Curing Adhesives Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2741
Curing Adhesives Market size is projected to witness high growth in the forecast timeframe owing to its ability to be used as bonding substances like wood, glass, metal and fibre. Its application in automobile spare parts, furniture and textile industry is likely to drive the product demand in the projected timeframe.
Water based curing adhesives market size may witness high gains due to its rapid cure time, high bond strength and ability to withstand high temperatures, which can be beneficial for furniture industry.
Global medical device market is estimated to reach USD 410 Billion by 2024. Growth in healthcare expenditure and increasing health awareness may propel the medical device market. Curing adhesives market size is likely to show sizable gains owing to its application in production processes of medical devices due to its ability to improve reliability and durability. They also help in strengthening productivity and increasing the quality of medical devices, thereby driving curing adhesives market growth.
Curing adhesives market size from automotive application segment is anticipated to witness strong gains due to its property of bonding on automobile surfaces. Automobile industry sales are poised to surpass 100 Million by 2024. Rapid population growth, design changes in automotive equipment and development in transportation methods may positively influence industry growth. It can withstand high temperatures and help in bonding transparent or translucent plastic which gives sophisticated looks to the automobile spare parts. Increasing use of adhesives to bond light weight automobile parts is likely to drive the product demand in the estimated timeframe.
Curing adhesives market size from electronics application is likely to witness substantial gains due to its usage in electronic assembly applications owing to its superior dielectric properties and high thermal stability. The electronics and electrical market is anticipated to reach USD 40 Billion by 2024. Growing adoption of wearable electronics and growing use of smart electronic devices is likely to fuel the electronic device market. They possess low moduli of elasticity, resistance to moisture and abrasion which protect the electronic devices. These characteristics may boost curing adhesives market size in the forecast timeframe.
Curing adhesives are used in construction & building segment owing to their features including non-corrosive, waterproof and high durability, which is likely to propel product demand in the estimated timeframe. Curing adhesives exhibit high adhesion on wood, glass, plastics which makes them suitable for usage in construction of streets, bridges and highways, thus driving product demand.
Packaging sector is a major application for curing adhesives market due to its high bonding strength and high durability under adverse environmental conditions which may boost product demand in the forecast timeframe. Growth of quick service restaurants and use of better packaging and case ready packaging practices may further augment the packaging industry, there by driving product demand.
Volatile raw material prices and growing environmental concerns about the use of petrochemical bonding agents are estimated to have stern effect on profitability, thus affecting curing adhesives market price trend. Moreover, ecological and safety problems along with increasing government protocols on the use and disposal of synthetic products may act as another restraining factor for industry growth.
Environmental Protection Agency (EPA) has issued guidelines for the use of clean formulations in furniture surface coating industries along with government regulations like SNAP and REACH, regarding the use of eco-friendly products in the manufacturing process are anticipated to pose challenges for curing adhesives market growth.
North America led by Canada, Mexico and the U.S. curing adhesives market size, is anticipated to show high gains owing to large number of industry players and increasing infrastructural development. Significant changes in standards of living and rising technological innovations may also bolster regional product demand.
Asia Pacific driven by South Korea, Japan, India and China curing adhesives market size, may witness strong gains during the forecast timeframe. Rapid pace of urbanisation and increasing disposable income of the consumers may strengthen the market further. Growing construction and infrastructural development activities is likely to promote curing adhesive market growth.
Curing adhesives market share is moderately consolidated with major industry participants including Dow Corning Company, H.B Fuller, Henkel Adhesives, 3M Company and Bostik S.A., Dymax Corporation, Franklin International, Illionois Tool Works and Lord Corporation. Companies are collaborating with manufacturers and raw material suppliers to strengthen their market presence and striving to cater economical and quality products to consumers.
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