Industrial adhesives are used for joining various materials and surfaces in industries. They provide strong bonding and replace fasteners in many applications. The growing construction and automotive industries have increased the demand for woodworking, metal fabrication, and vehicle manufacturing which extensively use adhesives for assembly. The global Industrial Adhesives Market is estimated to be valued at US$ 42.04 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The construction industry has seen rapid growth over the past decade driven by global urbanization and infrastructure development projects. Adhesives are widely used in woodworking for flooring, decking, windows and doors production in construction. The strong bonding and versatility provided by adhesives make them preferable over mechanical fasteners for many applications. Moreover, the automotive industry is increasingly utilizing adhesives for vehicle part assembly and manufacturing due to advantages such as vibration damping, uniform bonding and weight reduction. These trends in the end-user industries have fuelled the demand for industrial adhesives globally.
Segment Analysis
The global industrial adhesives market is segmented by technology into water-based, solvent-based, hot melt and reactive & others. Among these, the water-based segment dominates the market and accounts for over 40% share. This is because water-based adhesives are environment-friendly and emit low VOCs as compared to solvent-based adhesives. They are increasingly being used in woodworking, packaging and automotive applications.
Key Takeaways
The Global Industrial Adhesives Market Size is expected to witness high growth in the forecast period from 2023 to 2030. The market size is projected to reach US$ 42.04 Bn by 2023.
Regional analysis: Asia Pacific region currently dominates the global industrial adhesives market with over 35% share. This is attributed to strong growth of key end-use industries such as construction, footwear, automotive and packaging in countries such as India and China. Moreover, availability of raw materials and cheap labor has attracted many adhesive manufacturers to set up their production bases in the region. North America and Europe are other major markets driven by high demand from aerospace, transportation and medical industries.
Key players: Key players operating in the industrial adhesives market are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. Among these, Johnson & Johnson is the market leader owing to its wide product portfolio and global sales network. Other major players are focusing on new product launches, mergers and acquisitions to increase their market share.
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https://www.newswirestats.com/industrial-adhesives-market-size-share-growth-outlook-2023/
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