Industrial adhesives are formulated adhesives that are used for bonding a variety of materials in industries such as automotive, construction, woodworking, packaging, footwear and electronics. Adhesives help in joining different materials permanently while reducing the weight. They are produced in various formats including tapes, films, tapes and liquids. Some key industrial adhesives include epoxy, polyurethane, acrylic, silicone, rubber, and others. Epoxy adhesives provide high strength bonding and are widely used across various end-use industries.
The global industrial adhesives market is estimated to be valued at US$ 42.04 bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The (Industrial Adhesives Market) is expected to flourish by increasing demand from the automotive industry. One of the major drivers for the growth of the market is increasing automotive production across the globe. Adhesives provide durable bonding and help reduce vehicle weight, thereby improving fuel efficiency. They are extensively used for bonding automotive components such as lighting, seating, exterior and interiors. According to International Organization of Motor Vehicle Manufacturers (OICA), annual vehicle production has increased from around 78 million units in 2014 to over 93 million units in 2021. Growing automotive sector is expected to propel the demand for adhesives over the forecast period. Further, stringent emission regulations are encouraging automakers to shift towards lightweight vehicles, thereby promoting adoption of adhesives in automotive manufacturing.
Segment Analysis
The industrial adhesives market can be segmented into water-based adhesives, solvent-based adhesives, hot-melt based adhesives, and reactive adhesives. Hot-melt based adhesives dominates the market and accounts for over 30% share. This is due to their versatility, strong bond forming capabilities, and shorter drying times compared to solvent-based and water-based adhesives.
PEST Analysis
Political: Rules regulating VOCs emissions have benefited water-based and hot-melt adhesives over solvent-based adhesives.
Economic: Growth in the packaging and automotive industries along with infrastructure development in developing nations is driving the market.
Social: Increasing awareness about eco-friendly adhesives is propelling the demand for alternatives to solvent-based adhesives.
Technological: Developments in hybrid and multicomponent adhesives offering higher bond strength and shorter setting times are gaining traction.
Key Takeaways
The Global Industrial Adhesives Market Size is expected to witness high growth between 2023 to 2030. The market size for 2023 is estimated to be US$ 42.04 Bn.
Regional analysis: The Asia Pacific region currently dominates led by China, India, and other developing nations. This is attributed to rapid industrialization and growth of end-use industries in the region. North America and Western Europe are also presenting lucrative opportunities.
Key players: Key players operating in the industrial adhesives market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Johnson & Johnson and Henkel AG & Co. KGaA have the largest market share.
