High temperature adhesives market is potentially transforming at an unprecedented pace globally over the recent years and is now set to record tremendous gains over 2021 to 2027. The growth is primarily driven by the product’s extensive usage in applications that demand temperatures above 150 degrees Celsius such as marine, automotive, aerospace, and electronics and electrical.
High temperature adhesives usually act as bonding agents that are resistant to high temperatures and do not lose their bonding and tensile strength. They are also capable of bonding many substrates like plastics, glass, metals, rubbers, and others.
Across the electrical and electronics industry, high temperature adhesives are being used for semi-conductor binding, solder replacement, heat transfer, quick repairs, and shielding. These applications make the electronics and electrical industry a key consumer of high temperature adhesives. Moreover, a significant surge in consumer electronics expenditure is expected to have a drastic influence on the growth statistics of high temperature adhesives market from the electrical and electronics segment. According to data put forth by StockApps, global consumer electronics revenues are projected to grow by 3.6% YoY and reach $1.6 trillion in 2021.
The automotive industry is slated to record progressive gains across the overall high temperature adhesives market. This can be attributed to the automotive sector’s intrinsic need for light weight vehicles to enhance fuel efficiency. High temperature adhesives are used to merge parts instead of welding or soldering which eventually decreases the vehicle weight significantly. An upsurge in vehicle sales and production is as well likely to spur the product demand in the sector.
The overall high temperature adhesives market is diversified into different regions such as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
An increasing sales and demand for consumer electronics in the Asia Pacific region is set to drive the expansion of high temperature adhesives industry. An IBEF report suggests that the consumer electronics industry in India is poised to reach $21.18 billion by 2025. Furthermore, rising disposable incomes of people in various developing economies is as well propelling the growth curve of the APAC high temperature adhesives market.
Europe high temperature adhesives market is set to record appreciable gains over 2021 to 2027, mainly due to the increasing debut of various automobile players in the region. Additionally, surging vehicle production and export would further stimulate the market dynamics in the years to come. Various automakers are trying to reduce the vehicle masses to augment fuel efficiency.
North America high temperature adhesives market is likely to generate considerable proceeds over the upcoming years owing to a subtle expansion in the aerospace industry. In fact, the United States is a home to various aerospace companies across the globe. In 2019, the aerospace and defense industry across the country accounted for an overall $909 billion in revenue sales.
Some of the prominent players engaged in high temperature adhesives industry are 3M Company, Dow Silicones Corporation (Dow), Master Bond Inc, Henket Adhesives Technologies, Permabond, ThreeBond International, and Cotronics Corp, amongst others. These companies have been relentlessly working towards various strategic initiatives like acquisitions, mergers, collaborations, and others to gain a significant position in the overall industry space.
In February 2020, Permabond Europe unveiled a new thermally conductive, high temperature resistant epoxy called Permabond ET5441. The product has been claimed to offer high performance even at 180 degrees Celsius.
In the same year, 3M announced collaborating with Composites One to extend the former’s adhesives and sealants business for the aerospace market.
The novel coronavirus outbreak has, undoubtedly, served a negative impact on high temperature adhesives market expansion. This is attributed to the imposition of lockdown and movement restrictions across various economies which led to shutdown of various manufacturing plants including automotive production and electronics and electrical. The automotive industry was deemed to be the worst hit vertical, resulting in a dramatic decline in vehicle sales and production.