Major companies in the adhesives market include 3M; Henkel; Sika AG; Dow Chemical Co and BASF. The global adhesives market is expected to grow from $58. 35 billion in 2020 to $62. 44 billion in 2021 at a compound annual growth rate (CAGR) of 7%.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Adhesives Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018802/?utm_source=GNW
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.25 billion in 2025 at a CAGR of 5%.
The adhesives market consists of the sales of adhesives, glues and caulking compounds by entities (organizations, sole traders or partnerships) that produce adhesives, glues and caulking compounds. The adhesives market is segmented into water-based adhesives; solvent-based adhesives; hot-melt-based adhesives and reactive & other adhesives.
Asia Pacific was the largest region in the global adhesives market, accounting for 47% of the market in 2020. North America was the second largest region accounting for 24% of the global adhesives market. Africa was the smallest region in the global adhesives market.
Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns. For instance, some of the major companies adopting IoT include BASF SE, The Dow Chemical Company and H.B. Fuller.
Rising geopolitical tensions had a negative impact on the adhesives market during the historic period. Repercussions of geopolitical tensions included sanctions on Russia, trade protectionism and heightened military tensions in the Middle East. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe. The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed tariffs on $550 billion worth of Chinese goods including chemicals and plastics as of January 2020 . Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.
During the historic period technological development was a key driver of the global economy. Industries such as the adhesives industry which involve technology benefited from this trend. Technologies such as hot melts, reactive acrylics and UV systems became popular because of their safety and energy efficiency. Adhesives also replaced mechanical fastening systems due to better performance and overall lower costs. These factors drove the adhesives market during the historic period.
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