TAGS: Waterborne Adhesives Solvent borne Adhesives Hot-melt Adhesives Reactive Adhesives
Research and Markets (RM) anticipates that the global adhesives market is expected to grow from $58.35 billion in 2020 to $62.44 billion in 2021 at a compound annual growth rate (CAGR) of 7%.
The market is expected to reach $75.25 billion in 2025 at a CAGR of 5% during the forecast period.
Rearranging Operations and Recovering frpm COVID-19
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The adhesives market consists of the sales of adhesives, glues and caulking compounds by entities (organizations, sole traders or partnerships) that produce adhesives, glues and caulking compounds.
The adhesives market is segmented into water-based adhesives; solvent-based adhesives; hot-melt-based adhesives and reactive & other adhesives.
Adopting IoT Technologies for Manufacturing
Asia Pacific was the largest region in the global adhesives market, accounting for 47% of the market in 2020. North America was the second largest region accounting for 24% of the global adhesives market. Africa was the smallest region in the global adhesives market.
Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process.
The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company and H.B. Fuller.
Source: Research and Markets