The global industrial adhesives market is expected to reach USD 57.12 billion by 2022, according to a new report by Grand View Research, Inc. Growth of key end-use industries such as packaging, construction and automotive is expected to remain a key driving factor for global industrial adhesives market over the forecast period.
Growing demand for eco-friendly materials has led to the development of bio-based adhesives. This trend is likely to foster replacement of conventional metal, wood and other fasteners with adhesives to bond a wide array of substrates. Increasing industrial output in emerging nations such as China, India, Brazil and Mexico has also impacted the market positively.
Acrylics were the leading product type with demand share exceeding 40% in 2014. Increasing requirement for adhesion products with aesthetic appeal, high bond strength across dissimilar substrates and contaminated surfaces is a key determinant for industry development. They are also expected to witness the highest growth of 4.4% from 2015 to 2022.
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Further key findings from the report suggest:
- Global industrial adhesives market size was 9.40 million tons in 2014 and is expected to reach 12.94 million tons by 2022, growing at a CAGR of 4.1% from 2015 to 2022.
- Packaging was the leading application segment and accounted for 30.3% of total market volume in 2014. Increasing demand for quicker assembly time, high bond strength in carton sealing and corrugated box manufacturing led to high consumption in packaging industry. Packaging is also expected to witness the highest growth of 4.7% from 2015 to 2022.
- Asia Pacific was the largest consumer and accounted for 42.3% of total volume in 2014. The region is characterized by increasing consumer disposable income and high growth in packaging, construction, and automotive industries mainly in China, India and Southeast Asia.
- Developed markets of North America and Europe are characterized by growing demand for bio-based adhesives on account of growing regulatory pressure and consumer awareness. Europe is expected to witness moderate growth of 2.5% from 2015 to 2022.
- Global industrial adhesives market share is characterized by multinational corporations which are integrated along the value chain. There is considerable presence of standalone independent manufacturers, particularly with emergence of SME landscape in China. Key companies in the industry include The Dow Chemical Company, Henkel, Cytec Industries, Mitsubishi Chemicals, Lord Corporation, Avery Dennison, and Covestro (formerly Bayer MaterialScience).
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About Grand View Research
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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