Industrial Adhesives Market Expected to Dominate Worldwide by 2026
Adhesives have become a key word for various industrial applications. Adhesives have been replacing conventional methods such as mechanical fastening, welding, and other joining methods. Manufacturers and assemblers have been using adhesives because of superior product performance, reliability, and better operating life. In addition, use of adhesives helps to reduce overall manufacturing cost. Industrial adhesives are used in multiple industries such as electronics, medical, construction, automotive, packaging, and so on. In construction industry, adhesives are used in floor manufacturing, insulation, and panels.
Nowadays vehicles contain more of plastic parts over mechanical fasteners. Use of adhesives makes vehicle light weight and increases the fuel efficiency. For automotive applications, use of adhesives is significantly increasing. For industrial adhesives, various chemistries are available in the market such as Acrylic, Polyurethane, Polyvinyl Acetate, Vinyl Acetate Ethylene, Epoxy, Ethylene Vinyl Acetate, etc. The selection of adhesive depends upon the type of substrate, adhesion of two parts, and cure time. Acrylic is a widely used chemistry due to its superior properties over other materials. Acrylic based composition offers excellent adhesion and is suitable for multiple applications. Rising consumer awareness towards environmental sustainability is likely to shift the trend from solvent based adhesives to water based. Water based adhesives are eco-friendly in nature. There is tremendous potential for water based industrial adhesives market as there are no Volatile Organic Compounds (VOC). Industrial development and growing demand for packaging, automotive, and construction in terms of adhesives is expected to drive industrial adhesives market over the forecast period, 2016-2026.
Growth in end-use industries such as construction, automotive, electronics, and packaging are driving the demand for industrial adhesives market. Rising requirement for packaged food and beverages also supports the demand of industrial adhesives. This industry continues to flourish, which will raise the demand for industrial adhesives for various packaging applications. Solvent-free, hot melt adhesives based market for packaging is growing significantly, with a rapid pace because it does not contain volatile organic compounds. Automotive Industry is one of the key growth factors for industrial adhesives market. Rising population, high disposable income, and improving standard of living drive the demand for automotive industry in Asia- Pacific countries and thereby increase the industrial adhesives market demand. China and India are two such markets for automotive industry which propel the demand of industrial adhesives. Infrastructure development and growth of real estate market in emerging economies are likely to increase the demand for building products consuming industrial adhesives.
The product development and innovation are the keys to upsurge the customer base and revenue in industrial adhesives market. New products based on water based adhesives are increasing significantly due to its eco-friendly features. Fluctuating oil prices and rising concerns about the adverse impact of solvent based adhesives are the major restraints for the growth of industrial adhesives market. Rapid industrialization, urbanization, and rising family income in emerging nations fuel the demand for construction, automobile, and white goods, which in turn supports the demand of industrial adhesives.
The basic classification of Global Industrial Adhesives Market is into:
On the basis of product type, Global Industrial Adhesives Market can be segmented as:
- Hot-Melt Adhesives
- Water-based Adhesives
- Solvent-based Adhesives
- Pressure Sensitive Adhesives
- Structural Adhesives
On the basis of chemistries available, Global Industrial Adhesives Market can be segmented as:
- Polyvinyl Acetate (PVA)
- Vinyl Acetate Ethylene (VAE)
- Ethylene Vinyl Acetate(EVA)
On the basis of end-use industries, Global Industrial Adhesives Market can be segmented into:
- Energy & Utilities
- Electrical & Electronics
- Medical and Hygiene
- Building, Furniture, and Construction
- Industry Assembly
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Examples of some of the market participants in the Global Industrial Adhesives Market identified across the value chain include:
- Cytec Industries Inc.
- Avery Dennison Corporation
- Bayer MaterialScience AG
- Henkel AG & Co KGaA
- Hitachi Chemical Co Ltd
- Lord Corporation
- Mitsubishi Chemical Corporation
- The Dow Chemical Company
- 3M Company
- E. I. Du Pont De Nemours and Company
- Huntsman International LLC
- HB Fuller Company