Adhesives have many uses in day-to-day life, from significant to a niche. Adhesives play an integral role in industries including packaging, electronics, laminates, construction, automobile, healthcare, and footwear. It serves to mechanically attach or bond two components or parts. This is done by bringing two dissimilar bodies in intimate contact such that mechanical force or work can be transferred across the interface. Spurring manufacturing activities, thriving packaging and footwear industry, strong infrastructure development indicators, and new trends in the automotive sector are primary factors estimated to accelerate adhesives market size. Key factors influencing the innovation and evolution of adhesives are the maturity of technological processes and governmental regulations worldwide concerning volatile organic compounds. Adhesives are gaining more importance across industries due to the emerging trend of ditching fasteners. Adhesives are slowly replacing the fastener, influenced by the automotive industry trend of overall vehicle weight reduction, growing focus on increasing productivity, and minimizing costs.
According to Value Market Research, the global adhesives market size was valued at about USD 50.25 billion in 2020 and is estimated to grow at a CAGR of around 6 % during the forecast period 2021 to 2027.
Analysis, By Type
Based on type, the market is segmented into acrylic, polyvinyl acetate, ethylene-vinyl acetate, polyurethane, styrene block, epoxy, and others. Acrylic and PVA acquired more than half the share in the adhesive market. Acrylic adhesive is versatile that find application in varied industrial sectors due to its improved quality and durability. Factors like a shift in consumer preferences towards high-quality products, easy availability, and wide acceptability in applications such as paper & packaging, and construction sectors drive the segment's growth. PVA-based adhesives offer superior strength and good adhesion to a variety of surfaces. They do not pose health risks and are environmentally friendly, thus widely demanded.
Analysis, By Technology
By technology, the market is segmented into water-based, solvent-based, hot melt, reactive, and others. The water-based adhesive segment accounted for a major share, followed by solvent-based, hot melt, and reactive. The waterborne adhesives segment is the most lucrative segment in the global adhesive market. The waterborne adhesive is preferred over other adhesive technology owing to sustainability benefits, low cost, and superior performance. Stringent norms by the EPA (Environmental Protection Agency) and REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) concerned with VOC emissions and rising adoption of products alternative to fossil fuel products is fuelling segment growth.
Analysis, By Application
By application, the market is segmented into pressure-sensitive applications, packaging, electronics, laminates, woodstock, and furnishing, construction, automobile, footwear, healthcare, and others. Pressure-sensitive adhesive grabbed a major share in the market, followed by packaging and automobile. Pressure-sensitive adhesive is widely preferred owing to its ease of adaptability, low cost, and growing use in tapes and labels. The automobile has emerged as a potential segment. The automobile industry is making increased use of adhesives to deduct fastener weight in vehicle designing and achieve distinct advantages over mechanical fastener and traditional alternatives.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific will grow and dominate the next decade supported by massive demographic tailwinds and strong forecasts for regional industry expansion plans. The region will remain very much in play and will continue to propel forward to 2027 with strong construction, automotive, electronics, and consumer goods industry growth. China, India, and Japan continue to grow at an impressive rate. North America and Europe is also witnessing healthy growth.
The global adhesives market is highly fragmented and competitive due to presence of numerous giants and regional players. Henkel, H.B. Fuller, Bostik, Sika, Dow, Royal Adhesives, 3M, Huntsman, Evonik, and Bolton group are top players ruling the global adhesive market.
Global Adhesives Market Overview
Adhesives are an outstanding alternative to mechanical fasteners. Mechanical fasteners limit options for materials, lead to eventual fatigue, and drive up labor, processing, and material costs. Adhesives allow manufacturers to use lighter, thinner materials, improve the strength & durability of bonds, and enhance productivity while reducing assembly times. Adhesives are a great alternative to mechanical fasteners in industrial assembly, marine industry, petrochemical industry, automotive, electrical apparatus applications, heavy machinery, and many more. However, raw material price volatility, trade barriers or restrictions, and economic slowdown are likely to hinder the market growth. Adhesives are manufactured from petroleum-based materials. Prices of raw materials depend on the prices of fossil fuels. The economic slowdown has caused a shrink in industry investment. Moreover, economic instability has resulted in inter-nation clashes. This is projected to obstruct the supply of and demand for adhesives to some extent.
Diversification of product portfolio through R&D activities and company mergers and acquisitions are specific vital strategies adopted by the major companies to strengthen their foothold market. Nowadays, market participants are focused on producing eco-friendly adhesives using sustainable sources and high-quality adhesives using modern technologies such as nanotechnology.
In this research report, the Adhesives market is segmented by type, technology, application, and region.
Market Segmentation covered in the Report:
- Polyvinyl Acetate (PVA)
- Styrene Block
- Ethylene Vinyl Acetate (EVA)
- Water Based
- Solvent Based
- Hot Melt
- Pressure Sensitive Application
- Laminates, woodstock, and Furnishing
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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