Industrial Adhesives Market

Global Industrial Adhesives Market Size (2024 to 2032)

The global Industrial Adhesives market size was at USD 56.65 billion in 2023, and the global market size is expected to reach USD 117.08 billion by 2032 from USD 61.14 billion in 2024. The market’s promising CAGR for the predicted period is 8.4%.

MARKET OVERVIEW

Industrial adhesives are used to bond substrates by adhesion (surface bonding) and cohesion (internal resistance). Industrial adhesives can be used in a variety of applications, from packaging to building and construction. These adhesives are easy to use and allow the permanent bonding of similar and dissimilar substrates. For example, hot melt or spray adhesives can be used to bond fabric to wood, plastic, or metal, thus avoiding the need for stitching. The growing demand for industrial adhesives can be attributed to stringent environmental regulations that result in the use of water-based adhesives rather than solvents in the construction, aerospace, and automotive industries. . Industrial adhesives are used in structural bonding of metals, structural bonding of fiber-reinforced plastics, exterior interior trim and glass bonding in automotive applications. They are also used in the automotive production process to assemble interior parts and reduce the need for rivets and welds. Reducing vehicle weight by 12% reduces fuel consumption by 6-8%. Rising fuel prices and environmental concerns are expected to drive market growth.

MARKET DRIVERS

The demand for sustainable, low-VOC, environmentally friendly adhesives is increasing, especially in emerging economies. To meet this growing demand, suppliers are focusing on the development of industrial adhesives from renewable materials of plant and animal origins, such as oysters, mussels, and starch, and low VOC materials. , such as recycled denim. These eco-friendly adhesives are easier to recycle, emit fewer solvents and cost less than synthetic adhesives. The demand for water-based adhesives is also high due to their low VOC content. The growing adoption of eco-friendly adhesives is identified as one of the major trends that will positively impact the growth of the industrial adhesives market in the coming years. Preference for industrial adhesives is increasing over conventional methods for bonding applications in various end-user industries including construction, packaging, aerospace, electronics, consumer durables, and other heavy industries. Industrial adhesives offer better performance and product performance than conventional methods such as mechanical clamping, welding, and other bonding methods. Adhesive bonding also eliminates the risk of corrosion, high heat input requirements as in welding and brazing, and product damage as in the case of rivets or screws. In addition, the adhesive bond provides superior stress distribution, a finished appearance, and strength performance. These factors are driving the demand for adhesives in industrial applications.

MARKET RESTRAINTS

The highly competitive nature of the industry, coupled with the trend toward globalization, undermines the long-term prospects enhanced by mergers and acquisitions, which have affected participants along the value chain.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Industrial Adhesives Market By Type

The water-based segment accounted for the majority of the market in 2023.

In terms of bonding technology, industrial adhesives are available in hot melt, UV curing, pressure-sensitive, solvent-based and water-based adhesive formulations. Water-based adhesive formulations are expected to remain dominant during the forecast period. These products offer superior stability, initial adhesion, and long life, as well as resistance to aging and moisture. In addition, these products are safer in terms of environmental impact and have minimal allergy risk.

Global Industrial Adhesives Market By Composition

The acrylic compositions segment of the market accounted for the largest share in 2023.

It is expected to continue to dominate during the forecast period. This growth is mainly attributed to the increased demand for acrylic from the packaging industry. In addition, its physical attributes such as cohesion, adhesion, viscosity, resistance to high sunlight and water / humidity, and the ability to withstand temperature fluctuations contribute to the growth of the acrylic segment.

Polyvinyl acetate is expected to exhibit medium growth due to its properties such as strong boiling and temperature resistance. Its superior bond strength coupled with improved creep resistance makes it suitable for use in the furniture manufacturing and packaging industry.

Epoxy adhesives are mainly used in the automotive industry. They are mainly used in automotive bodies due to their high mechanical strength and adhesion to metals and their resistance to heat and corrosion. The aforementioned advantages of epoxy adhesives are likely to drive demand for the product for years to come.

Global Industrial Adhesives Market By End-Use Industry

The end-use packaging industry segment recorded the highest consumption of industrial adhesives in 2023.

