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Global Industrial Adhesives Market size is expected to expand at moderate growth rate in terms of volume during the forecast period. Healthy growth of the product is attributed to the replacement of mechanical fasteners with these adhesives in various end-user industries such as consumer durables, automotive, construction, packaging, aerospace, and other heavy industries.
Major application of industrial adhesives is in automobile industry, using these adhesives as a substitute to metal fasteners reduces weight of the vehicle by almost 15%. Further, these adhesives are environment friendly as compared to other type of fixtures, as vehicle becomes more fuel efficient due to its low weight, resulting in reduced carbon emissions. These advantages are increasing the adoption of industrial adhesives in automobile application. Automobile industry is growing significantly in South East Asia coupled with well-established market in Germany and Japan. Launch of affordable vehicle categories and consumer awareness regarding luxurious car segments are the factors boosting vehicle purchase, leading to thriving industrial adhesives market.
Industrial adhesives are preferred in consumer durables for packaging and assembling, due to ease of its use in terms of flexibility, lesser cure time and better adhesion. Increased number of attractive consumer appliances along with rise in purchase power of consumers have flourished consumer durables market in recent years, thus bolstering global industrial adhesives market.
Many internal parts of aircrafts need a high-quality adhesion to keep them intact, also adhesives are used to assemble outer body of the airplanes. As each gram in these aircrafts counts a lot in terms of its fuel consumption and safety, so utmost care is taken to use adhesives instead of metal or any other fasteners in manufacturing of these aircrafts. Though aerospace industry is suffering from a stagnant growth in recent years due to economic slowdown but is anticipated to cope up with rapid pace in next 7 years. This upliftment in aerospace industry is expected to fuel industrial adhesives consumption during the forecast period.
Industrial adhesives are used in construction industry for various applications such as furniture, making plaster, false ceiling, tiles, attractive aesthetic designs etc. Additionally, escalating hospitality sector has increased the demand for exceptional quality aesthetic that can be achieved through these adhesives. Further, consumer awareness for better infrastructure and interior designing concepts have developed the demand of false ceiling, tiles and plaster, leading to growth of industrial adhesives market. Raw material prices of the product are oscillating in nature also there are stringent government regulations associated with the manufacturing of these adhesives for environmental concerns. These considerations can slowdown the consumption of the product in near future.
Based on the type, the market is segmented as solvent-based adhesives, water-based adhesives, pressure sensitive adhesives, hot melt adhesives, and others. As per the composition type, industrial adhesives market is divided as polyurethane, polyvinyl acetate, ethyl vinyl acetate, epoxy and acrylic. With respect to end-user industry, the market is classified into automobile, construction, packaging, aerospace, and others.
Europe is forecasted to contribute substantially in industrial adhesives market owing to its developed automobile and aerospace market in Germany, UK, and Spain. Asia Pacific is the next promising region in the global market due to the booming construction and consumer durable industry in China, India, Japan and South Korea. Establishment of foreign industries owing to business-friendly government policies and rise in residential and commercial projects had boosted infrastructural development in the region. Further, Asia Pacific is anticipated to contribute significantly and can even exceed European market in terms of consumption of industrial adhesives.
Major global manufacturers in industrial adhesives market are Toyo Polymer Co. Ltd, the Dow Chemical Company, Sika Ag, Pidilite Industries Limited, Mitsubishi Chemicals Corporation, Huntsman Corporation, Henkel Ag & Company, Kgaa, 3M Company, Ashland Inc., BASF Se, Bemis, H. B. Fuller, E. I. Du Pont De Nemours And Company.