Surge in demand from the packaging industry and growth of the automotive industry in developing regions drive the global industrial adhesives market.
WILMINGTON , DELAWARE , UNITED STATES, January 15, 2024 /EINPresswire.com/ — Allied Market Research published a report, titled, “Industrial Adhesives Market by Composition (Polyurethane, Epoxy, Vinyl, Acrylic, and Others), Type (Water-based Adhesives, Solvent-based Adhesives, Hot-melt Adhesives, and Others), and End-use Industry (Packaging Industry, Construction Industry, Automotive Industry, Electrical & Electronics, and Others: Global Opportunity Analysis and Industry Forecast 2020-2027.” According to the report, the global industrial adhesives industry garnered $39.0 billion in 2019, and is expected to generate $54.9 billion by 2027, witnessing a CAGR of 6.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in demand from the packaging industry and growth of the automotive industry in developing regions drive the global industrial adhesives market. However, environmental regulations associated with volatile organic compound (VoC) hinder the market growth. On the other hand, rise in demand for low VOC, green, and sustainable adhesives and growth in end use industries in the emerging economies present new opportunities in the coming years.
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The outbreak of COVID-19 impacted the market negatively, thereby suspending the manufacturing and supply chain processes.
At the same time, the demand for industrial adhesives has been declined by the end-use industries such as automotive, and construction which consequently curbed the market growth
However, the government bodies are now issuing relaxation policies to assist the industries to get back to the track.
The vinyl segment to maintain its lead position throughout the forecast period
Based on composition, the vinyl segment contributed to the highest market share, accounting for more than one-third of the global industrial adhesives market in 2019, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 6.6% from 2020 to 2027. This is This is attributed to rising demand from packaging sector because of its properties such as high adhesion towards various substrates, non-toxic, and ecofriendly nature, and others.
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The construction segment to maintain its leadership status in terms of revenue by 2027
Based on type, the water-based adhesives segment held the highest market share in 2019, accounting for more than two-fifths of the global industrial adhesives market, and is estimated to maintain its leadership status in terms of revenue throughout the forecast period. In addition, the segment is expected to portray the highest CAGR of 6.6% from 2020 to 2027. This is attributed to rise in demand from various end-use industries such as construction, aerospace, and others.
Asia-Pacific, followed by Europe and North America, to dominate the market-
Based on region, Asia-Pacific contributed to the largest market share in 2019, holding nearly of the global industrial adhesives market, and is estimated to maintain its dominant share by 2027. In addition, the region is expected to witness the fastest CAGR of 7.2% during the forecast period. This is attributed to the presence of established and fastest developing consumer bases such as electrical and electronics, packaging industry and aerospace industry. On the other hand, the market across North America contributed to the largest market share in 2019, holding more than one-fourth of the global industrial adhesives market.
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Leading Market Players
Avery Dennison Corporation
Henkel AG & Co. KGaA
Parker Hannifin Corp
Pidilite Industries Limited
Wacker Chemie AG
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