The global adhesives market is forecast to rise at a CAGR of above 5% between 2020 and 2030. The growth of the market is attributable to the use of high-performance adhesives in interior and exterior automotive applications.
Adhesives are finding increasing applications in the construction industry, which has been aiding the overall market expansion. Owing to their quick sealing strengths and longer durability on substrates, high-performance adhesives are preferred more than traditional ones.
The consistently increasing demand from the packaging industry. Shift in consumers’ preference in favor of low-cost and flexible packaging solutions will spur application of adhesives within the industry. The market has observed a notable increase in spending on research and development.
This has led players to focus more on producing bio-based options due to strict environmental policies. Soybean-derived polyols, vegetable oil-based polyamides, polyisoprenes, and epoxies are the major bio-based adhesives observing rising sales and production.
As contenders to traditional materials such as bolting, soldering, welding, brazing, clinching, and injected-metal assembly, due to their high performances and corrosion-resistant characteristics, adhesives sales have significantly surged in recent years.
Adhesive Market Insights by Product
By product, the ethylene vinyl acetate (EVA) segment is expected to account for the largest share of the global market. The growth of the segment is attributable to the rising penetration of the product in a wide range of applications like packaging, disposables, furniture, footwear, automobile, textiles, and electronics. Moreover, constant government regulations towards the use of low volatile organic compound (VOC) adhesives are further propelling the demand.
Adhesives Market Insights by Application
By application, the construction segment will lead the market. Ongoing infrastructural projects in major developing and developed countries are driving the rapid expansion of the global adhesives market. Owing to their superior characteristics like heat & UV resistance, high toughness, and low-temperature flexibility, these adhesives are now the first choice over traditional ones. The increasing middle-class population has led to a rise in demand for houses. This has further spurred the market growth.
Adhesives Market Insights by Type
Water-based adhesives are forecast to remain the lead in the market through the assessment period. The growth of the segment is owing to the rise in demand for flexible packaging and printing inks. The increase in environmental concerns has further intensified the growth as a water-based adhesive is low in VOC. It is widely used in the automotive, construction, packaging, paper, and furniture industries.
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Regional Outlook of Adhesives Market
Asia Pacific remains one of the leading markets for adhesive manufacturers. As per Fact.MR, the region is forecast to offer highly lucrative opportunities to the market for adhesives throughout the assessment period. The growth of the region is primarily due to the rise in the demand for adhesives in lightweight vehicles, growth of the construction sector, and the paper & packaging industry in the region. Adoption of composites in multiple applications in countries like Japan and South Korea has also advanced the adhesives market in the Asia Pacific.
The Middle East and Africa is the second-leading region in terms of market value. The adhesives market in the region is expected to witness a jump during the forecast period owing to the expanding construction industry, automotive, and furniture industry. The major boost is estimated to be given by the high economic growth rate of developing countries. Moreover, an increase in the middle-class population and shift of population to urban areas will augment the growth.
Latin America is expected to witness significant growth during the forecast period and will remain a prominent region accountable for a sizeable share of the global market. The adhesives market in Latin America is driven by high demand from marine sectors, wind energy, and transportation in the region. Engineering plastics and composites are observing lucrative opportunities. They are replacing traditional materials owing to a rise in demand for lightweight alternatives giving major support to the adhesives market.
Adhesives Market: Key Players
The global adhesives market is highly competitive. The shift of preference from traditional methods to high-performance adhesives is driving the market. This also has led to the entry of numerous startups into the global market making it more and competitive.
Leading players are increasingly focusing on investing in research and developments to cater to the requirements of end-use industries with adhesives that are suitable for every application. This has led the market towards the trend of joint ventures with R&D companies. For instance, 50: 50 joint venture between Soudal NV, Belgium, a 44 year experienced R&D player, and McCoy Group formed McCoy Soudal Sealants Adhesives & Foams Pvt. Ltd. and became the first one of its kind in Indian subcontinent.
Companies are not only limited to R&D investments. They are also focusing on product launches to gain competitive advantage. For instance, the 3M, a leading player, introduced 3M™ 4076 which is an 11.5 mil white spun-lace polyester nonwoven tape. It is coated on one side with a medical-grade acrylic-based adhesive and additionally supplied on a poly-coated bleached kraft paper release liner. This tape was developed for extended wear medical device applications.
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The Analyst’s Viewpoint
"Against the backdrop of changing consumer preferences, the adhesives market will witness surge in the production of environment-friendly adhesives that contain zero or minimal VOC's. Competition within the adhesives market is going to get fiercer with a major trigger to come from developing countries in the Asia Pacific and the Middle East and Africa."
COVID-19 Impact on Adhesives Market
The world is still coping with the economic implications of unpredicted COVID-19 pandemic. With some positive and negative impacts, the pandemic has hit every industry. The global adhesives market too is not immune to its impacts.
Owing to the travel and transportation delays, the supply chain is disrupted. Some manufacturers have also stated a shortage of raw materials supply to be hampering their day-to-day operations. Fluctuating export tax and currencies are adding to the challenges.
Furthermore, the safety of employees became the key concern for companies during the initial phases of first few lockdowns and made the manufacturing activities to come to halt.
Fact.MR foresees recovery of the global market in the coming years. Manufacturers will come up with new strategies by ensuring the safety of employees. Major support is expected to come from the construction and automotive sector of developing and developed countries. The DIY (Do-it-Yourself) residential sector is creating revenue opportunities for manufacturers as due to COVID-19 most individuals are choosing to stay at home and practicing stay-at-home activities.
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Adhesives Market: About the Report
Fact.MR has recently published an outlook report on the adhesives market for the period between 2020 and 2030. Fact.MR, with a team of expert analysts aims to provide readers with actionable insights on the market landscape, with emphasis on technological advancements and demand generators in the sector.
The adhesives market report starts with an executive overview, which also encompasses details on product definition. The report also provides information on the taxonomy of the adhesives market, with details on key segments. Further, the report outlines major insights on market dynamics including drivers, restraints, opportunities, and trends, in addition to pricing analysis and other crucial buying factors for adhesives.
Also, data on supply chain analysis and factors affecting adhesives' applications and products have been included, enabling readers to gain a better understanding of the mapping of the product framework in the adhesive industry.
Adhesives Market: Segmentation
Fact.MR has studied the adhesives market with detailed segmentation on the basis of by type, application, product, and key region.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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