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| Global Industrial Adhesives Market Growth |
The Global Industrial Adhesives Market Is Estimated To Be Valued At US$ 42.04 Bn In 2023 And Is Expected To
Exhibit A CAGR Of 6.6% Over The
Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent
Market Insights.
Market Overview:
Industrial Adhesives Are Used To Bond Two Or More Materials Such As Metals,
Plastics, Composite Materials, And Wood Substrates. Adhesives Offer Advantages
Over Traditional Joining Methods Like Welding And Mechanical Fastening In Terms
Of Economy, Durability, And Joint Strength. They Are Preferred For Bonding
Dissimilar Substrates And Offer Protective, Decorative, And Structural
Functions. Growth In End-Use Industries Such As Automotive, Construction,
Footwear, Furniture, And Packaging Is Expected To Drive The Demand For
Industrial Adhesives.
Market Key Trends:
One Of The Key Trends In The Global
Industrial Adhesives Market Growth Is The Rising Demand For Green
Adhesives And Bio-Based Adhesives. Consumers And Manufacturers Are Seeking More
Environmentally Friendly Products. Bio-Based Adhesives Are Made From Renewable
Resources And Exhibit Properties Similar To Traditional Petroleum-Based
Adhesives. They Help Reduce Dependence On Crude Oil And Lower Carbon Footprint.
Another Major Trend Is The Growing Use Of Hot Melts Adhesives For Packaging
Applications. Hot Melts Allow For Faster Production Cycles Compared To Other
Adhesive Technologies. Their Ability To Bond Dissimilar Substrates At Room
Temperature Makes Them Popular In Carton Closing, Case Sealing And Other
Packaging Applications.
Porter’s Analysis
Threat Of New Entrants: The Threat Of New Entrants Is Moderate Due To The High
Capital Requirement And Stringent Government Regulations For Setting Up New
Production Facilities.
Bargaining Power Of Buyers: The Bargaining Power Of Buyers Is High Due To The
Availability Of Substitutes In The Market. Buyers Can Switch To Substitute
Products If Prices Increase Significantly.
Bargaining Power Of Suppliers: The Bargaining Power Of Suppliers Is Moderate
Since Raw Materials Are Commoditized And Available From Numerous Global
Suppliers.
Threat Of New Substitutes: The Threat Of New Substitutes Is Moderate As
Alternative Bonding Technologies Are Available But Limited To Specific
Applications.
Competitive Rivalry: High Due To The Presence Of Numerous Global And Regional
Players Competing On Pricing And Quality.
Key Takeaways
The Global Industrial Adhesives Market Is Expected To Witness High Growth,
Exhibiting CAGR Of 6.6% Over The
Forecast Period, Due To Increasing Demand From The Building And Construction
Industry. The Building & Construction Industry Accounts For Over 30% Of The
Total Industrial Adhesive Consumption Globally. Rapid Urbanization And
Infrastructure Development Activities In Emerging Economies Will Drive The
Demand For Adhesives In This Segment.
Regionally, The Asia Pacific Region Dominates The Global Industrial Adhesives
Market And Is Expected To Maintain Its Leading Position During The Forecast
Period. Abundant Raw Material Availability, Rapidly Growing End-Use Industries,
And Low Manufacturing Costs Are Some Of The Key Factors Attributed To The
Highest Consumption Of Industrial Adhesives In The Asia Pacific Region. China, India,
Japan, And South Korea Are The Major Contributors To The Growth Of The Regional
Market.
Key Players Operating In The Industrial Adhesives Market Are Henkel, 3M, Bostik,
Avery Dennision, H.B. Fuller, Jowat, And Pidilite Industries Limited. These Players
Are Focusing On New Product Launches, Expansion Of Production Facilities And
Acquisition & Collaborative Agreements With Other Players To Gain Higher
Market Share. For Instance, In 2020, Henkel Announced The Expansion Of Its
Adhesive Production Capacity In India By 40% To Meet The Growing Demand In The
Region.
Read More: https://www.pressreleasebulletin.com/industrial-adhesives-market-demand/