Curing adhesives market is set to attain considerable traction from 2021 to 2027 on account of the growing need for versatile product features across various industries. There is also rising government support to limit the use of harmful synthetic chemicals for environmental protection. Furthermore, the emerging trends in digitalization have triggered the significant use of electronic devices. The increasing penetration of the adhesives as bonding materials in furniture, automobile spare parts, and textile verticals are some other potential factors contributing to the industry forecast.
Water-based curing adhesives industry is expected to gain notable proceeds driven by the increasing focus of consumers on health and safety. Waterborne adhesives are extensively preferred over their solvent-based counterparts as they are lightweight, user-friendly, and do not possess any Volatile Organic Compounds (VOC). The higher adoption of these adhesives in the furniture sector, given their rapid cure time will fuel the curing adhesives market growth.
Application-wise, the medical sector will hold a substantial market share for curing adhesives through 2027. This is mainly owing to the growing adhesive penetration in the production of medical devices to offer optimum reliability and durability. The rising health awareness and healthcare spending will also put a considerable impact on the product demand spurt. It has been estimated that U.S. hospitals spent close to USD 200 billion on medical devices in 2018.
Electronic applications are anticipated to collect substantial profits for the curing adhesives industry on account of the increasing adoption of smart and wearable electronic devices. The rise in technological advancements and the higher usage in electronic assembly applications will additionally bolster the demand for curing adhesives.
The construction & building applications will see higher adoption of curing adhesives between 2021 to 2027. This is ascribing to the higher product usage in the construction of streets, bridges, and highways as well as in the gluing of floor and tiles. As the curing adhesives are non-corrosive and possess high durability, they show excellent adhesion on building materials like plastics, wood, and glass.
In terms of regional landscape, the Asia Pacific curing adhesives market is expected to expand at an exponential growth rate owing to the rise in automotive, infrastructural development, and construction activities in the region. The higher production of electronic appliances is an impact rendering trend for regional growth. According to estimates, China emerged as the largest producer of electronics in the world, manufacturing over 90% of mobile phones, around 90% of computers, and more than 70% of televisions, in 2018.
Dow Corning Company (Dow Chemical), Lord Corporation (Parker Hannifin), Franklin International, Henkel Adhesives, Illionois Tool Works, 3M Company, Bostik S.A. (Arkema), H.B Fuller, Dymax Corporation are some leading participants in the curing adhesives industry.
These firms are constantly resorting to inorganic marketing strategies, including novel product developments, acquisitions, production expansions and partnerships to attain competitive advantages. For instance, in April 2020, Dow launched DOWSIL™ EA-3838 Fast Adhesive, its new advanced primerless silicone adhesive that has uses in the production of appliances, automotive electronics, lighting, and avionics.
In another instance, Henkel, in March 2020, partnered with Covestro to build a solution, based on its UV-curing adhesive and the latter company’s UV-transparent polycarbonate blend. The newly developed solution enables the efficient fixation of the cylindrical li-ion battery cells within a plastic cell holder.
The global economic upheaval brought into existence due to the COVID-19 pandemic contributed to tremendous impacts on millions of businesses worldwide. The unanticipated closing down of most industrial operations along with the dearth of labor opened the path for supply chain disruptions. Its effects were also felt on the curing adhesives industry with travel restrictions and transportation-related delays, which gave rise to the limitations of raw materials. On account of this, various end-use arenas faced varying levels of adhesives demand amidst the pandemic.