Curing Adhesives Market is expected to reach over the market value of over USD 10795.82 million by the year 2028 while registering a CAGR of 7.76% during the forecast period.
Curing adhesives is a chemical process where the adhesives undergo a chemical process that helps them to attain higher strength, flexibility, resistance to temperature, humidity, and chemicals. The potential end-user industries such as the medical industry, electronics, automotive, packaging, and significant others are providing greater opportunities for the overall growth of the curing adhesives industry during the forecast period. Among other potential industries, the electronic industry is burgeoning the overall growth of the curing adhesives industry, as they are used in the applications such as heat sinks, wire and component tacking, securing the hand-inserted components, temporary masking, and so on.
They are efficiently utilized in the electronic industries, as they do not cause any damage to the sensitive electronic components and enable crucial testing processes, assembling and thereby increasing product life. Such beneficial characteristics are considered as the major drivers of curing adhesives market growth.
COVID 19 Analysis:
The construction industry has faced a huge decline in recent years owing to the widespread of COVID-19 and the expenditure made across the construction industry has been reduced by USD 68.4 billion within a few months in the year 2020. Such factors have significantly affected the overall growth of the curing adhesives industry during the pandemic. The automotive industry was also facing huge distress during the pandemic which has significantly affected the growth of curing adhesives in recent times.
The change in the attitude of the consumers, spending towards consumer electronics have changed during the pandemic, the decline in the economic condition has affected the purchasing power of the consumers. Such factors have affected electronics and consumer electronics products. Such factors have affected the overall growth of the curing adhesives industry during the pandemic.
The potential characteristics of the moisture-curing adhesives such as higher efficiency, lightweight, and quality bonding capacity for varied substrates such as aluminum, glass-fiber reinforced composites, and carbon fibers are considered as major drivers of the curing adhesives industry.
The growing population and the increasing number of construction activities across the globe are increasing the overall growth of the curing adhesives industry. The applications such as tiling, flooring, wall coverings, and windows are intensively used the curing adhesives.
The developed countries are increasingly inclined towards developing their infrastructural development, where countries such as China, India have brought in several schemes and goals in recent years, to promote the infrastructural condition of their countries. For instance, the National Development and reform commission had reported that the Chinese government had planned to carry out 26 projects which are aimed to be completed by the year 2025, where an investment of over USD 142 billion is made for these projects. Such escalation in the investments is expected to drive the overall growth of the curing adhesives industry during the forecast period.
Several developed countries were focusing on the materials used in the manufacturing industries. The surface coating materials used in the furniture industry possessed harmful chemicals that had caused severe side effects in the years passed. Therefore the countries like North America under US environmental protection agency had given guidelines in that aspect. Such factors are expected to boost the curing adhesives market demand during the forecast period.
Environmental and safety issues associated with the disposal and emissions of VOC are expected to hinder the overall growth of the curing adhesives industry during the forecast period. The advent of several regulations such as REACH, FEICA, Department of environmental protection regulations, and many others are considered as major restraints of curing adhesives market growth.
The supply of the raw materials and other factors such as fluctuation in prices during these pandemics and other uncertain conditions in the manufacturing industries are also considered as the major restraints of the curing adhesives industry.
The higher price of raw materials, machinery and the fluctuation in the prices of polymers are considered as the major challenges of curing adhesives market growth.
The threat of new entrants and cheaper substitutes in the industry are also considered as the major challenge for the overall growth of the curing adhesives industry. Also, the degree of competition is rising in the industry, which on the other hand limits the various potential entrants and novel technologies in the industry. Such factors are also expected to hamper the curing adhesives market growth during the forecast period.
Cumulative growth analysis:
Among other curing adhesives, water-based curing adhesives and UV curing adhesives are rapidly gaining momentum. This is because of the properties such as fast curing, higher bond strength, lower VOC emissions, and so on. The growth in the packaging industry and the increasing trend of e-commerce that is continuously fuelling the packaging industries are boosting the curing adhesives market growth. Especially the product packaging industries are considered as the intensive users of UV curable adhesives as they are used in the laminating films, papers and foils, and so on. The growing digitalization across the globe has increased the usage of electronic devices which therefore is stimulating the curing adhesives market growth. The market value of the curing adhesives industry was at USD 6132.7 million in the year 2020 and it is expected to reach over the market value of over USD 10795.82 million by the year 2028 while registering a CAGR of 7.76% during the forecast period.
