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Industrial Adhesive Market Size

ID: MRFR//1395-HCR | 135 Pages | Author: Chitranshi Jaiswal| June 2024

The industrial adhesives market is influenced by a variety of factors that collectively shape its dynamics and demand across diverse industrial sectors. The following key points outline the market factors contributing to the evolution and demand for industrial adhesives:

Diverse Industrial Applications: Industrial adhesives find widespread use across diverse industrial applications, including automotive, aerospace, construction, electronics, packaging, and medical devices. Their versatility makes them essential for bonding various materials in different manufacturing processes.

Growing Automotive Sector: The automotive industry is a major driver for the industrial adhesives market. Adhesives play a crucial role in automotive assembly, providing strong and durable bonds for components, reducing weight, and contributing to enhanced vehicle performance and fuel efficiency.

Advancements in Aerospace Manufacturing: The aerospace industry relies on industrial adhesives for bonding lightweight materials, such as composites and alloys, in aircraft construction. Adhesives contribute to reducing overall weight and enhancing structural integrity, critical factors in aerospace manufacturing.

Construction Industry Demand: In the construction sector, industrial adhesives are used for bonding materials like concrete, glass, and metals. Their application ranges from structural bonding to sealant and insulation bonding, contributing to the efficiency and durability of construction projects.

Electronics and Electrical Applications: The electronics and electrical industries utilize industrial adhesives for bonding delicate components, ensuring secure connections, and enhancing the performance of electronic devices. Miniaturization trends in electronics drive the demand for precision adhesives.

Packaging Industry Growth: The packaging industry relies on industrial adhesives for sealing and bonding packaging materials. Adhesives play a crucial role in ensuring the integrity of packages, contributing to the efficiency of packaging processes and the protection of goods during transportation.

Medical Device Assembly: Industrial adhesives are extensively used in the assembly of medical devices. They provide biocompatible and sterile bonding solutions for medical components, supporting the manufacture of devices ranging from implants to diagnostic equipment.

Shift towards Sustainable Adhesives: The market is witnessing a notable shift towards sustainable and eco-friendly adhesives. Manufacturers and end-users are increasingly opting for formulations with reduced environmental impact, low VOC emissions, and compliance with green certifications.

Technological Innovations in Adhesive Formulations: Ongoing technological innovations contribute to the development of advanced adhesive formulations. Innovations include the introduction of smart adhesives, self-healing adhesives, and adhesives with enhanced thermal and chemical resistance, expanding their range of applications.

Globalization of Supply Chains: The industrial adhesives market is influenced by the globalization of supply chains. Factors such as international trade, logistics, and geopolitical considerations impact the availability and pricing of raw materials, affecting the overall cost and supply of industrial adhesives.

Adoption of Robotics and Automation: The adoption of robotics and automation in manufacturing processes contributes to the demand for industrial adhesives. Adhesives facilitate automated bonding processes, improving efficiency, precision, and consistency in manufacturing operations.

Focus on Bonding Dissimilar Materials: As industries strive for lightweight and high-performance materials, the demand for adhesives capable of bonding dissimilar materials, such as metals and composites, is on the rise. Adhesives provide a reliable solution for joining materials with different physical properties.

Strategic Collaborations and Mergers: The industrial adhesives market is shaped by strategic collaborations, partnerships, and mergers among key players. These initiatives aim to enhance product portfolios, expand market reach, and leverage combined research and development capabilities.

End-User Industries Emphasizing Efficiency: End-user industries place a strong emphasis on efficiency, cost-effectiveness, and process optimization. Industrial adhesives offer advantages such as faster curing times, improved production speed, and reduced waste, aligning with the efficiency goals of manufacturing operations.

Covered Aspects:

Report Attribute/Metric Details
Growth Rate of 6.7% (2022-2030

Industrial Adhesives Market Overview


The Industrial Adhesives Market was marked at a value of USD 41.47 billion and it is further expected to grow at a higher CAGR of 6.7% during the forecasted period to account for a higher market value share of approximately USD 53.37 billion by the end of the forecasted period.


The adhesives used to bond substrates via cohesion (internal strength) and via adhesion (surface bonding) are called industrial adhesives. It can be used in a variety of applications like the building and construction industry, automotive industry, healthcare industry, and packaging industry. They allow permanent assembly for dissimilar and similar substrates. It is largely used as glass bonding in automotive applications, interior exterior trim, structural fiber-reinforced plastic bonding, and structural metal bonding. 


