Global Industrial Adhesives Market Size By Type (Water-based Adhesives, Hot-Melt Adhesives), By Application (Automotive, Packaging Industry), By Geographic Scope And Forecast

Industrial Adhesives Market Size And Forecast

Industrial Adhesives Market size was valued at USD 47.5 Billion in 2020 and is projected to reach USD 67.6 Billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028.

Hey, so the industrial adhesives market is looking pretty good! It seems like everyone needs more packaging, especially in sectors like pharmaceuticals, food & beverages, and cosmetics. Plus, with governments cracking down on carbon emissions, the automobile industry is turning to these adhesives, too. Basically, industrial adhesives are helping companies save money and make better products that last longer – think improved dependability, performance, and overall operating life. If you want the full scoop, check out The Global Industrial Adhesives Market report. It really breaks down everything – the important parts of the market, what's trending, what's helping and hurting growth, who the big players are, and everything else that's making a difference.

Global Industrial Adhesives Market Definition

Adhesives may be defined as a liquid or semi-liquid combination capable of adhering to surfaces permanently through an adhesive process. The term “adhesive” refers to a material that is used to bond two substrates. The interaction of the adhesive surface with the substrate surface is referred to as adhesion, and it involves two different bodies being held in close proximity such that mechanical force or work may be transmitted across the interface. These are utilized in a variety of industries, including manufacturing, engineering, home improvement, and medicine.

Adhesives have a wide range of applications since they are a large market with no signs of slowing down. It may alter when new adhesives and sealants are launched, but it is expected to continue to expand. In the next years, market growth would be driven by increased demand from the packaging and automobile industries in developing economies. Shoes, automobiles, cartons, furniture, non-woven fabrics, and a variety of other things all require adhesives. Polymeric materials, both natural and synthetic, are the most common raw materials utilized as adhesives.

Natural products (such as starch, dextrin, casein, and naturally occurring gums) are still important when costs are considered; however, synthetic products have largely taken over the adhesive industry, both as modifiers of natural materials and, more importantly, as high-strength, moisture-resistant additives that can be produced in a variety of readily usable forms. Nowadays, the focus is not only on the manufacturing of high-quality adhesives using new technologies such as nanotechnology but also on the production of eco-friendly adhesives, called “green” adhesives, for all application domains.

Global Industrial Adhesives Market Overview

Rising packaging demand from different end-use industries such as pharmaceuticals, food & beverages, and cosmetics is likely to propel market expansion in forecasted years. Over the next several years, the growth of e-commerce commodity demand, in which packaging is a necessary factor, is expected to drive product demand. Industrial adhesives are a great alternative to mechanical fastening, welding, and other joining methods, and they may help a variety of enterprises achieve a competitive advantage by lowering total manufacturing costs and improving product dependability, performance, and operating life.

The adhesive bonding technique has decreased the time and cost of joining automotive components, as well as the usual weight and gasoline intake, resulting in increased efficiency. Increasing federal & governmental policies concerning carbon emissions are predicted to supplement product application in the automobile industry. The use of adhesives in the construction & woodworking Industry is numerous such as installation of floor tile and continuous flooring, ceramic tile installation, countertop lamination, carpet adhesives, flooring underlayment adhesives, and so on.

However, raw material price volatility is expected to be one of the factors restraining the growth of the Industrial Adhesives Market. The market for industrial adhesives is anticipated to be influenced by crude oil price volatility. Industrial adhesive raw ingredients are made from crude oil derivatives such as vinyl acetate monomer, polyols, tolylene diisocyanate (TDI), and methylene diphenyl diisocyanate (MDI). Crude oil price fluctuations have a negative impact on raw material costs, resulting in high product prices that are expected to restrain market expansion in the coming years.

Furthermore, the growth in the consumer base in Asia-Pacific is likely to provide lucrative opportunities for the market’s major players in the coming years. In emerging countries, aerospace and packaging are some of the fastest-growing consumer bases for industrial adhesives.

Global Industrial Adhesives Market Segmentation Analysis

The Global Industrial Adhesives Market is segmented on the basis of Type, Application, and Geography.

Industrial Adhesives Market, By Type

• Water-based Adhesives
• Hot-Melt Adhesives
• Acrylics

Based on Type, the market is segmented into Water-based Adhesives, Hot-Melt Adhesives, and Acrylics. Acrylics were the leading product segment for furniture, medical devices, and packaging with a high volume share. This is owing to its widespread use in end-use sectors including packaging, construction, and automobiles, among others. Furthermore, the construction industry’s need for industrial adhesives is boosted by the expansion of infrastructure in emerging economies with supportive government policies.

Industrial Adhesives Market, By Application

• Automotive
• Packaging Industry
• Construction & Woodworking Industry

When we look at Application, the market breaks down into areas like Automotive, the Packaging Industry, and Construction & Woodworking. Now, the automotive section? That's expected to really take off, growing at a high CAGR by volume as we look ahead. You see, everyone's trying to make cars lighter and sleeker – think low wind resistance and higher speeds – which means we're using more adhesives. Plus, cars need all sorts of materials stuck together, like glass, rubber, and plastic, so that's boosting the demand. And don't forget about packaging! All that labeling, box sealing, and cardboard? That's where commercial adhesives are making a big splash, opening up even more chances for growth.

Industrial Adhesives Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of regional analysis, the Global Industrial Adhesives Market is classified into North America, Europe, Asia Pacific, and Rest of the world. In 2018, Asia-Pacific was the leading region, accounting for a huge share of overall volume. Due to low labor costs and regulatory regulations, large car manufacturers have transferred their manufacturing plants to China, India, Thailand, and Vietnam. Over the next seven years, middle-class head incomes in nations like China and India are expected to drive vehicle sales. These are the elements that will influence product demand in the coming years.

Key Players

The “Global Industrial Adhesives Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Toyo Polymer Co. Ltd, Henkel AG & Co., Cytec Industries Inc., Dow Chemical Co, Bayer Product Science (Covestro), DuPont de Nemours, Inc., Adhesive Films Inc, Mitsubishi Chemicals Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2020Toyochem Co., Ltd., a member of Japan’s Toyo Ink Group, created a new line of biodegradable pressure-sensitive adhesives (PSAs). The newly created product, which is marketed under the Cyabine™ series of polyurethane PSAs, is suitable for materials used in packaging, construction, agriculture, and other areas where biodegradable or recoverable materials are preferred.

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