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Industrial Adhesives Market

Market Study on Global Industrial Adhesives: PMR Foresees a Wealth of Opportunities for Participants, with Expanding Demand for of Lightweight and Durable Bonding Solutions Across Industries Like Automotive, Electronics, and Packaging

A Detailed Analysis of the Industrial Adhesives Market Based on Rapid Industrialization, Swift Expansion of Manufacturing Sector, and Pacing Economic Growth

Industrial Adhesives Market

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.

Attributes

Key Insights

Industrial adhesives market Size (2023E)

US$57.6 Bn

Projected Market Value (2030F)

US$79.5 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

4.7%

Historical Market Growth Rate (CAGR 2018 to 2022)

3.8%

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Market Introduction and Definition

The industrial adhesives market encompasses a diverse range of adhesives used across various industries for bonding applications. These adhesives play a crucial role in joining materials, offering benefits such as improved manufacturing processes, enhanced product performance, and increased efficiency. The market aims to provide robust adhesive solutions that cater to the specific requirements of industries such as automotive, construction, electronics, packaging, and more. As manufacturers seek advanced and customized bonding solutions, the industrial adhesives market strives to deliver innovative products that address evolving industry needs.

The market is primarily driven by the growing demand for lightweight and high-performance materials in manufacturing processes, especially in industries like automotive and aerospace. Additionally, the emphasis on eco-friendly and sustainable adhesives, coupled with the increasing trend toward automation in production, fuels the market's growth.

Opportunities lie in the development of adhesives with improved durability, flexibility, and compatibility with diverse materials, aligning with the ever-changing landscape of industrial applications. Innovations in adhesive technologies, coupled with expanding applications in emerging industries, contribute to the market's dynamic growth and evolution.

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Market Growth Drivers

Growing Boom Around Lightweight Materials

The industrial adhesives market is experiencing robust growth, driven significantly by the increasing adoption of lightweight materials across industries. As manufacturers, especially in automotive and aerospace sectors, prioritize weight reduction for improved fuel efficiency and performance, the demand for industrial adhesives that offer strong bonds without adding excessive weight has surged. This lightweighting trend is closely linked to advancements in materials and manufacturing processes, creating a symbiotic relationship where the quest for lighter components fuels the need for innovative adhesives that can effectively bond these materials.

In addition, the Industrial adhesives market is the growing emphasis on sustainable practices in manufacturing. As businesses globally commit to environmental responsibility, the demand for adhesives that align with eco-friendly and energy-efficient objectives are on rise. Manufacturers are actively seeking adhesives that not only enhance product performance but also contribute to broader sustainability goals. This shift underscores the market's responsiveness to the global push for greener and more sustainable industrial processes, with adhesives playing a vital role in meeting these evolving environmental considerations.

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Growth Restraints

Volatility in Raw Material Prices

A significant factor that could impact the performance of the Industrial adhesives market is the inherent volatility in raw material prices. The market heavily relies on various base materials such as resins, solvents, and additives, and fluctuations in the prices of these inputs can pose challenges for both manufacturers and end-users.

Rapid changes in raw material costs can disrupt supply chains, affecting production costs and, subsequently, product pricing. This volatility necessitates strategic planning and risk management within the industry, requiring companies to develop flexible procurement strategies, explore alternative materials, and establish resilient supply chains to mitigate the potential adverse effects of fluctuating raw material prices on market dynamics.

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Opportunities

Automotive Lightweighting Application

An active opportunity for the industrial adhesives market lies in the growing adoption of adhesives for automotive lightweighting initiatives. As the automotive industry strives to enhance fuel efficiency and reduce emissions, there's an increasing shift towards lightweight materials such as composites and aluminum. Industrial adhesives play a pivotal role in bonding these materials, offering advantages in terms of weight reduction, and improved structural integrity.

Manufacturers in the adhesives market can capitalize on this trend by developing specialized formulations that cater to the specific requirements of automotive applications, fostering collaborations with automotive OEMs, and positioning themselves as key contributors to the lightweighting goals of the industry.

Moreover, the pursuit of sustainability and environmental responsibility unlocks a notable opportunity for the Industrial adhesives market through the development and adoption of bio-based adhesives. With a rising emphasis on eco-friendly solutions and stringent environmental regulations, there's a growing demand for adhesives derived from renewable sources.

