The global industrial adhesives market was valued at $42 billion in 2015 and is forecast to grow at a steady CAGR of 5.4% between 2016 and 2024, culminating in 2024 global revenue of $61.5 billion. The growth of key end-use industries such as automobile, construction, packaging, electrical & electronics, personal utilities, and medical device is anticipated to boost overall market growth.
Key Product Categories & Technologies
Adhesives can be natural or synthetic depending on the source of raw material, adhesives are used to bind two surfaces. Compared to other type of binding techniques they are cost-effective, equally distribute the stress between the surface, their ease of application and increased design flexibility is driving the usage in many industries. The industrial adhesive segment can be classified based on the type of adhesives like epoxy, polyurethane, and ethyl vinyl acetate, acrylic, polyvinyl acetate. Based on the application it can be classified as per the use.
Acrylic is a widely used owing to its outstanding performance over other adhesives. Acrylic based composition offers excellent adhesion and is suitable for multiple applications. The Acrylic segment generated revenue of 4200 million USD in 2015 and is expected to grow to 6000 million USD by 2024. Rising consumer awareness towards environmental sustainability is likely to shift the trend from solvent based adhesives to water based. Water based adhesives are eco-friendly in nature. There is tremendous potential for water-based industrial adhesives market as there are no Volatile Organic Compounds (VOC). They are used in label applications, packaging tapes, office tapes, flexible laminations and food packaging as they offer improved chemical and heat resistance, they are expected to drive the market in the forecast period.
Hot melt adhesives market is expected to reach 9 billion USD by 2024, solvent free with no or very less VOC is added advantage for the growth. They are having very high demand in developing countries like India, Mexico, China, Brazil and Africa. Market size is expected to expand to 3000-kilo tons by 2024 with a CAGR of 5.5 from 2015 to 2024.
Woodworking and Construction segments are expected to show maximum growth in the forecast period due to their wide range of application in flooring, tiling, waterproofing, carpeting, wall covering, insulation, and roofing and in the construction industry for bonding, renovation, maintenance, and repairing in residential, commercial, and civil constructions. Automotive segment is growing at the fastest rate with overall 16% of total market share by 2024 with a CAGR of 4.6 and estimated to reach 13.3 billion USD by 2024. On the other hand, packaging industry shares a major share in a global adhesive industry with 14000 million USD in 2015.
Global laminating adhesives with Asia Pacific as the emerging field it is expected to reach 3000 million USD by 2024 with a CAGR of 8.07. Europe and North America together expected to share 55% of the global packaging adhesives market.
Biomimetic dry adhesive technology has advanced very rapidly in recent years and techniques to mass‐produce these materials are now under development. The use of nanomaterials is being investigated widely and recent research suggests that adhesives with enhanced mechanical, thermal and electrical properties will emerge. Smart adhesives, such as switchable types which can be triggered to bond and de‐bond in response to physical or chemical stimuli are under development. Researchers at Rescoll Research Company, France have developed innovative interfacial de-bonding adhesive technologies (INDAR) which allow dismantling of structural assemblies with no damage to the substrates and leaving a clean surface after deactivation.
Top Players, Company Share, Competitive Dynamics & M&A Insights
Major market players include Henkel, Sika, Dow Chemicals, Bayer, HB Fuller, Lord Corporation, Mactac, and Momentive Specialty Chemicals. Continuous Product development in R&D’s is the key growth factor in the Adhesive market. Exonera, have introduced technologies where two substrates are bonded together with an ion conductive adhesive for electronic applications, Henkel introduced a water-dependable epoxy adhesive, which provides excellent bond strength to both silicon and metal-mounting substrates and 3M’s de-bondable adhesive comprising a shape memory polymer for high-temperature applications.
Expansion and M&A are the other key factor for the companies to expand the business scopes, Royal Adhesives & Sealants (United States) announced to acquire Adhesive Systems Inc. for an undisclosed amount. Ellsworth Adhesives Europe recently confirmed its purchase of TRB Lightweight Structure’s Lord adhesive business. Atlas Copco acquired Swedish supplier of adhesive and sealant dispensing equipment.
Asia pacific will continue to emerge and have the highest share in the market. North America and Europe will continue to develop a wide range of innovative products which are cost effective and environmentally friendly.
This report provides factors about current markets trends, product category, technologies, and market drivers and M&A. Provides market and technology projections for the upcoming years including the present technology and trends.
- Market growth drivers
- Top players
- Product outlook
- Technology outlook
- North America
- Asia Pacific
- Construction and woodworking