The Industrial Adhesives Market Is Estimated To Be Valued At US$ 42.04 Bn Or In 2023 And Is Expected To Exhibit A CAGR Of 6.6% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
Industrial Adhesives Are Used In Various End-Use Industries Such As Automotive, Construction, Woodworking, Footwear, Packaging, And Others. Adhesives Help In Bonding Of Different Substrates And Materials Together. They Provide Strong Bonds That Help Improve The Strength And Durability Of Materials. Epoxy Resins, Acrylics, Polyurethanes, And Others Are Some Commonly Used Adhesives. Adhesives Offer Advantages Such As Seamless Joints, Corrosion Resistance, And Dissipation Of Stress. They Also Reduce Product Weight And Assembly Time.
Market Dynamics:
The Growing Automotive Industry Is A Key Driver Propelling The Growth Of The Industrial Adhesives Market. Adhesives Are Increasingly Used In Automobiles For Bonding Various Components Together Such As Vehicle Body Parts, Electrical Components, Headlights, Windshields, And More. They Provide Strong, Durable, And Reliable Joints Compared To Other Joining Technologies. Additionally, Adhesives Help Reduce Vehicle Weight And Improve Fuel Efficiency.
Another Driver Boosting The Global Industrial Adhesives Market Growth Is The Increasing Use Of Lightweight And Composite Materials In Various End-Use Industries. Adhesives Help Join Dissimilar Substrates And Materials That Cannot Be Joined Through Conventional Joining Methods. They Offer Design Flexibility And Help Manufacture Lightweight Yet Strong Composite Products. This Plays A Vital Role In Industries Such As Automotive, Aerospace, Marine, Construction, And Others.
Segment Analysis
The Industrial Adhesives Market Is Broadly Segmented Into Water-Based, Solvent-Based, Hot Melt, Reactive And Others. Among These, The Water-Based Segment Currently Accounts For The Largest Share Of More Than 35% Of The Overall Market. Water-Based Adhesives Are Environment-Friendly And Emit Low Or Zero Volatile Organic Compounds (Vocs) During The Drying Process. These Properties Have Increased Its Popularity Over Other Types In Various End-Use Industries Such As Woodworking, Packaging, Automotive And Construction.
PEST Analysis
Political: Regulations Regarding VOC Emissions Are Becoming Stricter Globally, Boosting Demand For Water-Based And Hot Melt Adhesives. Economic: Growth Of End-Use Industries Such As Construction And Automotive Is Driving The Market. Social: Rising Environmental Awareness Is Increasing Preference For Green Adhesives. Technological: Developments In Hot Melt Resin Systems Have Widened Their Application Scope.
Key Takeaways
The Global Industrial Adhesives Market Is Expected To Witness High Growth, Exhibiting CAGR Of 6.6% Over The Forecast Period, Due To Increasing Demand From The Packaging Industry. The Packaging Segment Accounts For Over 30% Share Of The Global Market. Industrial Adhesives Find Wide Application In Case, Carton, Flexibles And Labels Packaging.
Regionally, The Asia Pacific Market Is Projected To Witness The Fastest Growth During The Forecast Period. Abundant Availability Of Raw Materials And Low Production Costs Have Attracted Several Manufacturers To Set Up Their Production Bases In The Region. Countries Like China, India And Indonesia Are Dominating The Regional Market.
Key Players Operating In The Industrial Adhesives Market Are Henkel, 3M, Bostik, Avery Dennision, H.B. Fuller, Jowat, And Pidilite Industries Limited. These Players Are Focusing On New Product Innovations, Capacity Expansions And Mergers & Acquisitions To Strengthen Their Market Presence. For Instance, Henkel Invested Over €30 Million To Expand Its Production Facility In Russia In 2022.
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