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/

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