Product Code: RP-ID-10346744 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Chemicals |
Report ID: 10346744
Market Overview:
Global Adhesives Market Outlook 2028
Global Adhesives Market Analysis 2019-2028
Adhesives are composed of different resins which are capable of holding materials together by surface attachment. The rising demand for adhesives in the packaging, medical, furniture, construction, and automotive sectors have necessitated the fabrication of innovative and advanced adhesives. Many factors such as tack, viscosity, melting point, flow rate, and set time determine the formulation and performance of the adhesives on a particular substrate. Moreover, the customization of adhesives significantly enhances the overall performance, design, and characteristics of these bonding materials and makes them optimum for many industrial applications. The global adhesives market is estimated to garner around USD 63,000 million by 2028 by growing at a CAGR of 4.6% during the forecast period, i.e.,2021-2028. Increasing demand for various kinds of adhesives used in a diverse range of end-use industries is a key factor anticipated to boost the market growth during the forecast period. In recent years, the application of adhesives in alternative energy applications is becoming increasingly popular. For instance, RTV silicone adhesive sealants are being increasingly used in the production of solar cells. Similarly, two-part polyurethanes are used in wind turbines to prevent cracks and reduce fatigue.
The global adhesives market consists of various segments that are segmented by product type, formulation technology, end-use application, and by region. The market is further segmented by product type into acrylic, polyurethane, vinyl, epoxy, styrene, and others. Amongst these, the acrylic segment held a significant market share of around 18% in 2019 in the global adhesives market on the back of its durability, flexibility, and ability to be used in various applications. These adhesives are among the most popular structural adhesives and are widely used to bond metals, glass, and composite materials. The polyurethane segment is among the fastest-growing segments and is expected to grow by a CAGR of around 4% during the forecast period. These adhesives are used in various applications and therefore work on a variety of surfaces ranging from metals and rubbers to glass, leather, and tiles. The extensive application of these adhesives can be attributed to its durability, tough bonds, and high peel strength. In addition, these adhesives are suitable for low and high temperatures and show resistance to chemicals, water, and humidity.
Based on region, the global adhesives market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The market in Asia Pacific region in expected to record highest CAGR during the forecast period. This significant market share and growth are attributed to the region’s ever improving macroeconomic factors including population, GDP, and per capita income. The increasing research and development in Asia Pacific region have efficiently increased the adoption & development rate of adhesives in automobile, construction, textile, footwear, packaging, and furniture industry.
Some of the affluent industry leaders in the global adhesives market are BASF SE, Henkel AG & Co. KGaA, H.B. Fuller Company, Bostik, Sika AG, RPM International Inc., Royal Adhesives, Huntsman International LLC, Illinois Tool Works Inc., 3M, and others.
BASF SE, Henkel AG & Co. KGaA, H.B. Fuller Company, Bostik, Sika AG, RPM International Inc., Royal Adhesives, Huntsman International LLC, Illinois Tool Works Inc., 3M, and others.
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