring their functionality and reliability. The demand for medical devices is expected to grow due to an aging population and increasing healthcare expenditures, leading to an increase In the demand for industrial adhesives. Moreover, the use of industrial adhesives In the production of non-woven fabrics is also on the rise.
Furthermore, these fabrics are widely used in various industries, including furniture manufacturing, due to their lightweight and durable properties. Adhesives play a crucial role in bonding the layers of non-woven fabrics, ensuring their strength and longevity. The market is diverse, with various types of adhesives catering to different applications. Some of the commonly used adhesives include polyurethane, epoxy, vinyl, acrylic, and hot-melt adhesives. Each type of adhesive has its unique properties and applications. For instance, epoxy adhesives offer excellent strength and durability, making them suitable for bonding metal substrates. On the other hand, hot-melt adhesives offer fast curing times and are commonly used in packaging applications.
Despite the numerous benefits of industrial adhesives, there are certain restraints that limit their growth. One of the significant restraints is the high cost of some types of industrial adhesives, particularly those based on petrochemicals. Additionally, the lack of awareness about the benefits of industrial adhesives and the availability of alternative joining methods are other factors that hinder market growth. Additionally, the growing demand for medical devices and the use of industrial adhesives in various industries, including furniture manufacturing, further contribute to the market growth. Despite the numerous benefits, the high cost of some types of industrial adhesives and the lack of awareness about their benefits are significant restraints. Overall, the market for industrial adhesives is diverse, with various types of adhesives catering to different applications.
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Market Scope |
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Report Coverage |
Details |
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Page number |
194 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.38% |
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Market growth 2024-2028 |
USD 22.17 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.89 |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, market growth and forecasting, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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