Industrial Adhesives Market Growth Accelerated due to Rising Demand from Construction and Automotive Industries
![]() |
Industrial Adhesives Market |
Industrial adhesives are
synthetic adhesives that are used in various industrial applications for
bonding different surfaces such as metal, wood, composites and plastic.
Industrial adhesives are commonly used in automotive, construction and
packaging industries. These adhesives provide strong bonds that help join
different materials efficiently. Some key applications of industrial adhesives
include bonding of automotive components, assembly of furniture, packaging of
consumer goods and joining of surfaces in construction. The global demand for
industrial adhesives has been rising owing to the growing construction and
automotive industries across the world.
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 19% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
The industrial adhesives market
is estimated to witness high growth owing to increasing demand from medical
industry. The use of adhesives has increased significantly in the medical
industry for applications such as joining of medical devices, bonding of
implants and assembly of various medical equipment. Adhesives help join
different materials efficiently and securely in the medical industry. They
provide strong durable bonds between dissimilar substrates such as plastics,
metals and composites commonly used in medical devices and equipment. Another
key driver has been increasing demand for lightweight and fuel-efficient
vehicles in the automotive industry. Adhesive bonding helps reduce weight of
vehicles thereby improving their fuel efficiency. Adhesive bonding is
increasingly being used for joining vehicle components such as body panels and
frames.
SWOT Analysis
Strength: Industrial adhesives
are extensively used in construction and manufacturing industries given their
excellent adhesion property and durability. They lower production costs by
replacing welding, bolting, and riveting assemblies. In addition, they
facilitate automation and reduce weight of final products. Moreover, adhesives
offer superior bonding of dissimilar materials.
Weakness: Strict environmental
regulations relating to volatile organic compound emissions can constrain
adhesive manufacturers. Further, rapid technological changes in adhesive
formulations require significant R&D investments on a regular basis.
Opportunity: Growing
infrastructure development activities in emerging economies offer significant
growth opportunities. Also, replacement of conventional fastening techniques
with adhesives in automotive and aircraft industries will drive the market.
Further, development of bio-based and recyclable adhesive technologies present
new avenues.
Threats: Presence of local and unorganized
players offering low-cost substitutes is a major threat. In addition,
fluctuations in raw material prices can adversely impact profit margins.
Key Takeaways
The Global
Industrial Adhesives Market Size is expected to witness high growth
over the forecast period driven by increasing construction and infrastructure
development activities worldwide.
Regional analysis: The Asia Pacific region is projected to be the
fastest growing as well as the largest industrial adhesives market during the
forecast period. This can be attributed to robust growth of the construction
and manufacturing sectors across India, China, Indonesia, Thailand and
Malaysia. Furthermore, government initiatives to develop smart cities and
airports are driving the demand.
Key players operating in the industrial adhesives market are
Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation,
Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus
Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc.,
Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus
LLC.
Get More Insights Here
https://www.newsstatix.com/industrial-adhesives-market-size-share-growth-outlook-2023/
Comments
Post a Comment