Industrial Adhesive Market
Industrial Adhesives Market Overview
The Industrial Adhesives Market was marked at a value of USD 41.47 billion and it is further expected to grow at a higher CAGR of 6.7% during the forecasted period to account for a higher market value share of approximately USD 53.37 billion by the end of the forecasted period. The adhesives used to bond substrates via cohesion (internal strength) and via adhesion (surface bonding) are called industrial adhesives. It can be used in a variety of applications like the building and construction industry, automotive industry, healthcare industry, and packaging industry. They allow permanent assembly for dissimilar and similar substrates. It is largely used as glass bonding in automotive applications, interior exterior trim, structural fiber-reinforced plastic bonding, and structural metal bonding.
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Market Dynamic Drivers
Numerous factors drive the market demand in the Industrial Adhesives Market. Increasing stringent environmental rules and regulations coupled with increasing demand for industrial adhesives results in more demand for both solvent-based adhesives and water-based adhesives. As these are largely used in the automotive industry, aerospace industry, and construction industry and hence drives the market demand all across the globe during the review period. Moreover, it is used in the automobile industry for reducing the need for welding and rivets and to join interior parts.
Opportunities
The rise in the demand for Industrial Adhesives Market in the global market. Ongoing extensive research done by various major key players provides various growth opportunities in the global market during the forecasted period. Moreover, using these types of adhesives helps in the weight reduction of vehicles which helps in improving fuel economy all across the globe and hence provides various growth opportunities during the review period.
Value Chain Analysis
The Industrial Adhesives Market is growing at an incredible rate globally due to various benefits associated with it. It helps in decreasing the weight of vehicles by approximately 10% which results in the reduction of fuel consumption by approximately 5-7%. Since increasing environmental issues and rising fuels prices is another factor that drives the market demand in the global market during the forecasted period. Moreover, the requirement of high-quality adhesion in various outer bodies components of aircraft is very much beneficial and hence provides various growth opportunities in the global market. These industrial adhesives are highly used in the construction industry and various other end-user industries as well.
Market Segmentation
The Industrial Adhesives Market has been divided all across the globe based on Type, Application, and Region.
Based on the Type
The Industrial Adhesives Market has been divided all across the globe based on the type into ethyl vinyl acetate type, polyurethane type, epoxy type, polyvinyl acetate type, acrylic type, and many others.
Based on the Application
The Industrial Adhesives Market has been divided all across the globe based on the application into medical devices, electronics and electrical industries, construction industries, automotive industries, and many others.
Based on the Region
The market has been divided in the Industrial Adhesives Market based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
Regional Analysis
The Industrial Adhesives Market has been divided all across the globe based on the regions into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-growing region, the largest market share in the global market is held by the Asia-Pacific region owing to growing demand in the electronic industry and automotive industry that drives the market demand in this region. The presence of China is another major driving factor as it has a manufacturing hub that creates more demand in this region. Increasing development in the footwear industry is another contributing factor.
The second-largest market share in the Industrial Adhesives Market is held by the European region owing to the presence of well-established technologically advanced infrastructure that drives the market demand to this region. Moreover, increasing development in the automotive industry in various countries like Italy, France, and Germany is another contributing factor.
The third-largest market share in the Industrial Adhesives Market is held by the North American region owing to increasing development in the construction industry that drives the market demand to this region. Increasing construction of restaurants, malls, offices, and many other commercial buildings drives the market demand.
Competitive Landscape
The Most Prominent Major Key Players in the Industrial Adhesives Market all across the globe are mentioned below:
B Fuller Company (US)
Pidilite Industries Ltd. (India)3M (US)BASF SE (Germany)
Bostik (US)
DowDuPont (US)
Mitsubishi Chemical Corporation (Japan)
Lord Corporation (US)
Hitachi Chemical Co. Ltd. (Japan)
Henkel AG & Co. KGaA (Germany)
Avery Dennison Corporation (US)
Solvay (US)
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These major key players use various strategies to sustain their market position in the Industrial Adhesives Market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the industrial adhesives all across the globe.