According to a report available on Radiant Insights, Inc.; the global industrial adhesives market is expected to showcase significant growth by 2022. Technological advancements and preference for high performance adhesives in industries including packaging, automotive, food and beverages, and construction can propel the market over the forecast period (2018 to 2022).
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Industrial adhesives are increasingly replacing conventional fasteners in various end-user industries due to their superior product characteristics and less cure time. Different types of adhesives such as ethylene vinyl acetate (EVA), epoxy, acrylic, polyvinyl acetate (PVA), and others are broadly used in several bonding applications due to their flexibility and better adhesive joints. Rising use of adhesives in automotive is likely to drive the growth of the industrial adhesive market in near future.
Adhesives are extensively used as an alternative to metal fasteners in automobiles for reducing weight of the cars to lower carbon emission. Moreover, high awareness among consumers regarding environmental issues has also shifted the focus from solvent-based products to eco-friendly products. Hence, rising development of bio-based adhesives is expected to boost the market in the forthcoming years.
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Water-based adhesives are environment-friendly as they do not contain volatile organic compounds (VOC). Rising demand for these products can positively influence the expansion of this market in near future. However, instable oil prices and high awareness regarding the hazardous effects of solvent-based adhesives are projected to hinder the growth of the market over the forecast period.
The worldwide industrial adhesives market can be segmented on the basis of end-user and regions. Based on end-user, the market can be classified into building and woodworking, packaging, transportation, pressure-sensitive products, and others. Geographically, the market can be divided into Americas, Asia Pacific, and Europe and Middle East and Africa (EMEA).
Asia Pacific industrial adhesives market is expected to be the fastest-growing region over the forecast period. High automobile production is anticipated to be one of the major driving factors for the regional market. Growing population and improving economic condition and standard of living can boost the demand for vehicles in India and China. Rapid industrialization and infrastructure development in developing countries is also expected to boost the market for industrial adhesives in near future.
In construction industry, industrial adhesives are extensively used for tiling, flooring, roofing, waterproofing, wall covering, insulation, and carpeting. Growing food and beverage industry has also increased the demand for flexible packaging in the region, which is likely to boost product demand. Development of bio-based adhesives is expected to impel the demand in Europe and Americas. Various governments and environmental agencies are making continuous efforts to encourage the use and development of eco-friendly products. All these factors are anticipated to propel the growth of the market during the forecast period
Prominent players operating in the industrial adhesives market include AVERY DENNISON, H.B. Fuller, Sika, Arkema, and 3M. The market is highly competitive with the presence of numerous manufacturers. Most companies are mainly focusing on technological advancements and research and development to introduce innovative products to gain the highest market share.
For instance, Huntsman Advanced Materials, a division of Huntsman Corporation recently launched a new range of low temperature curing agents called Ara Cool. These new products can be used in heavy industrial coatings in marine, oil and gas, industrial maintenance, and transportation. Available in many variants, the product is designed to overcome many challenges faced by the coating industries including the need for reduced VOC levels and faster curing at low temperatures. The products have enhanced high curing speed between 0°C and 10°C. They also have better surface appearance and adhesion properties. These products are suitable for protective coatings, decorative paints, and anti-corrosion coatings.
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