TAGS: Reactive Adhesives Epoxy Adhesives Acrylic Adhesives Polyurethane Adhesives
Research and Markets (RM) anticipates that the global reactive & other adhesives market is expected to grow from $9.88 billion in 2021 to $10.7 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The market is expected to grow to $14.18 billion in 2026 at a CAGR of 7.3%.
The reactive & other adhesives market consists of sales of reactive & other adhesives which are generally made out of monomer (resin) and an initiator.
The main types of reactive & other adhesives are epoxy, acylic, silicone, polyurethane, and other types. The major types of additives are polyurethane, acrylic, silicone, vinyl, epoxides, and other additives that are used in building and construction, automotive and transportation, power, electrical and electronics, and other sectors.
Asia Pacific was the largest region in the reactive & other adhesives market in 2021. North America was the second-largest region in the reactive & other adhesives market. The regions covered in the reactive & other adhesives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Growth in Automobiles Industry
The adhesive market is expected to benefit from growth in the automobiles industry during the forecast period. There is a drive for the production of lightweight automobiles which is leading to an increase in demand for adhesives and sealants. These are used in place of welded joints, mechanical fasteners, and gaskets and help reduce the weight of the automobile.
For instance, companies such as Jowat are using reactive adhesives for a perfect bonding of vehicle parts in the automotive industry. Thus, the increased use of plastics in automobiles is expected to increase the demand for reactive adhesives during the forecast period.
Stringent safety regulations associated with the manufacturing and transportation of adhesives chemicals were a major restraint on the market. These substances are highly inflammable, toxic, and hazardous when exposed to extreme temperatures and pressures. Companies in this industry should invest in equipment, technologies, and processes to limit toxic levels and chemical concentrations.
These regulations increased the operating costs of companies in this industry, thus limiting the scope for investments relating to the launch of new products and expansion into new markets, thereby affecting the market growth.
Many Companies Adopting Internet of Things
Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real-time insights and locate gaps 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 of possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller.
In November 2020, Pidilite Industries, an Indian adhesives manufacturing company acquired Huntsman Corporation for $ 28558.8 million. Through this acquisition, Araldite will add to the already very strong portfolio of Pidilite Industries adhesives and sealants and will complement Pidilite Industries' retail portfolio. Huntsman Corporation is an American manufacturer and marketer of chemical products for consumers and industrial customers.
The countries covered in the reactive and other adhesives market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
Major players in the market are BASF SE, 3M, ADCO Global, Adhesives Research, American Biltrite, Avery Dennison, Chemence, Collano Adhesives, Dow Chemical, and H.B. Fuller.
Source: Research and Markets