April 20, 2024
Industrial Adhesives Market

Industrial Adhesives Market Riding High on Green Building Trends

The Industrial Adhesives market is riding high on green building trends by growing emphasis on eco-friendly construction material.

Industrial adhesives are extensively used in various industries such as construction, automotive, electronics, furniture and packaging. They offer superior bonding strength and provide longer durability than other conventional joining techniques. Rising environmental awareness has boosted the demand for adhesives for green building projects as they reduce emissions and improve energy efficiency of structures. The growing construction industry across developing nations is a key driver for industrial adhesives consumption.

The Global Industrial Adhesives Market Size is estimated to be valued at US$ 48.44 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Industrial Adhesives 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.

The demand for industrial adhesives is growing significantly owing to increased consumption in industries such as construction, automotive and packaging. Rapid urbanization and infrastructure development projects in emerging nations are fueling the market expansion.

Globally, the Asia Pacific region dominates the industrial adhesives market and is expected to witness highest growth during the forecast period driven by economic development, rising per capita income and growing manufacturing industries in China and India. North America and Europe are also significant markets for industrial adhesives.

Market key trends
Green building initiatives are one of the key trends shaping the industrial adhesives market. Strict environmental regulations regarding VOC emissions have prompted manufacturers to develop eco-friendly adhesives with low carbon footprint. Water-based adhesives have gained popularity due to their low toxicity and recyclability. Growing demand for lightweight and fuel-efficient vehicles in the automotive industry has boosted demand for high strength adhesives. Rapid growth of packaged food and online retail industries especially in developing countries is augmenting the market for pressure sensitive adhesives.

Porter’s Analysis

Threat of new entrants: Low economies of scale from specialized investment in production facilities and application and distribution channels required pose significant challenges for new entrants in the industrial adhesives market. Bargaining power of buyers: Large buyers have significant bargaining power over suppliers due to industry consolidation. Bargaining power of suppliers: The commodity characteristics of some adhesive inputs gives suppliers moderate bargaining power over buyers. Threat of new substitutes: Substitute products are limited for specific applications which provides industrial adhesives players relative stability against the threat of substitution. Competitive rivalry: Competition is intense as large global players compete against local and regional players on factors like price, quality, application innovation and customer service.

Geographical Regions of Concentration
The Asia Pacific region dominates the industrial adhesives market accounting for over 35% of global market value in 2024. This is attributed to strong manufacturing industries in China, India, Japan and South Korea which are major consumers.

Fastest Growing Geographical Region

The industrial adhesives market is forecast to grow fastest in Central and Eastern Europe at a CAGR of over 22% during the forecast period. This is spurred by ongoing industrialization in the region supported by foreign investment and expansion of manufacturing facilities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine informaation and compile it