The growth of the Industrial Adhesives Market will be highly dependent on the surging demand from packaging applications, transportation, electronics, building & construction and others, owing to its excellent bonding properties, adhesion and cohesion. Industrial Adhesives are used to bond substrates via cohesion and adhesion, including the composition of phenolic, acrylic, epoxy, polyurethane, silicone and others. Industrial Adhesives are utilized for bonding via cohesion and adhesion. The adhesives are used in the packaging sector for labeling, carton sealing, food packaging and others, due to their transparency, water vapor resistance, high tensile strength and preferability in the food sector. For instance, according to the Flexible Packaging Association (FPA), the flexible packaging sector in the U.S. is estimated to reach sales of US$39 billion in 2021 compared to US$34.8 billion in 2020.
With the rising packaging applicability and demand from major industries such as transportation, construction and others across the world, the industrial adhesives industry is observed to achieve robust growth. The industrial adhesives market size is estimated to reach US$52.4 billion by 2027, after growing at a CAGR of 5.9% during the forecast period 2022-2027.
Industrial Adhesives Market: Leading Segment is the Packaging Industry
Based on the end-use industry, the Industrial Adhesives market can be segmented into Transportation, Power & Energy, Building & Construction, Packaging, Healthcare, Home Appliances, Furniture, Electronics, Leather Industry and Others. The leading segment in the Industrial Adhesives industry has been evaluated to be packaging. During the forecast period 2022-2027, the packaging industry is projected to grow with a CAGR of 6.4%. This can be attributed to growth factors such as demand for packaged products, changing lifestyle trends and rising income.
For instance, according to the Indian Institute of Packaging (IIP), the Indian packaging sector rose by 200% in the last decade, from 4.3 kilograms per person per annum in 2010 to 8.6 kilograms per person per annum in 2020. Thus, the Industrial Adhesives industry will grow significantly as a result of emerging packaging applications, involving food & beverage packaging, medical packaging, cosmetic packaging and others.
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Industrial Adhesives Market: Leading Region in Asia-Pacific
Based on geography, the Industrial Adhesives market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC's analysis, Asia Pacific has emerged as the most profitable region. In 2021, the APAC region held a 42% share of the total revenues earned by the market globally. The Asia-Pacific region is estimated to grow rapidly due to the established base for the transportation sector, surging packaging industry, rise in construction projects and increasing income levels. The transportation sector, majorly the automotive industry is lucratively growing due to high vehicle production trends, growing logistics projects and urbanization trends.
For instance, according to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022 compared to March 2021. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$ 251.4-282.8 billion by the year 2026. With robust growth scope for industrial adhesives and utilization in the transportation sector across Asia-Pacific countries, including China, India, Japan and others, the Industrial Adhesives industry will emerge significantly in APAC over the forecast period.
Industrial Adhesives Market: Competitive Landscape
Key companies holding major shares in the Industrial Adhesives market are Hitachi Chemical Company, Royal Adhesive & Sealants, Cargill Inc., Bayer Material Science, Toyo Polymer Co. Ltd, Ashland Inc., Cytec Industries, Solvay, BASF SE and Bostik.
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