Engineering Adhesives Industry

Summary:

• The global engineering adhesives market size reached US$ 20.8 Billion in 2023.
• The market is expected to reach US$ 32.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest engineering adhesives market share.
• Epoxy accounts for the majority of the market share in the product segment due to their versatility and ability to bond different materials. 
• Transportation represents the leading application segment, owing to the growing production of electric vehicles (EVs) and demand for lightweight components in cars and planes.
• The rising product demand in the automobile sector is a primary driver of the engineering adhesives market.
• The increasing product application in the electronics and renewable energy sector is reshaping the engineering adhesives market.

Industry Trends and Drivers:

• Growth of the Automotive Industry:

The expansion of the automotive industry is one of the major factors driving the market growth. Besides this, the growing demand for vehicles, such as electric and hybrid models, prompting manufacturers to adopt advanced adhesives for various applications is creating a positive outlook for the market. In line with this, the increasing adoption of engineering adhesives, as they offer lightweight solutions, improved durability, and enhanced bonding strength, is boosting the market growth. Apart from this, the ongoing shift toward electric vehicles (EVs) that emphasizes the need for adhesives in battery systems, electronic components, and lightweight body parts, thus contributing to better fuel efficiency and overall vehicle performance, is enhancing the market growth.

• Rising Product Demand in the Electronics Sector:

The increasing consumer demand for smaller, faster, and more powerful electronic devices is acting as a growth-inducing factor. Besides this, the rising adoption of engineering adhesives in the manufacturing of smartphones, tablets, wearables, and other electronic gadgets, providing solutions for bonding, sealing, and heat management, is catalyzing the market growth. Furthermore, the growing development of compact electronics, propelling the use of engineering adhesives for bonding tiny components, protecting sensitive electronics from dust and moisture, and managing heat dissipation in high-performance devices is fueling the market growth. Apart from this, the ongoing shift towards fifth-generation (5G) technology and the Internet of Things (IoT), thus contributing to the demand for advanced adhesives that can ensure reliability and performance in new-generation electronic devices, is supporting the market growth.

• Growth in Renewable Energy Projects:

The recent shift toward renewable energy sources, such as wind and solar power, is another key factor driving the market growth. Adhesives are essential in the assembly and maintenance of renewable energy equipment, particularly in the construction of wind turbines and solar panels. In line with this, the rising adoption of engineering adhesives in wind turbines to bond large components like rotor blades, offering high strength and durability in harsh environmental conditions, is acting as a growth-inducing factor. Besides this, the burgeoning product application in solar panels to secure glass panels and electronic components, thus ensuring long-term reliability and resistance to temperature fluctuations and moisture, is enhancing the market growth.

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Engineering Adhesives Market Report Segmentation:

Breakup By Product:

• Epoxy
• Polyurethanes
• Cyanoacrylates
• Methacrylates
• Others

Epoxy account for the majority of shares as they are known for their exceptional bonding strength, durability, and resistance to environmental factors.

Breakup By Application:

• Transportation
• Construction
• Electrical and Electronics
• Energy
• Others

Transportation exhibits a clear dominance as they rely on engineering adhesives for lightweight assembly and enhanced safety.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific holds the leading position owing to a large market for engineering adhesives driven by rapid industrialization, increased demand for adhesives across automotive, electronics, and construction sectors, strong manufacturing base, and rising investments in infrastructure development.

Top Engineering Adhesives Market Leaders:

The engineering adhesives market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

Some of the key players in the market are:

• 3M Company
• Arkema
• Ashland
• Dow Inc
• Dymax Corporation
• B. Fuller Company
• Henkel AG & Co. KGaA
• Huntsman Corporation
• LORD Corporation (Parker Hannifin Corp)
• Permabond LLC and Sika AG

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