The global industrial adhesive market size is anticipated to reach USD 71.32 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. The market is majorly driven by the growing demand from the medical industry.
Medical is projected to be fastest growing application of industrial adhesives owing to their increasing use for surgical purposes. Acrylics are increasingly replacing sutures and staples used for treating wounds. Moreover, polyvinyl acetate is being increasingly used in medical packaging. The growing medical industry is likely boost the demand for adhesives over the coming years.
Packaging made of paper, cardboard, and other materials utilizes industrial adhesives to bind and seal the packaged product to avoid leakage or damage. Poly vinyl acetate is used in laminating cardboard with paper to add some kind of product information on the packaging and create an alluring appearance. The growing demand for frozen food & beverages, cosmetics, and online purchasing trend is expected to boost the product demand over the coming years.
Polyvinyl acetate is environmental friendly and there is no health risk involved in its utilization. The adhesive is used as a wood glue in furniture manufacturing owing to its high strength & creep resistance and provides good adhesion. Hence, the growing furniture market especially in Asia Pacific owing to the change in consumer life style, rising disposable income are anticipated to augment the market growth.
Asia Pacific is an emerging region for all the end-use industries such as automotive, packaging, electronics, furniture, machinery, and furniture. The growth in the region is attributable to the growing population and increasing manufacturing hubs due to the availability of cheap labor especially in China and India. This is likely to increase the product utilization in the region, thus augmenting the market growth.
Major players are engaged in various strategies such as capacity expansion, merges & acquisition and binding contracts with the end-users to cater to the growing product demand. For instance, In September 2018, Henkel Ag & Co. laid a corner stone for its new innovation center for adhesive technologies with an investment of USD 144.79 million in Dusseldorf, Germany. The plant is expected to become fully functional by 2020.
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Further key findings from the report suggest:
Polyvinyl acetate segment is anticipated to register a CAGR of 5.4%, in terms of revenue, over the forecast period, owing to growing demand from furniture manufacturers
Epoxy segment is projected to grow at a CAGR of 5.6%, in terms of volume, due to increasing product use in the car body
Packaging is anticipated to be the largest application growing at a CAGR of 5.5%, in terms of volume, owing to the rising demand from packaged food & beverages
North America accounted for a market revenue share of 20.5%, in 2018, owing to the increasing demand from packaging industry
The key players operating in the industrial adhesives market are Henkel AG & Co., Bayer Product Science (Covestro) Mitsubishi Chemicals Corporation, Hitachi Chemical Company Ltd, and DuPont de Nemours, Inc.
Grand View Research has segmented the global industrial adhesive market report on the basis of product, application, and region:
Industrial Adhesive Product Outlook (Revenue, USD Million; Volume, Kilotons; 2014 - 2025)
Ethyl vinyl acetate
Industrial Adhesive Application Outlook (Revenue, USD Million; Volume, Kilotons; 2014 - 2025)
Electrical & electronics
Industrial Adhesive Regional Outlook (Revenue, USD Million; Volume, Kilotons; 2014 - 2025)
Central & South America
Middle East & Africa
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