Manufacturers can actively invest in research and development to create bio-based adhesives with competitive performance characteristics. Embracing sustainable practices and marketing these bio-based alternatives can not only attract environmentally conscious consumers but also align with the broader global push toward green technologies, presenting a promising avenue for revenue growth in the industrial adhesives sector.

Analyst’s Viewpoint

The industrial adhesives market presents a dynamic landscape teeming with opportunities and challenges. The market is propelled by robust demand from diverse sectors, including automotive, construction, and packaging, as industries increasingly embrace advanced bonding solutions. Factors such as the growing trend of lightweighting, environmental concerns, and technological advancements continue to shape the market trajectory. While innovation remains a driving force, challenges such as fluctuating raw material prices and regulatory complexities need strategic navigation.

Market participants must leverage technological breakthroughs, sustainable practices, and regional growth trends to stay competitive. As the industry evolves, collaboration, research, and adaptability will be paramount for stakeholders looking to capitalize on the expanding applications of industrial adhesives and navigate the intricacies of a vibrant and evolving market.

Supply-side Dynamics

The supply-side dynamics of the industrial adhesives market are characterized by a complex interplay of factors that significantly influence the market's trajectory. One of the pivotal elements shaping the market is the availability and sourcing of raw materials. Industrial adhesives, being chemical formulations, rely on various raw materials such as resins, solvents, and additives. The supply chain's stability and efficiency are crucial in ensuring a seamless production process and mitigating potential disruptions. The market is also sensitive to geopolitical factors that impact the sourcing and transportation of raw materials. Fluctuations in oil prices, trade tensions, and regulatory changes can introduce volatility, affecting both production costs and availability of key components.

China plays a central role as the major supplier in the industrial adhesives market, exerting a profound impact on its supply-side dynamics. The country's ascendancy in manufacturing, particularly in the chemical sector, positions it as a key contributor to the global adhesive market. China's vast industrial infrastructure, encompassing state-of-the-art manufacturing facilities and a skilled workforce, enables efficient and cost-effective production of a diverse range of industrial adhesives.

Furthermore, the nation's robust research and development capabilities foster continuous innovation in adhesive technologies. With a strategic position in global trade networks, China serves as a linchpin in the supply chain, ensuring a steady flow of industrial adhesives to meet the burgeoning demand worldwide. The country's influence extends beyond production capacity, shaping market trends and contributing significantly to the evolving landscape of the Industrial adhesives market.

Market Segmentation

Which is the Most Prominent Component Type Segment in the Market?

Acrylic Adhesives Retain Dominance as the Most Preferred Versatile Bonding Solution

Acrylic adhesive category holds a dominant position, offering versatile bonding solutions across diverse substrates. Its widespread application spectrum, coupled with fast curing times and resistance to environmental factors, renders acrylic adhesives essential in industries such as automotive, electronics, and construction.

Concurrently, polyurethane adhesive emerges as the fastest-growing category, fueled by the escalating demand for durable bonding solutions in aerospace, automotive, and manufacturing sectors. Renowned for high-strength bonding, flexibility, and resistance to harsh conditions, polyurethane adhesives cater to evolving industry needs, propelling them to the forefront of the industrial adhesives landscape.

Which is the Largest Product Type Category?

Hot Melt Adhesives Top the List with their Versatility, Rapid Curing, and Strong Bonding Capabilities

Hot melt adhesive category stands out as the dominant category, widely adopted for its rapid curing, strong bonding capabilities, and versatility across applications like packaging, woodworking, and textiles. Renowned for its efficiency and ease of use, hot melt adhesives dominate various industries, driving their widespread adoption.

Simultaneously, the UV cure adhesive emerges as the fastest-growing category, propelled by its eco-friendly nature, quick curing times, and adaptability to intricate bonding applications. UV cure adhesives cater to the increasing demand for sustainable and efficient bonding solutions, making them the frontrunners in the evolving landscape of industrial adhesives.

Which is the Leading Adhesive Segment?

