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2021

Industrial Adhesives Market

Industrial Adhesives Market Size, Share, Competitive Landscape and Trend Analysis Report by Composition, Type and End-use Industry (Packaging Industry, Construction Industry, Automotive Industry, Electrical & Electronics, and Others: Global Opportunity Analysis and Industry Forecast 2020-2027

MC : Advanced Materials

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Author's: Amit Narune | Eswara Prasad
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Industrial Adhesives Market Outlook - 2027

The global industrial adhesives market was valued at $39.0 billion in 2019, and is projected to reach $54.9 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.

Industrial adhesives are used to bond various substrates via surface bonding and cohesion. They are designed to help the manufacturing of materials and components. They are developed to resist peel forces & extreme impacts, provide high sheer strength, and offer superior temperature & chemical resistance. 

Industrial-Adhesives-Market-2020-2027

Industrial adhesives are an excellent replacement to mechanical fastening, welding, and other joining methods, which aids various businesses to gain a competitive advantage by reducing overall manufacturing expense, and increase product dependence, or performance and operating life. However, volatility in raw material prices is also one of the factors expected to hinder the industrial adhesives market growth. On the contrary, rise in consumer base in Asia-Pacific and LAMEA is expected to offer lucrative opportunities for the major participants of the market during the coming years. Aerospace and packaging are some of the fastest-growing consumer bases for industrial adhesives in the developing regions.

The industrial adhesives market is segmented on the basis of composition, type, end-use industry, and region. By composition, the market is divided into polyurethane, epoxy, vinyl, acrylic, and others. On the basis of type, the industrial adhesives market is classified into water-based adhesives, solvent-based adhesives, hot-melt adhesives, and others. On the basis of end-use industry, the market is categorized into packaging industry, construction industry, automotive industry, electrical & electronics, and others. By region, the industrial adhesives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The industrial adhesives market share is analyzed across all significant regions.

The industrial adhesives market analysis covers in-depth information of the major industry participants. Some of the major players in the industrial adhesives market include 3M Company, Arkema S.A., Avery Dennison Corporation, H.B. Fuller, Henkel AG & Co. KGaA, Parker Hannifin Corp, Jowat SE, Pidilite Industries Limited, Wacker Chemie AG, and Delo. 

Other players in the value chain of the industrial adhesives market include Hitachi Chemical Company Ltd., Bayer Material Science, Toyo Polymer Co. Ltd., Bemis, Ashland Inc, Royal Adhesives & Sealants, Cytec Industries Inc, Adhesive Films Inc., Forbo Holding, Cargill Inc., Vulkaflex Industrial, and others.

The key players adopt numerous strategies, such as product launch, business expansion, acquisition, partnership, collaboration, joint venture, and agreement, to stay competitive in the industrial adhesives market.

For instance, Pidilite Industries acquired 100% stake in Huntsman Advanced Materials Solutions Pvt Ltd (HAMSPL). HAMSPL is involved in the production of sealants and adhesives in India. In 2019, HAMPSL’s business revenue was worth approximately $52.9 million. In addition, the acquisition also comprised a trademark license for ASEAN countries, Africa, and the Middle East. This reinforced its presence in Asia-Pacific.

In addition, Jowat SE collaborated with Pidilite Industries Ltd. Pidilite is a leading manufacturer of adhesives in India in 2018. As part of the collaboration, Pidilite handled the distribution and sales of Jowat’s adhesives in India and other neighboring countries such as Nepal, Bangladesh, and Sri Lanka. Furthermore, the two companies also entered into a technical collaboration comprising the high growth, exclusive range of hot melt adhesives.

Industrial Adhesives Market, by Composition

By composition, the acrylic segment garnered 33.6% share in terms of volume in 2019, is and expected to grow at a CAGR of 4.7% during the forecast period. This is attributed to its dominant application in end-use industries such as packaging, construction, automotive, and others. In addition, development of infrastructure in emerging economies with supportive government policies boosts the demand for industrial adhesives in the construction industry.

Industrial Adhesives Market
By Composition
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Vinyl is projected as the most lucrative segment.

