A three-pronged approach was followed for deducing the structural adhesive market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for structural adhesive market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of structural adhesive market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The structural adhesive market was categorized into four segments, namely product (Urethane, Epoxy, Acrylic, Cyanoacrylic), technology (Water-based, Solvent-based), application (Transportation, Construction, Consumer Appliances, Furniture), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The structural adhesive market was segmented into product, technology, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The structural adhesive market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; China; India; Japan; South Korea; Indonesia; Brazil; Argentina; Saudi Arabia; South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The structural adhesive market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Henkel AG & Co. KGaA - Henkel AG & Co. KGaA manufactures consumer and industrial products catering to three business segments, namely adhesive technologies, beauty care, and laundry & home care. The adhesive technologies business segment is further divided into two segments: adhesives for consumers, buildings, and craftsmen and industrial business. Adhesive technologies segment offers solutions in sealants, functional coatings, and adhesives. The segment caters to four industries: construction, electronics & industrials, automotive & metals, and packaging & consumer goods. The top brands in adhesive technologies segment include LOCTITE, TECHNOMELT, and BONDERITE.
Dow - Dow is a materials science firm that operates its business through five segments, out of which three are the main segments, namely, packaging & specialty plastics, infrastructure & industrial intermediates, and coatings & performance materials. Infrastructure & industrial intermediates segment includes CAV & polyurethanes, and industrial solutions. The segment develops essential chemicals that are critical to the company's production processes.
3M - 3M is a U.S.-based manufacturer of various products. The company caters to various segments such as safety and industrial, healthcare, transportation, consumer, and electronics. The company's Product portfolio consists of abrasives, automotive, industrial adhesives, tapes, aerospace, and electronic materials. Health care segment of the company includes drug delivery, medical solutions, and purification sciences. The company’s adhesive product line consists of fillers, flexible adhesives, repair adhesives, sealants, and structural adhesives. It also operates in coating segment. 3M’s marine sealant products provide sealing to above the waterline internally and externally and are designed for marine environment.
HB Fuller Company - H.B. Fuller Company is a manufacturer and supplier of adhesives and other chemicals. The company caters to diverse market applications, packaging, building, construction, paper converting, woodworking, personal hygiene, polymer, general assembly, solar, etc. Its product portfolio comprises sealants, specialty materials, and coatings for numerous global markets. The engineering adhesive segment of the company caters to industries such as electronics, transportation, textiles, appliances, heavy machinery, medical, and aerospace & defense. The construction adhesives business manufactures sealants, mortars, tapes, and specialty adhesives for commercial buildings.
Franklin International - Franklin International is an adhesives and sealants manufacturer. The company produces numerous products, including sizing compounds, binders, hot melts, glues, adhesives, and emulsion polymers for diverse markets such as fiberglass reinforcement, paper and millwork, woodworking, and construction. Franklin operates via two major business units, namely, Adhesives and Polymers and Construction Building Products. The adhesives and polymers segment provides pressure-sensitive adhesives, wood adhesives, and specialty polymers. Construction building products segment offers adhesives, sealants, and titebond glue used in woodworking.
Avery Dennison Corp. - Avery Dennison Corporation is a global manufacturer and distributor of pressure sensitive adhesive materials including pressure sensitive adhesive tapes, self-adhesive labels, tags, apparel branding tags, RFID inlays, and specialty medical products. The company provides sensors and wound dressings among other products for niche applications. It offers technologies including roll-to-roll processing, high-speed coatings, films, functional coatings, micro-replications, and printing and imaging among other emerging products such as bio-based adhesive materials, electronics, and medical materials. The company caters its products to automotive, electronics, building & construction, personal care, and other industrial segments along with converters, original equipment manufacturers, and medical device manufacturers.
Ashland - Ashland is a manufacturer of chemicals, plastics, motor oil, and other specialized products. The company offers products to industries such as construction, pharmaceuticals, nutraceuticals, food & beverage, and architectural coatings. It caters to specialty additives, personal care & household, and life sciences segments. The company’s structural adhesive segment offers adhesives for construction, automotive, energy, coatings, and various other industrial markets. It has 41 manufacturing sites, 32 offices, and 22 R&D labs.
Lord Corporation (Parker Hannifin Corp) - Lord Corporation is a coating, adhesive, and sensing technology manufacturing company. The company is spread across 26 countries and operates 19 manufacturing facilities. It caters its products & services to aerospace & defense, automotive, building & construction, electronics, oil & gas, and transportation industries. Structural adhesive products of the company are available in acrylic, epoxy, and urethane chemistry.
Arkema - Arkema is a leading supplier of specialty chemicals such as adhesives solutions, advanced materials, and coating solutions. It caters its products to various industries such as construction, packaging, chemical, food, automotive, pharmaceutical, and electronics. The company's three main segments are Industrial Specialty, High Performance Materials, and Coating Solutions. Coating solutions segment offers acrylics, coatings, resins, and additives. The company’s construction adhesive business accounted for 54% of the total sales. It operates in 55 countries and has production centers in Europe, Asia, and North America.
Scott Bader Company Ltd. - Scott Bader Company Ltd. manufactures structural adhesives, functional polymers, and innovative composite products. The company has seven manufacturing facilities and 18 global offices. It caters its products to building & construction, automotive, chemical containment, coatings, marine, and personal care industries. The company's product portfolio includes gel coats, resins, structural adhesives, emulsion polymers, and alkyd resins for various markets.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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