The industrial adhesives market share is expected to grow at a CAGR of over 4% during the period 2019-2025.
Changing construction practices and the increasing use of innovative building materials are key factors, which are likely to increase the demand for epoxy adhesives and its related formulations. Epoxy resins are known for their durable adhesive nature. They resist extreme climate conditions or chemical spills, thereby making them ideal products with strong withstanding pressure. Epoxy resins are durable and can be used with various materials such as wood, metal, glass, or tiles. While epoxy adhesives are key raw materials for interior works in both household and commercial construction, the growth of the global furniture market, which hit around $554 billion in 2019, is expected to boost the industrial adhesive market.
The following factors are likely to contribute to the growth of the industrial adhesive market during the forecast period:
o Usage of Epoxy in the Construction Sector
o Growth of Smart Vehicles
o Consistent Demand from the Packaging Industry
The study considers the present scenario of the industrial adhesive market and its market dynamics for the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
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INDUSTRIAL ADHESIVE MARKET: SEGMENTATION
This research report includes a detailed segmentation by technology, product, end-users, and geography. APAC is leading the industrial water-based adhesives market, followed by North America and Europe. Their demand is increasing from automotive & transportation, building & construction, paper & packaging, labels, woodworking, and other application segments. The growing awareness of the “green economy” is likely to create more opportunities for water-based industrial products. Although the market is growing, the limited usage in high-end applications is inhibiting growth. While manufacturers make use of advanced packaging technology, an automatic water-based adhesive dispenser is such state-of-art technology, which increases the productivity and safety of packaging goods. The demand for high-quality flexible packaging and labeling machineries with inbuilt dispensers is the highest in Asia and Africa. Hence, the development in packaging technology is a major key driver for increasing the consumption of water-based adhesives across the globe, especially in APAC.
The acrylic segment is expected to have high demand across several industries. The cost-efficiency of acrylic adhesives and high growth in APAC is expected to drive the segment growth. Acrylic ones have replaced epoxy adhesives on account of their high strength and remarkable toughness. Factors such as cost-effectiveness and high resistance are the driving factor for their usage in the manufacturing and fabricating industry.
The application of PVA is growing in substrates such as cork, leather, paper, and cardboard. Packaging, paper, construction, and wood processing industries are dependent on water-based and hot melt adhesives, which extensively use PVA in various applications. The demand is expected for PVA is expected to be high in the APAC region, as many industries utilizing the adhesive are currently in the high growth mode.
PVA adhesives are environment friendly and are likely to replace formaldehyde adhesives in the wood industry on a large scale. However, the usage of petrochemical derivatives is expected to slow down during the forecast period on account of stringency in emission regulations.
The increasing usage of structural adhesives is boosting the demand for epoxy across the world. Epoxy has a wide number of applications and acts as a major revenue generator in the industrial adhesive market. Epoxy is most commonly used in aerospace, automotive, building and construction, and semiconductor industries. China, South Korea, and Japan are the largest epoxy markets because of the growth of aerospace and semiconductor industries in the APAC region.
The increasing demand for industrial adhesives in the construction segment is directly proportional to the growth of the building and construction sector. They are used in several tasks in the construction market, including repair and installation of acoustic ceiling panels, floor tiles, and continuous flooring installation. The construction industry is estimated to grow by 4% by 2023, driven by APAC and Latin America. Hence, the increase in the value of construction is expected to provide opportunities for the adhesive industry.
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Market Segmentation by Technology
o Waterborne
o Solvent-based
o Hotmelt
o Others
Market Segmentation by Product
o Acrylic
o PVA
o PU
o Styrenic Block
o Epoxy
o EVA
o Others
Market Segmentation by End-users
o Packaging
o Construction
o Automotive
o Woodwork
o Others
INSIGHTS BY GEOGRAPHY
Several countries are witnessing a boom in the industrial adhesive market. The capital investment from lenders and private equity groups is abundantly fueling the growth of small and medium-sized players. In recent years, major end-users have been construction, automotive, packaging, and electronics.
Market Segmentation by Geography
o Europe
o Spain
o Germany
o Italy
o France
o UK
o North America
o US
o Canada
o APAC
o South Korea
o China
o Japan
o Australia
o India
o Latin America
o Brazil
o Mexico
o Argentina
o Colombia
o MEA
o Turkey
o Saudi Arabia
o South Africa
o UAE
o Egypt
INSIGHTS BY VENDORS
The global industrial adhesive market is highly competitive with the presence of global, regional, and local players. A majority of the market share is captured by global companies such as Arkema, Henkel, and HB Fuller. To maintain a competitive edge, the vendors are focusing on developing innovative products and increasing their product portfolio by making huge investments in R&D. The key competitive factors in the industrial adhesive market include:
o Product Quality
o Aftersales Services
o Strong Supply Program
o Technical Support
o Competitive Pricing Structure
Key Vendors
o Henkel
o Sika
o HB Fuller
o Arkema
Other Vendors
o Flamemaster
o Permatex
o Master Bond, Inc.
o Solvay
o Beacon Adhesives
o Huntsman
o Ashland
o Lord Corp.
o Franklin Adhesives and Polymers
o Kleiberit Adhesives
o 3M
o Dow Inc.
o Jowat
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