According to ChemAnalyst report, “Global Adhesives Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Adhesives market grew at an impressive CAGR of 5.0% in historic period and is anticipated to witness a healthy growth during the forecast period. As the demand of Adhesives is rapidly increasing in versatile sectors including automotive, packaging and consumer goods, construction, furniture and others due to the increased consumption of long-term bonding agents backed by sustainable industrialization is likely to propel the Adhesives market in upcoming years. The demand for adhesives that have high structural strength and is resistant to both severe environmental conditions and fatigue leads to the development of high-performance materials, which is further used in numerous industrial and domestic applications. The production and demand of Adhesives is highly associated with safety standards on environment as well as human health which further enhances the compliance standards.
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The substances that are capable of holding different materials together by a bond that resists separation are called Adhesives. They are also known as glue, mucilage, cement or paste that forms an adhesive bond and are used in various industries including paint, leather, textile, carpentry and others. Adhesives are usually made from the combination of PVA (Polyvinyl Acetate) along with acetone, water, ethanol and other substances. The most widely used Adhesives are Polyvinyl Acetates that are further used for the production of Polyvinyl alcohol, another adhesive widely utilized for binding paper and its products. Acrylics are the second most consumed Adhesive type across various end-use industries such as furniture, medical devices, and packaging due to the properties such as acid & solvent resistance and fast curing. Structural Acrylic Adhesives are highly suitable for the bonding of most plastics, oily metal surfaces, steel and aluminum. The properties of Acrylic Adhesives of being Fast and easy to apply, enables efficient bonding that can replace metal fasteners for both static and dynamic loads.
Water based adhesives are usually preferred over solvent based adhesives due to environmental and health related risks despite improved bonding characteristics. Increasing adoption of water-based adhesives due to low VOC (Volatile Organic Compound) emissions would drive the market growth of Adhesives in upcoming years. In the US, The Environmental Protection Agency mandated the compliance to VOC regulations by the adhesives and sealants sector, which enhanced the use of water-based adhesives, that further positively impacted its market share in the Adhesives market worldwide. Water-based adhesives are highly suitable for tape, packaging and labelling applications due to their strong demand in the global market.
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With emerging technologies and growing demand of Adhesives, many key players are expanding their businesses in order to draw new ideas and innovations to introduce advanced Adhesives for consumers. Many players are merging with new companies to strengthen their R&D department and improve the market footprint in order to increase the product portfolio. Major players such as H.B. Fuller Company has acquired Royal Adhesives & Sealants to increase the company’s portfolio to serve more downstream sectors such as chemical and building material. As the lightweight designs are evolving in the automotive industry, the demand for lighter adhesives for bonding dissimilar materials (metallic or non-metallic) is also increasing. Surging demand for epoxy and rubber based structural adhesives and an attractive cost-effective ratio is making the automotive and transportation sector the key consumers of adhesives. Moreover, increased use of PU-based adhesives in the vehicle assembly for joining the components in automobiles would further support the market growth in upcoming years. The construction industry also contributes an important part within the sales market for Adhesives because the global demand is driven by the rising demand for wall and floor coverings, building refurbishment, maintenance, components like panels and for thermal insulation.
In 2020, due to the outbreak of COVID-19, the Adhesives market was significantly impacted during the pandemic which led to almost double-digit decline in the macroeconomic factors of Adhesives industries across the world. Gradual slowdown in the automotive industry and shutting down of several other consuming sectors, the global Adhesives industry faced the double whammy due to lack of construction and industrial operations.
Region wise, APAC region holds the largest share of Adhesives market worldwide due to the rising demand of adhesives in manufacturing sector in countries including China and India. Cheap labour and favourable government policies would further accelerate the production facilities in countries like China, Vietnam, India and Thailand.
According to ChemAnalyst report, Global Adhesives Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in global Adhesives market include Henkel AG & Co. KGaA, 3M, DuPont de Nemours Inc., Sika AG, Arkema, Bostik S.A., Evonik Industries AG, Huntsman International LLC, Illinois Tool Works Inc., Akzo Nobel N.V. and Others.
“Being linked to the downstream applications in automotive, construction, paint and other industries, the global Adhesives Industry has shown significant growth along with increased macro-economic factors and changing demand from the consumer. It is expected that India will come in top 5 world largest consumer markets in the upcoming years. In addition, growing per capita income in various Countries poised a stronger outlook to the country’s Adhesives demand. The government restrictions due to the corona virus pandemic affected the global supply chain logistics and caused immediate shortage of various chemicals hence increased the prices of Adhesives Meanwhile, China serves as the key growth region as well with sufficiently installed capacities and emerging technologies. With new competitors emerging across the Asian Adhesives market, it is extremely important to keep a focus on which region is going to grab the biggest market share during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.