Water-based Adhesives Lead Owing to their Eco-friendly Attribute

The dominant category is water-based adhesive, appreciated for its eco-friendly composition, low VOC emissions, and versatility across industries like packaging and construction. Its widespread adoption is attributed to the increasing emphasis on sustainability and stringent environmental regulations.

The fastest-growing category is UV cure adhesive, driven by its rapid curing capabilities, environmental friendliness, and suitability for intricate applications. UV cure adhesive meets the rising demand for efficient and sustainable bonding solutions, making it the frontrunner in the evolving landscape of industrial adhesives. The eco-friendly attributes and high-performance characteristics position UV Cure Adhesive as a key player in the market's dynamic growth.

Top Regional Markets

Europe Maintains Sustainable Innovation Leadership in Industrial Adhesives Market

As a result of its status as a center for renowned automobile manufacturers such as those based in France, Italy, and Germany, Europe has emerged as the dominant force in the industrial adhesives market, spearheading advancements in manufacturing technology and fostering a robust regulatory framework.

The region's commitment to innovation and sustainability, exemplified by stringent environmental regulations positions the European manufacturers at the forefront. Their emphasis on developing eco-friendly formulations, coupled with a tradition of precision engineering, has propelled Europe to a commanding position. As industries increasingly prioritize adhesive solutions that align with environmental standards, Europe's expertise and dedication to sustainability cement its leadership role in the global industrial adhesives landscape.

Asian Markets Gain from Surging Industrialization, and Growing Automotive Sector

South Asia, and Oceania emerge as the fastest-growing region in the industrial adhesives market, fueled by rapid industrialization and a burgeoning automotive sector. The region witnesses a robust demand for adhesives in automotive manufacturing, where lightweighting and advanced bonding technologies gain prominence.

Additionally, increasing infrastructure projects and the expanding packaging industry contribute to the rising adoption of industrial adhesives. The dynamic economic landscape, coupled with a focus on technological advancements, positions South Asia, and Oceania as a key market player, driving accelerated growth and innovation in industrial adhesive application.

Competitive Intelligence and Business Strategy

Prominent organizations, including the 3M Company, Sika AG, Dow Inc., Henkel AG & Co. KGaA, H.B. Fuller Company, are at the vanguard of this sector, Competitive intelligence is paramount in navigating the intricacies of the Industrial adhesives market, where firms engage in intense rivalry to secure market share. Companies leverage competitive intelligence to gain a comprehensive understanding of their rivals' strategies, strengths, and weaknesses. This involves monitoring competitors' product portfolios, technological advancements, pricing strategies, and market positioning.

In an industry driven by innovation, staying ahead requires a keen awareness of emerging trends and disruptive technologies. Robust competitive intelligence empowers businesses to make informed decisions, adapt swiftly to market shifts, and identify untapped opportunities. Key players like Henkel AG & Co. KGaA, 3M Company, and H.B. Fuller Company invest significantly in gathering and analyzing competitive intelligence to maintain a strategic edge.

Crafting a robust business strategy is imperative for success in the Industrial adhesives market. Industry leaders often adopt a multifaceted approach, incorporating elements such as product innovation, strategic partnerships, and geographic expansion. Differentiated product offerings, backed by extensive research and development, provide a competitive advantage. Formulating targeted marketing strategies that highlight unique selling propositions and address specific industry needs is another crucial aspect. Additionally, global players often tailor their business strategies to regional nuances, considering factors like regulatory frameworks and cultural preferences. Companies must be agile, ready to adapt their strategies in response to changing market dynamics.

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)

Industrial Adhesives Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Oceania
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Component Type
  • Product Type
  • End-use Industry
  • Region

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

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

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Industrial Adhesives Market Research 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

- Companies Covered in This Report -

  • 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

- Frequently Asked Questions -

The industrial adhesives market is anticipated to grow at a CAGR of 4.7% by the end of the projected period.

As of 2023, the global industrial adhesives market size is around US$57.6 Bn.

The UK currently holds the largest share of the market in terms of revenue.

Some of the industry leaders in the global industrial adhesives market are The 3M Company, Sika AG, Dow Inc., Henkel AG & Co. KGaA, and H.B. Fuller Company.

Polyurethane segment, by component, represents the fastest-growing market segment.

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