Industrial adhesives market size worth $67.6 billion, globally, by 2028 at a CAGR of 4.4%: Verified Market Research®
JERSEY CITY, NJ, February 10, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Industrial Adhesives MarketBy Type (Water Based Adhesives, Hot Melt Adhesives), By Application (Automotive Industry, Packaging Industry) and by Geography. According to verified market research, the global industrial adhesives market size was valued at $47.5 billion in 2020 and is expected to reach $67.6 billion by 2028, growing at a CAGR of 4.4% from 2021 to 2028.
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Global Industrial Adhesives Market Overview
Rising demand for packaging from different end-use industries such as pharmaceuticals, food & beverages, and cosmetics is expected to propel the expansion of the market over the forecasted years. In the coming years, growth in demand for e-commerce commodities, in which packaging is a necessary factor, is expected to drive product demand. Industrial adhesives are an excellent alternative to mechanical fastening, welding and other joining methods, and they can help various companies gain a competitive advantage by reducing total manufacturing costs and improving reliability, performance and product life.
The bonding technique reduced the time and cost of assembling automotive components, as well as the usual weight and fuel consumption, resulting in increased efficiency. Increasing federal and state policies regarding carbon emissions are expected to complement product application in the automotive industry. The use of adhesives in the construction and woodworking industry is extensive, such as the installation of floor tiles and continuous floor coverings, the installation of ceramic tiles, the lamination of countertops, the carpet adhesives, flooring underlay adhesives, etc.
However, raw material price volatility is expected to be one of the factors restraining the growth of the industrial adhesives market. The industrial adhesives market is expected to be influenced by crude oil price volatility. The raw ingredients of industrial adhesives are made from crude oil derivatives such as vinyl acetate monomer, polyols, tolylene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI). Fluctuations in crude oil prices have a negative impact on raw material costs, leading to high product prices that are expected to restrain market expansion in the coming years.
Main developments in Industrial Adhesives Market
· In September 2020: Toyochem Co., Ltd., member of from Japan Toyo Ink Group has created a new line of biodegradable pressure sensitive adhesives (PSA). The newly created product, which is marketed as the Cyabine™ series of polyurethane PSAs, is suitable for materials used in packaging, construction, agriculture and other areas where biodegradable or recoverable materials are preferred.
The major market players are Toyo Polymer Co. Ltd, Henkel AG & Co., Cytec Industries Inc., Dow Chemical Co, Bayer Product Science (Covestro), DuPont de Nemours, Inc., Adhesive Films Inc, Mitsubishi Chemicals Corporation.
Verified Market Research has segmented the global industrial adhesives market on the basis of type, application, and geography.
- Industrial Adhesives Market, By Type
- Water Based Adhesives
- Hot melt adhesives
- Industrial Adhesives Market, By Application
- packaging industry
- Construction and woodworking industry
- Industrial Adhesives Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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Main brands of self-adhesive labels describing the main features of promotional activities
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