New York, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Industrial Adhesives Market is projected to experience a moderate increase in volume from 2023 to 2030. The steady growth of this product sector can be attributed to its expanding use as a replacement for mechanical fasteners across various industries, including consumer durables, automotive, construction, packaging, aerospace, and other heavy industries.
The global industrial adhesives market is forecast to expand at a CAGR of 4.7% and thereby increase from a value of US$57.6 Bn in 2023, to US$79.5 Bn by the end of 2030.
One of the significant applications of industrial adhesives lies within the automotive industry. These adhesives offer an environmentally friendly alternative compared to traditional fastening methods. Notably, the Southeast Asian automobile market is witnessing substantial growth, alongside well-established markets in Germany and Japan. Furthermore, the introduction of cost-effective vehicle options and increasing consumer awareness of luxury car segments are expected to drive higher vehicle purchases, ultimately boosting the market value of industrial adhesives.
Within the realm of consumer durables, industrial adhesives are the preferred choice for packaging and assembly due to their user-friendly characteristics, including flexibility, shorter curing times, and improved adhesion. The proliferation of appealing consumer appliances and the rise in consumer purchasing power have led to a thriving consumer durables market in recent years, consequently strengthening the global industrial adhesives industry.
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Market Scope
| Report Coverage | Details | |
| Market Revenue 2023 | US$57.6 billion | |
| Projected Market Value (2030F) | US$79.5 billion | |
| Global Market Growth Rate (CAGR 2023 to 2030) | 4.7% | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 232 Pages | |
| Market Segmentation | By Product Type; By Component Type; By End-use Industry; By Sales Channel; By Region. | |
| Regions Covered | North America; Latin America; Europe; South Asia & Oceania; East Asia; The Middle East & Africa. | |
| Key Companies Profiled | The 3M Company; Sika AG; Dow Inc; Henkel AG & Co. KGaA; H.B. Fuller Company; Arkema S.A.; Huntsman Corporation; Pidilite Industries Limited; FORBO Holding; Organik Kimya. | |
What Is Expected to Be a Key Growth Driver for Industrial Adhesives Market?
A key growth driver for the Industrial Adhesives Market is the increasing emphasis on lightweighting in various industries. Lightweighting refers to the trend of reducing the weight of components and structures to improve efficiency, fuel economy, and overall performance. Industrial adhesives play a crucial role in achieving lightweighting goals, making them essential in sectors such as automotive, aerospace, and transportation.
Here's how lightweighting contributes to the growth of the industrial adhesives market:
Automotive Industry: In the automotive sector, there is a growing demand for lightweight materials to enhance fuel efficiency and reduce emissions. Industrial adhesives enable the bonding of lightweight materials like aluminum, composites, and plastics, replacing traditional heavy components and mechanical fasteners. This reduces the overall weight of vehicles, improving fuel economy and performance.
Aerospace Industry: In aerospace, every ounce of weight saved is critical for fuel efficiency and payload capacity. Industrial adhesives are used extensively to bond advanced materials like carbon fiber composites, which are significantly lighter than traditional metals. This shift towards composites and the use of adhesives in assembly contribute to the growth of the industrial adhesives market.
Electronics Industry: The electronics industry requires lightweight and compact devices. Industrial adhesives are used for component bonding and miniaturization, allowing for the creation of lighter and more portable electronic products.
Construction Industry: In construction, lightweight materials reduce the load on structures and foundations. Adhesives are used for various applications, including attaching lightweight cladding materials, reducing the overall weight of buildings while maintaining structural integrity.
Renewable Energy: Industrial adhesives are used in the assembly of wind turbine blades and solar panels, where reducing weight is essential to improve energy efficiency and ease of installation.
As these industries continue to prioritize lightweighting for economic and environmental reasons, the demand for industrial adhesives is expected to grow. Manufacturers are also developing advanced adhesive technologies to meet the specific requirements of lightweight materials, further fueling market expansion.
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Key Companies & Market Share Insights
The global industrial adhesives market is a dynamic and fragmented landscape dominated by several major players. These companies are constantly innovating and expanding their product portfolios to cater to the growing demand from various end-use industries. Here's a closer look at some of the key companies and their market share:
- 3M
- Arkema Group
- H.B. Fuller Company
- Henkel AG & Co.
- Henkel AG & Co. KGaA
- The Dow Chemical Company
- Ashland Inc.
- Sika AG
- Bostik
- BASF SE
- Pidilite Industries Ltd.
- Mitsubishi Chemical Corporation
Factors influencing market share:
- Product portfolio: Companies with a broad and differentiated product portfolio catering to diverse end-use applications are likely to gain a larger market share.
- Innovation: Companies that invest heavily in research and development and introduce innovative and high-performance adhesives are likely to gain a competitive edge.
- Geographic presence: Companies with a strong global presence and established distribution networks are likely to have a larger market share.
- Sustainability: As sustainability concerns become increasingly important, companies offering eco-friendly and sustainable adhesives are likely to gain market share.
