The Global Market for Adhesives is Forecast to Reach US$51.5 Billion by 2024
Increased Adoption and
Product Innovation Drive the Global Adhesives Market, According to a New Report
by Global
Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size, and demand forecasts on the global Adhesives market. The global market for Adhesives
is forecast to reach US$51.5 billion by 2024, driven by increasing adoption in various
end-use sectors, rising demand from existing applications, and product
innovation.
As a substance that holds/binds any two surfaces together,
adhesives have several benefits over other binding techniques such as
mechanical fastening, sewing, thermal bonding etc. Besides being a cost
effective binding technique, adhesives also safeguard and enhance aesthetic
design of materials to be bonded together, and presents increased design
flexibility. Adhesives are indispensable to a wide gamut of industrial and
commercial sectors, ranging from construction, packaging, automotive,
furniture, footwear, electronics, general goods & appliances, consumer DIY
to shipbuilding, medical, aerospace, and solar energy. Specialty and
engineering adhesives are widely used in construction and automotive
industries, whereas general-purpose adhesives find applications in both
commercial and industrial sectors like consumer goods and packaging. With the
advancement in curing
technologies, adhesives are finding increased demand in specialized
applications and hi-tech industries such as aircraft and food processing. Growth in global adhesives
market in coming years will be driven by innovative products that serve as
effective substitutes to conventional bonding methods with reduced CO2
emissions and enhanced energy efficiency.
Adhesives
have gained more popularity in the last century over other assembly products
used in structural design. New formulations are experimented to cater to the
constantly increasing requirements from modern product designs and latest
manufacturing processes. Industrial adhesives remain integral to a
comprehensive range of industrial applications and are increasingly replacing
traditional techniques including welding, mechanical fastening and other
joining approaches. Driven by their desirable product performance, operating
life and reliability, industrial adhesives continue to find acceptance among
assemblers and manufacturers globally. The automotive adhesives market globally
is enjoying a consistent growth and is likely to gain more traction in the
coming years owing to steady demand for these products in various end-use
applications. Because of desirable properties such as superior performance,
appearance and processability, hot melt adhesives find use in diverse
applications and future demand is likely to be fueled by rising consumer
awareness about hygiene coupled with increasing sales of non-woven hygiene
products.
Despite
several benefits, the adhesives industry continues to be weighed down by
environmental concerns and regulations as the industrial chemical waste
generated by this industry is one of the primary sources of environment
pollution. Also, adhesives offer lower stability at high temperatures, present
difficulty in separating objects for testing, and have limited success in
bonding larger objects with smaller bonding surface area. Therefore, besides
formulation and production of eco-friendly and technically superior adhesives,
adhesive manufacturers are currently focusing hard on environmental friendly
production technologies and waste reduction.
As
stated by the new market research report on Adhesives, developed nations,
including Europe, Japan, and the United States have been traditional revenue
contributors over the years. The U.S. represents the single largest market worldwide. Asia-Pacific ranks
as the fastest growing market exhibiting a CAGR of 6.6% over the analysis
period.
Key
players in the market include 3M Company, Adhesives Research Inc., Adhesives
Technology Corp., Akzo Nobel N.V., Ashland Inc., Avery Dennison Corp., BASF SE,
Beardow & Adams (Adhesives) Ltd., Bemis Associates Inc., Berry Global Inc.,
Bostik Inc., Covestro AG, DIC Corp., DowDuPont, DYMAX Corp., Franklin
International Inc., Georgia-Pacific Chemicals LLC, H.B. Fuller Company, Henkel
AG & Co. KGaA, Huntsman Corp., Illinois Tool Works Inc., Permatex Inc.,
LORD Corp., Mapei S.p.A., Momentive, PPG Industries, RPM International Inc.,
DAP Products Inc., and Sika AG, among others.
The
research report titled “Adhesives: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, and other strategic industry activities of global
companies. The report provides market
estimates and projections in value (US dollars) and volume (pounds) terms for
major geographic markets including the US, Canada, Japan, Europe (France,
Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China,
and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America),
and Rest of World. The report also analyzes the market by chemical type -
Styrene Butadiene Rubber, Phenolic, Polyolefin, Epoxy, Starch & Dextrin, Acrylic
(Cyanoacrylic & Others, Acrylic PSA, Acrylic Emulsion), Urea Formaldehyde, Polyvinyl
Acetal, Polyvinyl Acetate, Neoprene, Thermoplastic Rubber, Polyurethane, Natural
Rubber, Protein, Furan, Polyvinyl Chloride, Reclaimed Rubber, Silicate, Silicone
Rubber, Polyamide, Polyvinyl Alcohol, Nitrile, Butyl Rubber & PIB, Polyester,
Ethylene, Bitumen, and Miscellaneous.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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