by The Industrial Adhesives Market Is Estimated To Be Valued At US$ 42.04 Bn In 2023 And Is Expected To Exhibit A CAGR Of 6.6% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Overview:
Industrial Adhesives Are Used In A Variety Of End-Use Industries Such As Automotive, Construction, Packaging, And Footwear. They Are Widely Used For Bonding And Assembly Of Dissimilar Substrates And Materials. Some Key Uses Of Industrial Adhesives Include Bonding Automotive Components, Structural Assembly In Aircraft Manufacturing, Packaging Of Food And Beverages, And Footwear Manufacturing. Industrial Adhesives Offer Advantages Such As High Bonding Strength, Flexibility, Vibration Damping Properties, And Resistance To Heat, Water And Chemicals.
Market Dynamics:
The Automotive Industry Is Estimated To Be One Of The Major End-Users Of Industrial Adhesives, Accounting For Over 25% Of Demand. Rising Vehicle Production Globally Is Expected To Drive The Growth Of Industrial Adhesives Market Over The Forecast Period. According To International Organization Of Motor Vehicle Manufacturers, Global Vehicle Production Reached Around 95 Million Units In 2020 And Is Expected To Surpass 100 Million Units By 2023. Furthermore, Growing Construction Activities Especially In Asia Pacific And Middle East Are Also Expected To Boost The Market Growth. China, India And Indonesia Are Witnessing Immense Infrastructure Development Which Is Directly Increasing The Demand For Adhesives In Construction Applications. However, Stringent Environmental Regulations Regarding Content Of Volatile Organic Compounds In Adhesives May Hinder The Market Growth.
SWOT Analysis
Strength: Industrial Adhesives Exhibit High Bonding Strength, Able To Adhere To Various Substrates Firmly. They Provide Efficient Adhesion And Are Durable. They Improve Production Efficiency And Reduce Costs By Replacing Mechanical Fasteners. Adhesive Tape Technology Allows For Quick Assembly And Disassembly.
Weakness: Volatility In Raw Material Prices Impact The Overall Production Costs. Strict Environmental Regulations Regarding The Use Of Toxic Solvent-Based Adhesives Poses Challenges.
Opportunity: Growing Infrastructure And Construction Industries Offer Significant Growth Opportunities. Rising Demand From Automotive And Electronics Industries Due To The Miniaturization Of Components Expands The Scope.
Threats: Substitutes Like Welding And Mechanical Fastening Reduce The Dependence On Adhesives. Economic Slowdowns And Downturns Lower The Demand.
Key Takeaways
Global Industrial Adhesives Market Growth Is Expected To Witness High Growth, Exhibiting CAGR Of 6.6% Over The Forecast Period, Due To Increasing Demand From The Automotive And Construction Industries. Miniaturization Of Electronic Components And Appliances Also Fuel The Market Growth.
Regional Analysis Asia Pacific Dominates The Global Market And Is Projected To Exhibit The Fastest CAGR During The Forecast Period. This Can Be Attributed To Robust Growth Of Manufacturing Industries In China And India. Increasing Construction Activities In Emerging Economies Boost The Regional Market. North America And Europe Will Continue Their Strong Positions, Supported By Automobile Manufacturing And Electronics Sectors.
Key Players Operating In The Industrial Adhesives Market Are Henkel, 3M, Bostik, Avery Dennision, H.B. Fuller, Jowat, And Pidilite Industries Limited. The Market Demonstrates A Moderately Consolidated Structure With Top Players Accounting For Over 50% Of The Global Revenue Share. They Focus On R&D To Develop Sustainable And High-Performance Adhesive Formulations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
