Market Overview
Cyanoacrylate adhesives bonds numerous plastic materials like polycarbonate, styrene, acrylic, and acrylonitrile butadiene styrene (ABS) as well as metal and ceramic. It can bond to the surface where there is moisture and applied based on cure time, environmental resistance, and requirement of specific substrates. Cyanoacrylate adhesives has short shelf life and should be purchased when required as they are strong and act fast on surface. It has poor moisture and heat resistance however manufacturers are focusing on the development of better shear strength and high toughness cyanoacrylate adhesives to improve impact resistance bond. Increasing demand for plastic, metal, and glass in consumer goods, automotive, and electronics industry is propelling cyanoacrylate adhesives application worldwide.
Market Segmentation
The global cyanoacrylate adhesive market has been segregated based on type, end-use industry and region. By type, the global cyanoacrylate adhesives market is divided into methyl, ethyl, alkoxy, and others. The methyl segment will grow with a significant CAGR during the forecast period and is expected to witness substantial growth in automotive and electronic industry during the forecast period. Ethyl based cyanoacrylate adhesive type is majorly used for bonding plastic or rubber-based substrate thus the segment will witness substantial growth by 2023.
The end-use industries segment of the global cyanoacrylate adhesive market has been divided into automotive, consumer products, healthcare, electronic, and others. In 2017, the automotive segment held the largest share of this market. Cyanoacrylate adhesives has been predominantly used in healthcare segment rather owing to its fast curing properties. Growing use of cyanoacrylate adhesives in the plastic, glass, and metal will accelerate demand in electronic and consumer goods industry.
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Regional Analysis
The cyanoacrylate adhesives market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East Africa. Asia-pacific is the potential market to the cyanoacrylate adhesives market and is the leading consumer of these adhesives types in terms of volume. The market in Asia-Pacific is expected to grow at a high CAGR owing to the rising product demand in the automotive and healthcare industries. The automotive industry in the region is growing at a phenomenal pace which is projected to fuel market demand for the type in the regional.
Competitive Analysis
Leading players of the global cyanoacrylate adhesives market are Henkel AG Co. KGaA (Germany), Benson Polymers Limited (India), 3M (US), Master Bond (US), Adhesive Systems, Inc. (US), Permabond LLC. (UK), Tong Shen Enterprise Co., Ltd (China), Premium Metals Components Pvt. Ltd. (US), Royal Adhesives Sealants, LLC (US) and Cyberbond L.L.C. (US).
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