Diverse Range of End Use Applications To Drive The Market Growth. The growth trends in the packaging, medical, construction, and automotive sectors have necessitated the fabrication of innovative and advanced adhesives. It is a crucial factor which has led to developments in the overall resin materials.
Research Nester has released a report titled “Adhesives Market – Global Demand Analysis & Opportunity Outlook 2028”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The growth trends in the packaging, medical, construction, and automotive sectors have necessitated the fabrication of innovative and advanced adhesives. It is a crucial factor which has led to developments in the overall resin materials. Also, adhesive manufacturers are continuously focused on material enhancement to incorporate advanced and nano-sized elements into adhesives, which would help to cater the growing consumer demands. Backed by these factors, the global adhesives market accounted for a market value of $47,398.70 million in 2019 and is estimated to garner $63,557.20 million by 2028 by growing at a CAGR of 4.6% during the forecast period, i.e.,2021-2028.
The global adhesives market is segmented by formulation technology into solvent-based, water-based, radiation cured (UV/EB), and hot melt. Among these, hot melt segment is the fastest growing segment which is estimated to touch $12,375.30 million by the end of 2020 growing at a rate of 5.4% during the forecast period backed by factors including longer shelf life, ability to be disposed, and reduced VOC emissions. Water-based segment forms the most significant technological segment valued at $18,826.10 million in the year 2019 owing to its non-hazardous and eco-friendly nature.
Geographically, the global adhesives market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these, the market in Asia Pacific region accounted for the largest market share in terms of both the value and volume in the global adhesives market in 2019 and is expected to hold this position throughout the forecast period. The region’s ever improving macroeconomic factors including population, GDP and per capita income among others, coupled with the increasing sales of automobiles, packed foods, textiles, footwear, and others where adhesives are used massively, tends to influence the market growth in this region. China accounted for a significant share of the Asia Pacific adhesive market. This is attributed to the increasing use of adhesives in end-user industries such as construction, automotive, electronics, and others.
The growth trends in the packaging, medical, construction, and automotive sectors have necessitated the fabrication of innovative and advanced adhesives. Replacement of mechanical fastening, bonding of dissimilar materials in a new vehicle type and increasing need for lighter materials are among the fundamental growth driving forces. There are various stand-out materials and technologies which can significantly influence the overall market. Different bonding technologies in which a diverse range of materials are used forms an integral part of the automotive manufacturing process. Lastly, adhesives provide a safe joining method without interfering with visually appealing interiors.
However, factors such as specific storage requirements, cost associated with the surface preparation & primers, and waste disposal, significantly impact the market growth resulting in the limited adoption of adhesives.