Industrial adhesives are used in paper, packaging, health and hygiene, food manufacturing glass, furniture and metalwork, footwear, electronics, consumer goods, construction, and the automotive and aerospace sectors Demand from the packaging sector is a major contributor to the market, driven by raw materials and in the food and beverage sector. Solvent-free options are expected to gain traction in the industry in the near term.

REGIONAL ANALYSIS

The Asia-Pacific region was the main region and accounted for 45.7% of the total volume in 2023.

Large auto companies have moved their production facilities to countries like China, India, Thailand, and Vietnam due to cheap labor and favorable government regulations. Rising per capita income for the middle class in countries like China and India is expected to boost car sales over the next seven years. These factors are expected to stimulate product consumption in the coming years.

The furniture market in the region is expected to grow at a rapid rate in the coming years due to increasing real consumer income, population growth, and urbanization. According to the World Bank, the global organized furniture is expected to increase by 25% per year. The growth is attributed to the rapid growth of the Asia-Pacific consumer markets, particularly in India. This will likely stimulate demand for products in the years to come.

In North America, growing demand from the packaging industry is expected to continue to be a key driver of market growth during the forecast period. The evolution of consumer preferences towards convenience, long shelf life, fast service, and portability of products is attributable to the growth of the packaging industry, which consumes a large number of industrial adhesives. This is likely to stimulate the growth of the market for years to come.

Europe is expected to post a 5.8% CAGR, in terms of revenue, during the forecast period. The automotive industry represents 5% of the region's GDP. The production of motor vehicles in the region increased by 4.6% between 2016 and 2020. The increase in automobile production, in turn, is expected to boost the use of industrial adhesives in the coming years.

KEY PLAYERS IN THE GLOBAL INDUSTRIAL ADHESIVES MARKET

Some of the key players in the global industrial adhesives market are Solvay (US), Avery Dennison Corporation (US), Henkel AG & Co. KGaA (Germany), Hitachi Chemical Co. Ltd (Japan),Lord Corporation (US), Mitsubishi Chemical Corporation (Japan), DowDuPont (US), Bostik (US), BASF SE (Germany), 3M (US), Pidilite Industries Ltd (India), H.B. Fuller Company (US), and others.

RECENT HAPPENINGS IN THE MARKET

• In February 2023, Henkel intensifies its adhesives business in India and invests 400 million rupees in the eighth factory. After leaving High-Speed ​​Consumer Goods (FMCG) in India a few years ago, German Major Henkel has quietly increased his presence in adhesives, a business that earns him nearly Rs 2,500 Crore.
• In December 2023, Evans Adhesive is launching a new website. With a focus on "Simplify the Complex", the website brings a modern educational platform to the market by providing knowledge about adhesives through multiple adhesive selection guides. With countless adhesive options available on the market today, these site elements are in place to help users on their journey to improved and updated solutions.
• In September 2023, Arkema JV opens a new industrial adhesives plant in Japan. Arkema announces the start-up of a new global industrial adhesives plant in Japan. This investment is in line with Bostik's growth and geographic expansion strategy.
• In October 2023, H.B. Fuller is launching the MRO line of industrial adhesives and sealants. HALF PENSION. Fuller has launched a new line of professional-grade MROs (maintenance, repair, and operations), industrial adhesives, sealants, and lubricants.

DETAILED SEGMENTATION OF THE GLOBAL INDUSTRIAL ADHESIVES MARKET INCLUDED IN THIS REPORT

This research report on the global Industrial Adhesives market has been segmented and sub-segmented based on type, application, and region.

By Type

• Water-based Adhesives
• Solvent-based Adhesives 
• Hot-Melt Adhesives
• Pressure Sensitive Adhesives 

By Material Base

• Synthetic
• Natural    

By Composition

• Acrylic  
• Vinyl
• Rubber
• Amine- based resins
• Starch and Dextrin
•  Epoxy Resins   

By End-Use Industry

• Packaging Industry
• Transportation Industry
• Pressure Sensitive Products
• Construction & Woodworking

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa