Increasing preference for efficient and high-performance adhesives in several end-use industries such as automotive, construction, etc., is resulting in the steady expansion of the global adhesive market at 5% CAGR from 2024 to 2034. The market is calculated at US$ 68.94 billion in 2024 and is projected to reach US$ 112.29 billion by 2034-end.
Market Overview
The global adhesives market has been experiencing significant growth, driven by the increasing demand across various industries such as construction, automotive, packaging, and healthcare. According to Fact.MR, the adhesives market is projected to reach a valuation of USD 63 billion by the end of 2022, with expectations to top USD 100 billion by 2032. This growth is underpinned by the extensive use of adhesives in building and construction, which accounts for 19.5% of the revenue. Additionally, the market is seeing a shift towards high-performance adhesives, replacing traditional methods due to their superior properties and efficiency.
Water-based adhesives are particularly gaining traction due to their environmental benefits and safety in food packaging applications. North America is identified as an opportunistic growth market with a CAGR of over 5.5%, while the Asia-Pacific region holds the largest revenue share due to its booming industrial and consumer markets
Market Players
The adhesives market is highly competitive with numerous key players continuously innovating and expanding their product portfolios. Major players include 3M, Arkema S.A., Henkel Corporation, Ashland Inc., Avery Dennison, BASF SE, Evonik Industries, and H.B. Fuller Company. These companies are investing heavily in research and development to meet the evolving demands of end-use industries.
For instance, GE Sealants & Adhesives launched a new product line of Siliconized Acrylic Latex caulks and sealants in January 2020, targeting home renovation projects. Similarly, Bostik introduced an innovative silicone sealant for back bedding applications in September 2019. Huntsman Corporation’s acquisition of Gabriel Performance Products in January 2021 exemplifies the strategic moves companies are making to enhance their market positions and product offerings
Industry News
The adhesives industry is witnessing numerous developments that are shaping its future trajectory. One notable trend is the increasing focus on sustainable and environmentally friendly adhesives. Companies are developing adhesives with reduced environmental impact to comply with stringent regulations and meet the rising consumer demand for green products.
In addition, the rise of smart adhesives with advanced properties such as temperature resistance, high strength, and quick bonding is revolutionizing various sectors. For example, the automotive industry is benefiting from adhesives that provide strong bonds while reducing the vehicle's weight, thereby improving fuel efficiency and performance. The construction sector is also seeing innovations such as adhesives that offer enhanced durability and resistance to harsh environmental conditions
Future Opportunities
The future of the adhesives market looks promising with several growth opportunities on the horizon. One major opportunity lies in the healthcare sector, where adhesives are increasingly used in medical devices, wound care, and drug delivery systems. The growing aging population and advancements in medical technologies are driving this demand.
The electronics industry also presents significant potential, with adhesives being crucial for assembling and packaging electronic components. As the demand for consumer electronics and smart devices continues to rise, so does the need for high-performance adhesives.
Furthermore, the trend towards lightweight and fuel-efficient vehicles is expected to boost the demand for adhesives in the automotive industry. Adhesives are being used to replace traditional fasteners, thereby reducing the weight of vehicles and enhancing their performance
Target Market
The adhesives market caters to a diverse range of industries, each with specific needs and requirements. The building and construction industry is a major target market, utilizing adhesives for applications such as flooring, roofing, and wall coverings. The automotive industry relies on adhesives for assembling various components and ensuring vehicle safety and durability.
The packaging industry is another significant market, driven by the increasing demand for packaged food products and the need for sustainable packaging solutions. The healthcare sector's growing reliance on adhesives for medical applications further expands the market’s reach.
Geographically, the Asia-Pacific region dominates the adhesives market due to rapid industrialization, urbanization, and increasing disposable incomes. North America and Europe also hold substantial market shares, driven by technological advancements and high consumer demand
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