PUNE, India, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The Global Adhesives Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Adhesives Market size was estimated to be US$ 53 billion in 2019 and is expected to reach US$ 85.7 billion by 2030 at a CAGR of 4.5% during 2020 and 2030. Adhesives are widely used across several industrial, commercial and residential applications. Adhesives are substances capable of holding materials together through surface attachment. Adhesives use organic and inorganic materials to form an adhesive bond between different materials. The demand for adhesives is primarily driven from expanding applications across building & construction, packaging, and automotive industries. With the expansion of processed food & beverages production activities across the globe, the demand for efficient and reliable packaging solution has increased significantly. This has fuelled the demand for adhesives globally.
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The demand for high performance adhesives has increased significantly for effective bonding of dissimilar materials across automotive industry. Increased investment in development of fuel efficient and green automobiles has led to increased adoption of high-performance adhesives for bonding of synthetic materials used in automobiles. However, slack in automobile demand over past couple of years and emergence of COVID-19 pandemic is anticipated to hinder the growth of the global adhesive market in coming years. Rising awareness regarding environment protection and strong demand for affordable packaging solutions is anticipated to contribute towards the growth of adhesive market during forecast period. The global adhesive market is expected to grow steadily during the forecast period.
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Strong demand for water-based adhesives fueled by affordability and efficiency to drive the growth of market
The global adhesives market is segmented on the basis of product type, technology, application, and geography. Based on technology, the global adhesive market is segmented into water-based adhesive, solvent-based adhesive, hot melt and others. The water-based adhesives contributed a dominating share to the global market in 2019 owing to high efficiency and affordability. The water-based adhesives do not release volatile organic compounds (VOCs), thus is anticipated to be a dominating segment throughout the forecast period. The hot melt adhesives are anticipated to grow significantly during the forecast period.
Rising demand for high performance adhesives to fuel adoption of acrylic adhesives in coming years
Based on product type, the global adhesive market is segmented into polyurethane, acrylic, poly vinyl acetate, polyester, rubber, epoxy, EVA and others. The polyurethane contributed a dominating share to the global adhesive market in 2019 and is anticipated to be a dominating segment throughout the forecast period. Strong demand from multiple end use applications is expected to be a prime attribute towards the dominance of polyurethane segment. The acrylic adhesives are anticipated to be the fastest growing segment during the forecast period owing to strong demand from packaging industry and growing demand for high performance adhesives across several industries.
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Based on geography, the global adhesive market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed a dominating share to the global adhesive market in 2019 and is anticipated to be a dominating segment throughout the forecast period owing to strong demand from automotive, and manufacturing industries. Asia Pacific is expected to be the fastest growing segment during the forecast period owing to expansion of semiconductor, consumer goods, and building and construction industries across major countries. North America contributed a significant share to the global market and is anticipated to witness steady growth during the forecast period.
Major players active in the global adhesive market include Ashland Inc., Avery Dennison Corporation, BASF SE, Bostik SA, H. B. Fuller, Henkel AG & Company KGaA, Pidilite Industries Limited, Sika AG, The 3M Company, The Dow Chemicals Company, and Uniseal Inc.
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