TAGS: Polyurethane Adhesives Epoxy Adhesives Acrylic Adhesives Solvent borne Adhesives
According to Allied Market Research (AMR), the global industrial adhesives market which was valued at $39.0 billion in 201 is projected to reach $54.9 billion by 2027, growing at a CAGR of 6.3% during the 2020 to 2027 forecast period.
Meeting Demand of E-commerce Industry
Industrial adhesives help the manufacturing process for best results. They improve the quality of the assembly and reduce the manufacturing expense. The demand for industrial adhesives has increased, owing to fast penetration of e-commerce in developing economies and rising demand from the medical sector. However, availability of alternatives and volatility in prices of raw material are some of the factors expected to hinder the market growth during the forecast period.
The industrial adhesives market is segmented into composition, type, end-use industry, and region. On the basis of composition, the industrial adhesives market is divided into polyurethane, epoxy, vinyl, acrylic, and others. Depending on type, the market is classified into water-based adhesives, solvent-based adhesives, hot-melt adhesives, and others. Various end-use industries of industrial adhesives studied in the market include packaging industry, construction industry, automotive industry, electrical & electronics, and others. By region, the industrial adhesives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The industrial adhesives market share is analyzed across all important regions.
Highest Growth in Asia-Pacific Region
On the basis of composition, the acrylic segment garnered 33.6% in terms of volume in 2019. This is attributed to high bond strength, superior levels of initial tack, and generation of less volatile organic compounds (VOCs).
Based on type, solvent-based adhesives segment garnered 9.1%, in terms of volume, in 2019. This is attributed to its adoption in various applications as it is high temperature resistance and can be applied to a variety of substrates.
On the basis of end-use industry, the packaging industry segment garnered 27.5% in terms of revenue in 2019 and is expected to grow at a CAGR of 6.6% during the forecast period. This is attributed to change in consumer trends, brand owner trends, spending on consumer goods, and others.
Region-wise, Asia-Pacific is expected to grow at a CAGR of 7.2%, in terms of revenue, during the forecast period. This is attributed to factors such as rising end-use industries, including aerospace, construction, electronics, and others.
Source: Allied Market Research