Global Curing Adhesives Market Revenue, by Application, (USD Million)
Sources: MRFR Analysis
Value chain analysis:
Several developed countries are presenting opportunities for the overall growth of the Curing Adhesives industry. For instance, countries such as China and India are increasing their investments to promote infrastructure projects. The Chinese government had approved a few infrastructure projects and invested over USD 142 billion in the year 2019 which is expected to be completed by 2025. Similarly, the Indian government is expected to invest over USD 1.4 trillion within the next 5 years, also the country is primarily focusing on developing smart cities across the country. The growing population and the increasing investment in the construction industry are expected to boost the overall growth of the Curing Adhesives industry during the forecast period. The demand for moisture curing adhesives is increasing as they are highly preferred for solid wood plank and other wood applications. The bond strength and other beneficial characteristics are expected to stimulate the overall growth of the Curing Adhesives industry.
Among other types in curing adhesives, water-based adhesives are rapidly gaining momentum as it is safer for the environment and humankind. Solvent-based adhesives are replaced by water-borne adhesives as they are lighter and more convenient to use. Therefore they are used in the furniture industry. On the other hand, the medical sectors are also intensively utilizing the curing adhesives in the production of medical devices. Due to the increasing investments in the medical sector, the demand for curing adhesives is also increasing in the medical sector.
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Global Curing Adhesives market Share, by Region, 2020 (%)
Sources: MRFR Analysis
Currently, the Asia-pacific region is expected to hold the highest market share in the Curing Adhesives industry, which is due to the numerous end-user industries across the region, especially in the countries like China, Thailand, India, and Indonesia. The presence of potential end-user industries such as the electronic industry across the region is expected to stimulate the overall growth of the Curing Adhesives industry. Other favorable conditions such as affordable labor, lower costs of raw materials, an abundance of raw materials, rapid industrialization, commercialization, and the increasing demand for consumer electronics across the region are considered as the major drivers of Curing Adhesives Market growth.
North America is also expected to grow with a CAGR of 5% by the year 2025 due to the faster adaptation of technologies and novel inventions in the industry. Moreover, the investment in the Curing Adhesives industry and the regulations imposed by the government against the usage of toxic chemical formations are encouraging the usage of organically derived products, which is stimulating the overall growth of the Curing Adhesives industry. Similarly, European countries are also experiencing a moderate growth rate, where the growth is often hindered by the usage of raw materials without VOC.
February 2022 - Westlake Chemical Corporation has carried out the acquisition of the global epoxy business owned by Hexion Inc. for around USD 1.2 billion in cash.
Westlake Epoxy is a renowned developer of curing agents, modifiers and epoxy resins for high-performance and quality coatings, composites, and materials. The extensive worldwide business covers upstream base epoxy resins as well as intermediates available as solid and liquid epoxy resins, coupled with downstream specialty epoxy resins utilized in composites and coatings. Westlake Epoxy caters to numerous sectors, such as adhesives; automotive; aerospace; construction and civil engineering; electronics; composite and wind energy; marine, protective coatings, and electrical laminates.
October 2021 - Evonik introduces its latest TEGO RC 1442 silicone release coating, which is based on its present RC 1400 series technology, delivering high performance advantages customers expect from the company.
This coating has been created for fast curing pressure sensitive adhesive applications, and offers impressive anchorage to the substrates while delivering stable release values in time, regardless of the humid storage conditions.
In the year 2021, one of the leading market players, Wacker, has expanded their brand in European countries. In the same year, another prominent market player, H.B Fuller has brought in two compostable adhesives for the packaging industries. Such advancements and expansions have significantly affected the overall growth of the Curing Adhesives industry.
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|Market Size||2030: USD 10,795.82 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Resin, Product Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Henkel AG & Co. KGaA (Germany), Bostik (France), Sika AG (Switzerland), Dow (US), 3M (US), Wacker Chemie AG (Germany), H.B. Fuller (US), Dymax (US), Tosoh Corporation (Japan), DELO (Germany), Permabond LLC (UK), and Shin-Etsu Chemical Co., Ltd (Japan)|
|Key Market Opportunities||The growing application in the automotive assembly line and industrial goods is expected to drive the forecast period.|
|Key Market Drivers||The increasing demand for curing adhesives is due to their growing applications in the electronics industry.|
Curing Adhesives Market is predicted to grow at 7.76% through forecast period of 2021-2028.
The forecast period for Curing Adhesives Market research report is 2021-2028.
Key players operating in the global curing adhesives market include Henkel AG & Co. KGaA (Germany), Bostik (France), Sika AG (Switzerland), Dow (US), 3M (US), Wacker Chemie AG (Germany), H.B. Fuller (US), Dymax (US), Tosoh Corporation (Japan), DELO (Germany), Permabond LLC (UK), and Shin-Etsu Chemical Co., Ltd (Japan) among others.
• Epoxy • Polyurethane • Acrylate • Others
• Automotive • Construction • Electronics & Electrical • Medical • Woodworking • Others
• UV curing adhesives • Moisture curing adhesives • Thermal curing adhesives
• Bostik SA • H.B. Fuller • Dow Corning • 3M Company • Jowat SE • Dymax Corporation • Tosoh