Industrial Adhesives Market Growth Driven by Increasing Aircraft Production and Maintenance
Industrial adhesives are formulated products used for bonding a variety of materials and finding diverse applications in several end-use industries like construction, automotive, woodworks, packaging and more. Some key attributes of industrial adhesives include durability, flexibility, chemical resistance and quick bond formation.
Adhesives offer advantages like uniform strength, elimination of mechanical joining, process simplicity and cost-effectiveness over traditional joining techniques. The Global Industrial
Adhesives Market is estimated to be valued at US$ 44.82 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Industrial Adhesives are Henkel, 3M, Bostik, Avery Dennision, H.B. Fuller, Jowat, and Pidilite Industries Limited. Henkel is one of the leading players with a strong product portfolio and global presence.
The industrial adhesives market is witnessing growing demand from various end-use industries like automotive, construction and transportation. In the automotive industry, requirements for lightweight components, reduced VOC emissions and advanced bonding technologies are fueling Industrial Adhesives Market Growth.
Geographically, the Asia Pacific region dominated the global industrial adhesives market in 2020 and the market is expanding rapidly in countries like China, India and Japan. Key players are investing in emerging economies to capitalize on increasing infrastructure development and industrial activities.
Market Key Trends
Structural and hot melt adhesives are gaining momentum driven by their versatility and high performance. These adhesives offer advantages like faster bonding, flexibility and ability to adhere dissimilar substrates. Manufacturers are focusing on developing bio-based and sustainability-focused adhesive solutions to cater to environment-friendly applications. Another notable trend is the growing usage of reactive and self-crosslinking adhesives due to their instant bonding ability and high strength even without heat activation.
Porter’s Analysis
Threat of new entrants: Requirement of specialized manufacturing facilities and limited availability of raw materials pose high barriers to entry for new players in the market.
Bargaining power of buyers: Large buyers can demand price reductions and competitive bids from existing manufacturers due to the fragmented nature of the industry.
Bargaining power of suppliers: Suppliers of raw materials such as phenols and resins hold some bargaining power over manufacturers as switching costs are relatively high.
Threat of new substitutes: New adhesive technologies constantly threaten existing products, forcing companies to invest in R&D to develop better formulations meeting new requirements.
Competitive rivalry: The industrial adhesives industry is competitive with companies differentiating based on product quality, reliability of supply and expansion to new application areas and regions.
Geographical Regions
North America accounted for the largest share of over 30% of the global industrial adhesives market in terms of value in 2024. This was due to high consumption from key end-use industries such as automotive, construction, woodworking and footwear manufacturing.
The Asia Pacific region excluding Japan is projected to be the fastest growing market during the forecast period, expanding at a CAGR of over 8%. Growth will be driven by increasing domestic demand from the rapidly developing manufacturing sector in China and India.
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