Adhesives
Market: Introduction
The global adhesives market was
valued at ~US$ 52 Bn in 2019 and
is anticipated to expand at a CAGR of ~5% during the
forecast period. The global adhesives market is primarily driven by growth of
automotive and building & construction industries and rise in the need to
improve quality of construction. Developing as well as developed economies
across the globe are carrying out infrastructure development activities to
sustain economic growth. These civil construction projects boost the
consumption of adhesives.
Key Drivers of Adhesives Market
Increase in
the need to achieve fuel efficiency and implementation of stringent emission
regulations are expected to support the trend of production of automotive
components by using lightweight materials in the next few years. Earlier,
mechanical fasteners were used in automotive components; however, of late, they
have been replaced by adhesive tapes. Adhesives possess comparable strength,
durability, and lightweight. The use of lightweight materials reduces the
overall weight of a vehicle. It also improves fuel efficiency of the vehicle.
Adhesives
are extensively employed in various automotive applications such as wire
harnessing, electric insulation, automotive body repairs, masking, and surface
protection. Increase in the usage of adhesive tapes in automotive interior
parts in order to provide better resistance and excellent adhesion ability is
likely to propel the global adhesives market during the forecast period. Strong
government support and ad-hoc tax incentives in China have led to double-digit
sales, typically in the electric vehicles industry in the country. Rise in the
demand for small, battery-based, and efficient passenger vehicles in countries
such as Thailand, Malaysia, and Indonesia is anticipated to propel the
automobile sector in Asia Pacific during the forecast period.
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The rise in
investments in the automotive sector, mainly in Middle East & Africa, is
expected to be a key factor driving the adhesives market in the region from 2020 to 2030.
Countries such as Morocco, Egypt, and Iran are leading motor vehicle
manufacturers in the region, while major sales markets in the region include
Iran, Saudi Arabia, Turkey, and the UAE. Increase in the demand for adhesives
in the automotive sector in the region is augmenting the adhesives market in
Middle East & Africa.
Water-based Technology to Offer
Attractive Opportunities to Global Adhesives Market
The
water-based technology segment accounted for a major share of the global
adhesives market in 2019. The segment
is estimated to expand rapidly during the forecast period, due to eco-friendly
nature of water-based adhesives. Water-based is a highly attractive segment, as
water-based adhesives are not harmful to the environment. Furthermore,
water-based adhesives require low capital investments and a simple technology
that can be easily formulated. The solvent-based segment held a minimal share
of the global adhesives market in 2019. Solvent-based
adhesives include petrochemical products with a higher rate of VOC emissions as
compared to water-based adhesives. The growth of the solvent-based segment is
estimated to be sluggish during the forecast period, due to stringent
regulations imposed on VOC emissions across the globe. The segment is estimated
to lose market share by the end of the forecast period.
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Environmental Regulations on VOC
Emissions to Hamper Adhesives Market
VOC
(volatile organic compound) emissions that take place during the use of
adhesives pose a threat to the environment. Several countries have set
guidelines restricting the amount of VOCs emitted during the usage of adhesives
in industries, especially solvent-based adhesives. Manufacturing operations are
bound by government regulations and rules with respect to evaluation,
registration, storage, usage, handling, and transportation of certain
substances and their emissions, effluents, and other wastes. These
environmental regulations restrain the demand for adhesives in packaging and
printing industries, as the violation of these regulations can attract heavy penalties
and losses. Most market players are shifting from solvent-based adhesives
toward water-based adhesives.
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Rapid
industrialization and urbanization has increased air pollution, which has
affected the health of people across the globe. Several developing as well as
developed countries are facing pressure from domestic and international
regulatory bodies to formulate regulations for VOC control in order to reduce
pollution. Air pollutants such as volatile organic compounds (VOCs),
particulate matter (PM), carbon monoxide (CO), oxides of nitrogen (NOx), and sulfur dioxide (SO2) cause serious health hazards to
agriculture and the climate worldwide.
Emission
standards have been fixed to facilitate effective control of air pollution. In
India, these standard permissible limits are formulated by the Central
Pollution Control Board, Ministry of Environment & Forests, Bureau of
Indian Standards (BIS), World Health Organization (WHO), and National Emissions
Inventory (NEI). The NEI is a composite of data collected from various sources,
including industrial sector, EPA models, and numerous state and local agencies
engaged in air quality management.
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Asia Pacific Dominates Global
Adhesives Market
Asia
Pacific constituted a prominent share of the global adhesives market in 2019, due
to rapid industrialization and increase in the demand for adhesives from
construction and furniture industries in the region. For instance, in 2017, China,
South Korea, and Japan produced nearly 37 million units
of lightweight vehicles. Japan constitutes a key share of the adhesives market
in Asia Pacific. The market in the country is likely to expand at a significant
pace in the near future. The automotive industry in Japan expanded at a rate of 3.3% in 2017.
The demand
for adhesives in India and China is on the rise, owing to significant growth of
infrastructure and construction sectors in these countries. India is planning
to spend significantly on the development of infrastructure. Countries across
the globe are showing significant interest in investing in India, with a
special focus on sectors such as renewable energy, construction, and
automotive.
Several
global companies are expanding their operations in India by entering into joint
venture agreements with local manufacturers or by setting up their subsidiaries
in the country. Recently i.e. on February 4, 2020, Henkel
AG & Co. KGaA opened a new state-of-the-art manufacturing facility in
Kurkumbh, Pune (India). The facility is spread over an area of 100,000 square
meters, with a built-up area of 51,000 square
meters. Opening of the new facility has increased the company’s capabilities to
serve customers across various sectors including flexible packaging,
automotive, agriculture & construction equipment, general industry, and
metals.
Top Five Players Account for Major
Share of Adhesives Market
The global
adhesives market is highly fragmented, as a large number of small players
operate in the market. Currently, the market is expanding at a steady pace. Key
players are largely focusing on research and development activities. The top
eight players— Henkel AG & Co. KGaA, Sika AG, H.B. Fuller
Company, Bostik, Huntsman International LLC, 3M, DuPont de Nemours, Inc., and
Illinois Tool Works Inc.— cumulatively accounted for more
than 40% share
of the global market in 2019.
Henkel AG
& Co. KGaA constituted a leading share of the global adhesives market in 2019. The
company offers more than 100 types of adhesive products. Its offices and
manufacturing sites are located in almost every major city across the globe.
The company invests in expanding its product portfolio in order to maintain its
market leading position.
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