COVID 19 Analysis


The global pandemic of COVID 19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing. During the lockdown situation, operational activities of various end-user industries were halted, resulting in a demand shrink for the Industrial Adhesives Market, which further leads to decreased sales revenue. The supply chain networks were also disrupted which lead to a decline in profit margin.


However, the Industrial Adhesives Market is expected to recover from this global pandemic by the end of the third quarter of the coming year by properly strategizing according to the needs of the market.


The company Fevikwik, which manufactures instant adhesive solutions under the Fevikwik brand, announced in 2024 the introduction of Fevikwik Precision Pro, Fevikwik Gel, Fevikwik Advanced, and Fevikwik Craft. The goal of introducing new products is to transform the way consumers experience repairs for a variety of use cases.


DuPont formally opened their new adhesives production plant in Zhangjiagang (ZJG), East China, in 2023 with a ceremony. The new plant will make adhesives for the transportation sector's clients, namely in the rapidly expanding lightweighting and vehicle electrification markets. The facility is built to provide a top-notch client experience with cutting-edge process capability and quality, technical support, and good connectivity to transportation for shipping and logistics benefits. It has the capacity to meet regional needs.


The Printvinyl Scored product line, which consists of two pressure-sensitive adhesive (PSA) products with a scored liner for wide-format and screen printers, was introduced by Mactac Graphics and Signage Solutions in 2023. With its unique 1.25" spacing, the Mactac Printvinyl ensures a smooth and hassle-free removal procedure. With an easy-to-remove scored liner, products can be printed on both the liner and film face to increase their potential for promotional messaging. With a 3.2 mil matte white polymeric vinyl film and a 78# bleached kraft liner back scored liner at 1.25" apart, PVS528P features a permanent acrylic adhesive.


Market Dynamics


Drivers


Numerous factors drive the market demand in the Industrial Adhesives Market. Increasing stringent environmental rules and regulations coupled with increasing demand for industrial adhesives results in more demand for both solvent-based adhesives and water-based adhesives. As these are largely used in the automotive industry, aerospace industry, and construction industry and hence drives the market demand all across the globe during the review period. Moreover, it is used in the automobile industry for reducing the need for welding and rivets and to join interior parts.


Opportunities


The rise in the demand for Industrial Adhesives Market in the global market. Ongoing extensive research done by various major key players provides various growth opportunities in the global market during the forecasted period. Moreover, using these types of adhesives helps in the weight reduction of vehicles which helps in improving fuel economy all across the globe and hence provides various growth opportunities during the review period.


Restraints


Though the Industrial Adhesives Market is increasing tremendously in the global market, some factors restrict the market growth. Increasing stringent rules and regulations regarding the use of solvent-based adhesives restraints the market demand in the global market during the review period. Moreover, increasing fluctuations in oil prices are yet another restraining factor that hinders the market demand all across the globe during the forecasted period. Lack of awareness regarding the availability of these adhesives hampers the market growth in the global market.


Value Chain Analysis


The Industrial Adhesives Market is growing at an incredible rate globally due to various benefits associated with it. It helps in decreasing the weight of vehicles by approximately 10% which results in the reduction of fuel consumption by approximately 5-7%. Since increasing environmental issues and rising fuels prices is another factor that drives the market demand in the global market during the forecasted period. Moreover, the requirement of high-quality adhesion in various outer bodies components of aircraft is very much beneficial and hence provides various growth opportunities in the global market. These industrial adhesives are highly used in the construction industry and various other end-user industries as well.


Market Segmentation


The Industrial Adhesives Market has been divided all across the globe based on Type, Application, and Region.


Based on the Type


The Industrial Adhesives Market has been divided all across the globe based on the type into ethyl vinyl acetate type, polyurethane type, epoxy type, polyvinyl acetate type, acrylic type, and many others.


Based on the Application


The Industrial Adhesives Market has been divided all across the globe based on the application into medical devices, electronics and electrical industries, construction industries, automotive industries, and many others.


Based on the Region


The market has been divided in the Industrial Adhesives Market based on the region into North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.


