The global adhesive equipment market size is expected to reach USD 42.06 billion by 2022, according to a new report by Grand View Research, Inc. Increasing adhesives demand from end-use industries such as construction, automotive, textiles and footwear is expected to remain a key driving factor for global adhesive equipment market. High industrialization rates coupled with government initiatives to promote packaging sector in emerging markets of Asia Pacific and Latin America are expected to drive adhesive equipment demand. Bio-based adhesives development is also expected to strengthen industry growth as varying product specifications and associated technological developments constantly drive competition among companies.
Industrial hot melt equipment was the largest product segment and accounted for over 22% of total revenue in 2022. Growing demand for hot melt adhesives owing to their unique product characteristics such as low costs, quick drying time and versatility are expected to drive this segment. Rising awareness regarding sustainable adhesive consumption is expected to foster high market growth for intermittent application devices such as adhesive controllers.
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Further key findings from the report suggest:
- Global adhesive equipment market was valued at USD 26.93 billion in 2014 and is expected to grow at a CAGR of 6.6% from 2015 to 2022.
- Packaging was the leading application segment and accounted for over 30% of global revenue in 2014. Growth of packaging industry particularly in BRICS economies is expected to drive this segment over the forecast period. Disposable hygiene products is also expected to witness significant gains in its market size on account of growing incontinence and baby diapers demand across the globe.
- Asia Pacific was the leading regional adhesive equipment market and accounted for over 40% of global demand in 2014. Growth of key end-use industries such as packaging, construction and hygiene products in India, China and Indonesia is expected to drive the regional market. Asia Pacific is also expected to witness the highest growth of 7.8% from 2015 to 2022.
- Increasing geriatric population in mature economies of Europe and North America has had a direct impact on sales of adult incontinence products in the region. Growth of DHP industry is expected to drive adhesive equipment market in these regions.
- Global adhesive equipment market is fragmented with a presence of both large multinational corporations and domestic producers. Some key companies operating in the global market include Henkel, Nordson Corporation, Adhesive & Equipment, Inc., Robatech, Dymax Corporation, ITW Dynatec, 3M Company and Adhesive Dispensing Limited.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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