According to a report published by Grand View Research, Inc.; the industrial adhesives market is expected to reach a valuation of around USD 18.8 billion by 2025.
Growing use of high performance bonding solutions in several end-use industries such can drive the market over the forecast period (2014 to 2025).
Full Research Report On Industrial Adhesives Market Analysis: https://www.grandviewresearch.com/industry-analysis/industrial-adhesives-market
U.S. Industrial Adhesives Market Revenue By Product, 2012-2022, (USD Million)
Increasing demand for product in construction and automotive industries is likely to boost the market growth. The capability of curative agents for bonding several materials including glass, wood, metals, and fiber used in automobile spare parts, furniture, and textile applications.
However, strict government regulations such as Significant New Alternatives Policy (SNAP) implemented by EPA and REACH about the use of environment friendly products in the manufacturing proceses are likely to restrain the market growth. In addition, instable raw material prices coupled with increasing concerns regarding the use of petrochemical based bounding agents can affect the market growth.
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Worldwide industrial adhesives market can be segmented on the basis of resin, product, application, and region.
Based on resin, the market can be classified into epoxy, acrylate, polyurethane, silicone, and others.
As per product, the market can be bifurcated into UV cure, moisture cure, and thermal cure.
In 2016, the moisture cure segment estimated for the major share due to high demand in construction. The UV cure segment is likely to show high growth as compared to the other product categories in the coming years due to increasing usage in medical devices. In addition, applications in electronics and automotive sectors are also expected to support the segment growth over the forecast period. This segment is projected to grow at a CAGR of over 6.4% during 2017 to 2025.
On the basis of application, the market can be split into automotive, wood working, electronics and electrical, construction, medical, and others. In 2016, the automotive segment was the leading end-use segment with a net market size of about 520 kilo tons. The electronics and electrical segment is anticipated to increase demand for the curing products due to ongoing technological innovation and advancement. This segment is expected to gain 20.6% of revenue share through 2025. Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America (CSA), and Middle East and Africa.
In 2016, Asia Pacific reported for the largest market share and likely to remain on top over the forecast period. because of growing product use in automotive, electronic, and construction industries in the region. This region is expected to expand with an estimated CAGR of 8.2% during the projected period. In addition, the product demand in this region is anticipated to touch a net volume exceeding 1,480 kilo tons through 2025.
North America is anticipated to expand at an annual average growth rate of over 6% during 2017 to 2025 owing to increasing expenditure for technological advancements in this region. This region is expected to boost the demand for products manufacturing from natural constituents due to strict regulatory framework. For instance, The U.S. Environmental Protection Agency (EPA) has mandate some guidelines for the utilization of clean products in furniture surface coating industries.
Europe is projected to exhibit moderate CAGR of 7.2% in terms of revenue during the study period. This can be attributed to presence of strict regulatory policies implemented by government of Germany and the UK regarding the use of VOC-free raw materials for producing curing adhesive. MEA and CSA regions are anticipated to show rapid growth in the coming years due to technological advancements and growing product demand in electronic, particularly in the countries like brazil and South Africa.
Key companies operating in the market include Tosoh Corporation, Bostik, DELO Industrial Adhesives, H.B. Fuller, and Sika AG.
Major players in the market participants are focusing on development of bio-based products to decrease reliance on petroleum-based products. The use of bio-based or less volatile organic compounds (VOC) are expected to reduce the volatility associated with synthetic products which are derived from renewable chemicals.
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