Regional Analysis


The Industrial Adhesives Market has been divided all across the globe based on the regions into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. Being the fastest-growing region, the largest market share in the global market is held by the Asia-Pacific region owing to growing demand in the electronic industry and automotive industry that drives the market demand in this region. The presence of China is another major driving factor as it has a manufacturing hub that creates more demand in this region. Increasing development in the footwear industry is another contributing factor.


The second-largest market share in the Industrial Adhesives Market is held by the European region owing to the presence of well-established technologically advanced infrastructure that drives the market demand to this region. Moreover, increasing development in the automotive industry in various countries like Italy, France, and Germany is another contributing factor.


The third-largest market share in the Industrial Adhesives Market is held by the North American region owing to increasing development in the construction industry that drives the market demand to this region. Increasing construction of restaurants, malls, offices, and many other commercial buildings drives the market demand.


The Latin American region and the Middle East and African region hold the least Industrial Adhesives Market Share due to the presence of low infrastructure in both these regions. Low per capita disposable income is another contributing factor that restricts the market growth in these regions.


Competitive Landscape


The Most Prominent Major Key Players in the Industrial Adhesives Market all across the globe are mentioned below:



  • B Fuller Company (US)

  • Pidilite Industries Ltd. (India)

  • 3M (US)

  • BASF SE (Germany)

  • Bostik (US)

  • DowDuPont (US)

  • Mitsubishi Chemical Corporation (Japan)

  • Lord Corporation (US)

  • Hitachi Chemical Co. Ltd. (Japan)

  • Henkel AG & Co. KGaA (Germany)

  • Avery Dennison Corporation (US)

  • Solvay (US)


These major key players use various strategies to sustain their market position in the Industrial Adhesives Market in the global market by going for mergers, and acquisitions, by collaborating, setting up a joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the industrial adhesives all across the globe.


Recent Developments



  • December 2021 -Meridian Adhesives Group disclosed the closure of the acquisition of American Sealants Inc. ASI, based in Fort Wayne, Indiana, is known for the innovation of product assembly sealants and adhesives. These solutions have several applications in various markets and applications, including construction, residential and commercial building, transportation, DIY, and industrial. ASI is set to join Meridian's Industrial Division that caters to the product assembly, packaging, and flooring markets. The firm brings a wide product line and technology base to the Product Assembly category of the division.

  • December 2021 -Arkema disclosed the strategic acquisition of South Africa-based Permoseal, a prominent player in adhesive solutions for woodworking, DIY, construction, and packaging. Its famous brands, including Alcolin®, and its wide range of high-performance adhesive solutions are likely to match Bostik's offering in the region. The deal will result in strengthening Bostik's market positions in South Africa's and Sub-Saharan Africa's dynamic DIY, construction, and industrial markets. Permoseal provides a wide portfolio of sustainable and technical solutions for several industry sectors.

  • In July 2020, a company specialized in high-performance thermobonding adhesives powders called Fixatti has been acquired by Arkema Group. This acquisition will help the company in enhancing its product portfolio by diversifying in different markets.

  • In November 2020, US-based Huntsman Group’s subsidiary called Huntsman Advanced Materials Solution Private Ltd. (HAMSPL) has been acquired by Pidilite Industries Ltd for INR 2100 crore.

  • Mitsubishi Chemical Corporation (Japan) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales revenue.

  • All the major key players are highly investing in mergers and acquisitions, joint ventures, and new product launches.

  • Being the fastest-growing region, the largest market share in the global market is held by the Asia-Pacific region owing to growing demand in the electronic industry and automotive industry that drives the market demand in this region.

  • November 26, 2019 -Avery Dennison (the US), a global materials science and manufacturing company, announced the acquisition of the Transponder RFID Inlay business of Smartrac N.V. (the Netherlands), a manufacturer of high-security RFID inlays to drive its expansion into the intelligent labels market.


Report Overview


This Industrial Adhesive Market Research Report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth in the market during the forecasted period are mentioned. The impact of COVID 19 on the Market all across the globe is mentioned. The future growth rate in the Industrial Adhesives Market during the forecasted period is estimated and mentioned.


Intended Audience


Nationalized laboratories, raw material suppliers, potential investors, research and development institutes, traders and distributors of industrial adhesives, Industrial Adhesives Manufacturers, and others.

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