The Global Adhesives Market is projected to register a CAGR of 6.46%. Key Highlights. Largest Segment by End User Industry - Packaging : Globally, packaging is the dominant end-user industry owing to the wide range of adhesive applications, including labels, tapes, carton sealing and joining, and laminating.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Adhesives Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381280/?utm_source=GNW
Largest Segment by Technology - Water-borne : Water-borne technology, an environmentally friendly and economically viable solution, holds a major market share due to its usage in food packaging applications through emulsion and dispersion systems.
Largest Segment by Resin - Acrylic : Acrylic-based adhesives hold a major market share owing to their pressure-sensitive applications in packaging, construction, and healthcare end-user industries.
Largest Segment by Region - Asia-Pacific : The Asia-Pacific region, driven mainly by India, China, South Korea, and Japan, is a major consumer of adhesives, owing to the usage of adhesives from various industries including packaging, construction, and automotive.
Key Market Trends
Packaging is the largest segment by End User Industry.
Adhesives are majorly consumed in the packaging industry in the country owing to their importance in bonding plastics, metals, and paper & cardboard packaging applications. Waterborne adhesives are highly consumed in the industry because of their cheaper cost and high bonding strength which is required in these applications. It is seen that nearly 8.5 million tons of water-borne adhesives are consumed in the packaging industry of the country during 2021.
Adhesives are widely used in the construction industry because of their applications, such as waterproofing, weather-sealing, crack-sealing, and bonding. The construction industry globally is expected to record a CAGR of 3.5% up to 2030. Asia-Pacific and Europe are expected to account for 68% of the global construction market’s growth. As a result, construction sealants account for the largest share of the global adhesives market, by value.
Adhesives are widely used in the automotive industry because of their applicability to surfaces such as glass, metal, plastic, and painted surfaces. Their features are helpful, such as extreme weather resistance, durability, and long-lasting, which drive their usage in engines and car gaskets. The electric vehicles segment of the global automotive market is expected to record a CAGR of 17.75% in the forecast period because of the increase in demand for the same in growing economies. This is expected to increase the demand for automotive adhesives over the forecast period.
Adhesives are used in the healthcare industry for applications such as assembling medical device parts. The increase in healthcare investments worldwide is expected to lead to a rise in their demand in the forecast period.
Asia-Pacific is the largest segment by Region.
Asia-Pacific, Europe, and North America are the largest regions in the global adhesives market. Combined, these three regions occupy 87.5% market share of the global adhesives market. The demand for adhesives declined in 2020 due to various operational restrictions because of the COVID-19 pandemic. Globally, the European adhesives market took the worst hit. It declined by 6.81% compared to the 2019 demand volume.
In 2021, as the restrictions eased, the global demand for adhesives started recovering and outgrew the pre-pandemic levels in 2022. The demand for epoxy resin-based adhesives registered the strongest growth. In terms of volume, the demand grew by 7.67% of its 2020 volume. This growth is mainly driven by the growth in demand from building and construction and automotive end-user industries in regions like Asia-Pacific and Europe.
Globally, adhesives based on polyurethane, acrylic, epoxy, and synthetic resins, among others, are the most prominent. These adhesives find applications in various end-user industries, including building and construction, packaging, automotive, and woodworking and joinery. The market for adhesives is estimated to grow based on the factors driving the usage of adhesives in packaging, building and construction, and automotive applications, with the adaptation of new technologies and reducing curing time.
The market share of the Asia-Pacific adhesives market is expected to rise by 1.6% in terms of volume during the forecast period as the building and construction market is expected to register higher growth in comparison to other regions.
The Global Adhesives Market is fragmented, with the top five companies occupying 25.48%. The major players in this market are 3M, Arkema Group, H.B. Fuller Company, Henkel AG & Co. KGaA and Sika AG (sorted alphabetically).
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