Future trends in the industrial adhesives market:
- Increased demand for sustainable and eco-friendly adhesives.
- Growing adoption of automation in adhesive application processes.
- Development of specialized adhesives for specific applications.
- Shifting trends towards lightweight materials and fuel efficiency, driving demand for structural adhesives.
- Emerging markets becoming key growth engines, especially Asia-Pacific and South America.
Regional Stance:
The regional landscape of the Industrial Adhesives Market exhibits distinct patterns and prospects across various global regions.
In North America, this market is characterized by its maturity and technological sophistication. The United States, in particular, plays a central role, boasting strong industry sectors such as automotive, aerospace, electronics, and construction. A relentless focus on research and development spurs innovation, resulting in the emergence of cutting-edge adhesive solutions. Furthermore, the presence of stringent environmental regulations propels the adoption of environmentally friendly and sustainable adhesive products.
Europe holds a substantial share in the market, with countries like Germany, France, and the United Kingdom leading the way. The European industrial adhesives sector thrives on the demand from automotive and aerospace industries, where high-performance adhesives are sought after for lightweighting applications. Sustainability is a prominent driving force, compelling a shift towards eco-friendly adhesive options and environmentally conscious manufacturing practices.
Asia-Pacific represents a rapidly expanding market, driven by economic growth and industrialization. Countries such as China, Japan, South Korea, and India are prominent participants in this region. The automotive and electronics industries serve as major consumers of industrial adhesives, capitalizing on increased production volumes and heightened consumer demand. Additionally, the presence of a skilled workforce and cost-effective manufacturing processes in select Asian nations amplifies the market's growth trajectory.
Latin America is experiencing a burgeoning industrial adhesives market, with significant contributions from countries like Brazil and Mexico. The automotive and construction sectors propel the demand, benefiting from ongoing infrastructure development and urbanization endeavors.
In the Middle East and Africa, the industrial adhesives market is on an upward trajectory, particularly within the construction and oil and gas sectors. Escalating construction activities, including infrastructure and real estate projects, are generating a heightened requirement for adhesives in these regions.
Emerging markets across parts of Southeast Asia and Africa are witnessing rapid industrialization and urbanization, leading to a heightened adoption of industrial adhesives across diverse applications.
The regional dynamics of the Industrial Adhesives Market are a result of the interplay between economic variables, technological progress, and evolving industrial landscapes. Companies operating in this sector often customize their strategies to harness specific regional opportunities and address distinctive challenges.
Key Company Developments
New Product Launch
Henkel introduced new products, viz., Loctite Liofol LA 7818 RE / 6231 RE, and Loctite Liofol LA 7102 RE / 6902 RE, to promote recyclability in the packaging industry.
Market Impact: Henkel's introduction of innovative products like Loctite Liofol LA 7818 RE / 6231 RE and Loctite Liofol LA 7102 RE / 6902 RE underscores its commitment to advancing recyclability in the packaging industry. This strategic move not only aligns with sustainability goals but also positions Henkel as a pioneer in providing eco-friendly adhesive solutions, driving positive market perception and potentially influencing industry-wide shifts towards greener practices.
(Source: Henkel Adhesives)
In November 2022 Bostik, a global adhesive specialist for industrial, construction and consumer markets, has launched two new innovative products for the tape and label market in India. The first is Bostik HM2060, a single solution for high-speed label conversion in the Fast Moving Consumer Goods (FMCG), pharmaceutical and logistics industries.
Market Impact: Bostik's recent launch of two innovative products, including Bostik HM2060 catering to high-speed label conversion in sectors like FMCG, pharmaceuticals, and logistics signifies the company's commitment to addressing specific market needs in India. This strategic move enhances Bostik's presence in the tape and label segment, showcasing its adaptability to regional demands and reinforcing its position as a key player in the industrial adhesives market.
(Source: Bostik)
Dow Inc. launched DOWSIL EA-3838 fast curing silicone adhesive for reduced energy usage, greater assembly efficiency at any production volume.
Market Impact: Dow Inc.'s introduction of DOWSIL EA-3838, a fast-curing silicone adhesive designed to enhance assembly efficiency and reduce energy consumption, marks a significant advancement in adhesive technology. This innovation is poised to positively impact the industrial adhesives market by addressing the industry's growing demand for solutions that contribute to increased operational efficiency and sustainability.
(Source: Dow Corporate)
Market Segmentation:
By Component Type:
- Acrylic Adhesive
- Epoxy Based Adhesive
- PVA
- Polyurethane
- EVA
- Others
By Product Type:
- UV Cure Adhesive
- Pressure Sensitive Adhesive
- Water-based Adhesive
- Solvent Based Adhesive
- Hot Melt Adhesive
- Others
By End-use Industry:
- Automotive & Aerospace
- Healthcare & Hygiene
- Consumer Goods
- Packaging
- Construction
- Electronics
- Furniture & Metalwork
- Glass Making
- Footwear
- Paper
By Region:
- North America
- Europe
- East Asia
- South Asia & Oceania
- Latin America
- Middle East & Africa
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