Industrial Adhesives Market, by Type

By type, the water-based adhesives segment is expected to grow at a CAGR of 4.9% in terms of volume during the forecast period. This is attributed to its rising awareness regarding the disadvantages of solvent-based adhesives. The advantages of water-based adhesives are ease of use, cost effective, high versatility, good spreadabilty, and others.  

Industrial Adhesives Market
By Type
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Water-based Adhesives is projected as the most lucrative segment.

Industrial Adhesives Market, by End-use Industry

By end-use industry, the packaging industry segment garnered 27.5% share in 2019 in terms of revenue. The packaging industry is booming, owing to numerous factors such as rising e-commerce sector, rapid urbanization in developing economies, and others. 

Industrial Adhesives Market
By End-use Industry
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Packaging Industry is projected as the most lucrative segment.

Industrial Adhesives Market, by Region

Region-wise, Asia-Pacific is expected to grow at a CAGR of 4.7%, in terms of volume during the forecast period. This is attributed to the presence of emerging economies such as India, China, South Korea, and Thailand. These emerging economies have rapidly growing consumer base such as aerospace, automotive, construction, textile, and others. China is one of the major contributors to the market, owing to huge consumer base and presence of key players in the industrial adhesives market.

Industrial Adhesives Market
By Region
2027
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.

Key benefits for stakeholders

  • The report outlines the current trends and future scenario of the industrial adhesives market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
  • The industrial adhesives market size is provided in terms of volume and revenue.
  • The report provides in-depth analysis of the market along with the current and future market trends.
  • This report highlights the key drivers, opportunities, and restraints of the industrial adhesives market along with the impact analysis during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • The study provides a comprehensive analysis of the factors that drive and restrain the industrial adhesives market growth.

Impact of COVID-19 on the industrial adhesives market

  • The COVID-19 outbreak has affected the demand as well as manufacturing of industrial adhesives.
  • The manufacturing activities of industries, such as automotive and construction, were disrupted, owing to the spread of COVID-19 in many countries across the globe, which resulted in decrease in demand for industrial adhesives.
  • The COVID-19 crisis affected the chemical industry supply chain to a major extent. This led to a major impact on raw material procurement.

Industrial Adhesives Market Report Highlights

Aspects Details
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By Composition
  • Polyurethane
  • Epoxy
  • Vinyl
  • Acrylic
  • Others
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By Type
  • Water-based Adhesives
  • Solvent-based Adhesives
  • Hot-melt Adhesives
  • Others
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By End Use Industry
  • Packaging Industry
  • Construction Industry
  • Automotive Industry
  • Electrical & Electronics
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, UAE, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Delo, Wacker Chemie AG, Jowat SE, H.B. Fuller Company, 3M Company, Parker Hannifin Corp, Avery Dennison Corporation, ARKEMA S.A., Henkel AG & Co. KGaA

Analyst Review

The demand for industrial adhesives is witnessing significant growth from the medical and packaging sectors.

In addition, surge in consumer base, such as aerospace, in developing countries is expected to boost the demand for industrial adhesives during the forecast period. However, volatility in prices of raw material is anticipated to hinder the market growth. Additionally, presence of alternative in the market is also one of the factors expected to hamper the market growth during the projected period.

Author Name(s) : Amit Narune | Eswara Prasad
Frequently Asked Questions?

Growing aerospace industry in developing regions, and increasing packaging industry, are some of the factors boosting the industrial adhesives market growth

The industrial adhesives market was valued at $39.0 billion in 2019, and is projected to reach $54.9 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.

3M Company, H.B. Fuller, and Henkel are some of the top companies in the industrial adhesives industry

Packaging industry is projected to increase the demand for industrial adhesives Market

On the basis of type the water-based adhesives garnered largest market share in industrial adhesives market.

Growth of food and beverages industry and rise in -commerce sector in developing regions is boosting the demand for packaging and consequently boosting the adoption of industrial adhesives.

Aerospace, Packaging industry is expected to drive the adoption of industrial adhesives

The COVID-19 pandemic has negatively impacted the automobiles sales which consequently hindered the demand for industrial adhesives.

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Industrial Adhesives Market

Global Opportunity Analysis and Industry Forecast 2020-2027