Global Industrial Adhesives Market Size is Predicted to Grow $75.66 billion by 2028, growing at a CAGR of 6.9% | Industry Analysis Report - EIN Presswire

2023-02-16 16:43:29 By : Ms. Xu Susan

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/EIN News/ -- Portland, OR, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Industrial Adhesives Market By Product (Acrylic, Polyvinyl Acetate, Epoxy, Polyurethane, Ethyl Vinyl Acetate And Others), By Application (Automotive, Packaging, Electricals & Electronics, Medical, Industrial Machinery, Furniture, Footwear, And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” in its research database.

“According to the latest research study, the demand of global Industrial Adhesives Market size & share in terms of revenue was valued at USD 44.36 Billion in 2020 and it is expected to surpass around USD 75.66 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 6.9% during the forecast period 2022 to 2028.”

What are Industrial Adhesives? How big is the Industrial Adhesives Industry?

Industrial Adhesives Report Coverage & Overview:

Industrial adhesives are often chosen for their superior adhesion and stability when used to bind substrates. Industrial adhesives have a wide variety of applications, ranging from manufacturing to construction, and are utilized in both. These adhesives are simple to apply and enable a lasting bond to be formed across substrates that might either be the same or completely different. For example, instead of sewing, you could use hot-melt or spray adhesives to bind cloth to wood, plastic, or metal without having to use a needle and thread. In the manufacturing, aerospace, and automotive industries, strict environmental restrictions have led to the usage of water-based adhesives rather than solvent-based adhesives. This has resulted in an increased demand for industrial adhesives.

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Global Industrial Adhesives Market: Growth Dynamics

Increase in Industrialization to Spur Market Growth

The global industrial adhesives market is growing at a significant rate. The packaging industry growing at a speedy rate, an increase in industrialization in developing countries, and growing demand for water-based adhesives are some of the principal factors that are spurring the growth of the global market. Most of the industrial adhesives are used in fastening applications. Further, to prevent the infiltration of undesirable material & leaks, to contain fluids, and to fill gaps on surfaces or between seams, industrial sealants are been widely used. Industrial adhesive provides a better solution over the other alternative techniques such as mechanical fastening and thermal bonding. In mechanical fastening method, holes are generated that can weaken the material while the use of thermal bonding heats the material. Both these methods can alter the properties of the material.

In addition to this, in manufacturing, there are several benefits of using industrial adhesives. This includes even distribution of stress on the load, bonding a wide variety of substrates, easy automation, and excellent cohesive strength. Also, it’s a cost-effective technology as cycle times are faster and makes the process simple resulting in cost savings. All such factors coupled with rise in automation are propelling the growth of the global industrial adhesives market. Moreover, transportation and construction industries are adopting the use of industrial adhesives ultimately fostering the growth of the market.

Furthermore, advancements in technologies and growing preference for natural material in industrial adhesives may have lucrative opportunities for the growth of the global industrial adhesives market during the forecast period. However, the presence of ingredients that are hazardous to handle and the high cost associated with the production of synthetic adhesives may hinder the growth of the global industrial adhesives market.

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Industrial Adhesives Market: Segmentation Analysis

In the Industrial Adhesives Market, acrylics were the most common product category. They are used to increase the bonding ability of metals while also improving their visual appeal. Quick curing and acid and solvent resistance make them ideal for a variety of end-use industries, including furniture, medical equipment, and packaging.

Polyvinyl acetate is predicted to report an average growth owing to its properties such as high boiling & temperature tolerance. It is ideal for use in the packaging industry and furniture production due to its superior bond strength and increased creep resistance.

The automobile industry makes extensive use of epoxy adhesives. Epoxy adhesives are ideal for the automotive industry because of their longevity, oil absorption capability, strong wash-out resistance, and high strength over a large temperature range.

Packaging sector dominate the application segment with 30% of market share. Increased use of industrial adhesives for printing, carton wrapping, and corrugated box production has resulted in strong market penetration in the packaging sector. Furthermore, increasing demand for frozen products, the expansion of the food and beverage industry, and the use of flexible packaging are projected to create opportunities for growth.

Adhesives have become a common substitute for mechanical fasteners in packaging applications due to properties such as high handling capability, superior performance under stressful conditions, and curing efficiency.

Adhesive applications in vehicles are gaining popularity as the trend toward lightweight cars and sleek new designs shifts, allowing for lower wind resistance and higher speeds. Steel sheets with a thickness of 0.6 to 0.8 mm are used in most vehicle bodies, and they require high-strength bonding to ensure optimum protection in the event of a collision or mishap. The rise in demand for different materials such as glass, rubber, and plastic from the automotive industry is driving the development.

The global Industrial Adhesives market is segmented as follows:

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Some of the main competitors dominating the global Industrial Adhesives market include - 

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Asia Pacific is anticipated to dominate the global industrial adhesives market in terms of revenue during the forecast period. The rise in industrialization and growing preference of the major players to expand their business in China and India due to favorable government policies and cheap labor are the prime factors that are contributing to the overall revenue of the market in this region. In addition to this, emerging economies and presence of major manufacturing sectors are also some of the factors that are boosting the growth of the market in Asia Pacific. North America is estimated to contribute significantly owing to growing demand for water-based adhesives in packaging industry and the growing use of natural industrial adhesives.

The industrial adhesives market is a rapidly growing industry with a number of new and established players. Some recent developments in this market include:

Increasing demand for eco-friendly adhesives: There is a growing demand for environmentally friendly adhesives, which are biodegradable and made from renewable resources.

Changes in technology: New technologies, such as UV-cured adhesives and pressure-sensitive adhesives, have made industrial adhesives work better and be more efficient.

Growing demand for high-performance adhesives: Industries like automotive, aerospace, and construction are using more structural adhesives and epoxy adhesives, which are high-performance adhesives.

Expansion of applications: Industrial adhesives are now used in new areas, such as the medical and packaging industries, because they work so well and can be used for so many different things.

Mergers and acquisitions: There have been a number of mergers and acquisitions in the industrial adhesives market, as companies seek to increase their market share and expand their product portfolios.

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