Worldwide sales of industrial adhesives are estimated to rise at a CAGR of 4.4% from USD 57,444 million in 2023 to USD 85,786.4 million by the end of 2033.
Factors that are Estimated to Drive Market Growth
| Attribute | Details |
|---|---|
| Industrial Adhesives Market Estimation (2023E) | USD 57,444 million |
| Industrial Adhesives Market Projection (2033F) | USD 85,786.4 million |
| Value CAGR (2023 to 2033) | 4.4% |
| Collective Value Share: Top 3 Countries (2023E) | 49.6% |
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There is a rapid growth toward compact, low-carbon-emitting vehicles, which is backed up by strict government regulations. Vehicle-reduced weight is crucial for boosting fuel efficiency and curtailing pollutant emissions. Adhesives play a vital role in assisting OEMs (original equipment manufacturers) in lessening vehicle weight and complying with stringent environmental standards by minimizing carbon dioxide emissions to a standard rate.
The use of adhesives and sealants aids manufacturers in lowering vehicle weight and bringing stiffness and solidity to adhered parts without sacrificing riding comfort. This extends the lifespan of vehicles. As a result, automotive manufacturers prefer industrial adhesives over viable approaches, boosting the demand in the automotive sector.
Rapid urbanization and population growth in developing countries, combined with increasing construction activities in developed markets of Europe and North America is fuelling the demand for industrial adhesives. Market growth is expected to be further driven by rising new building construction, as well as increased improvement and repair activities, and high infrastructure spending.
The need for adhesives in flooring, expansion joints, panels, and other end uses are being driven by increased investments in construction and infrastructure, such as airports, bridges, dams, and metro stations. In addition, growth of the middle-class population is expected to propel the need for housing.
Increasing demand for permanent, non-slum houses across India and other developing countries, such as Brazil, China, Indonesia, and Vietnam are primarily driven by the growth in population and urbanization. The increasing income in these countries is bolstering the demand for industrial adhesives.
For instance, the government of India has reportedly worked out the details of the two new subsidy schemes under the Prime Minister Awas Yojana (PMAY). These government initiatives are further expected to drive the industrial adhesives demand.
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Europe and North America are strictly regulated by environmental laws regarding the production of chemical and petroleum-based products. Authorities such as Epoxy Resin Committee (ERC) and the European Commission (EC) are governing the manufacturing of solvent-based products in these regions.
This is affecting the production capacities of manufacturers in Europe and North America regions. Stringent environmental regulations are compelling the manufacturers to focus on producing eco-friendly adhesives, such as water-based adhesives.
The United States EPA and other organizations have worked diligently to institute measures designed to reduce the impact of VOCs and other potentially hazardous materials on the environment, workers in manufacturing environments, and end users. The ongoing conversion of solvent-based adhesives to water-based adhesives for certain end uses is an example of this trend.
While the underlying health and environmental benefits of these reform measures are hard to dispute, the high costs associated with compliance and raw materials are real and can be substantial-particularly for small companies.
| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 4.0% |
| H1,2022 Projected (P) | 3.9% |
| H1,2022 Outlook (O) | 3.7% |
| BPS Change: H1,2022 (O) - H1,2022 (P) | - 20 ↓ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | - 30 ↓ |
FMI provides a half-yearly comparison and in-depth analysis of the industrial adhesives market along with recent key developments in the market.
The market growth has been subjected to an array of certain industrial, macro-economic, and innovation factors including urbanization, industrialization, building construction and infrastructure development, technological advancements, and others. Recent developments witnessed in the market include geographical and capacity expansions, product innovations, and focus on sustainable growth.
In H1 2021, the market grew at a rate of 4.0%. Owing to the rise in raw material prices, stringency in the regulatory standards for the manufacturing and utilization of these adhesives are slowing down the consumption. This resulted in a decline of 30 BPS as compare to the actual market growth in H1 2022.
The market's growth is projected to continue to be highly uneven across regions, with Europe, Africa, and Latin America experiencing moderate growth. Due to significant demand from industrial and construction sector, India, China, and several ASEAN nations are expected to see considerable growth rates, which is also expected to maintain global growth outlook.
Significant application of industrial adhesives in the automotive industry, residential and commercial buildings, etc. are expected to boost the demand. Additionally, escalation of the hospitality industry has increased the demand for the exceptional quality aesthetics that can be achieved through these adhesives.
Packaging industry is also booming owing to growth in e-commerce sector, rapid urbanization, etc. This is also anticipated to drive the growth of industrial adhesives in the coming years.
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Over the historical period, global sales of industrial adhesives grew at a compound annual growth rate (CAGR) of 4.1%. During the historical assessment period, remarkable growth in industries has been observed, which eventually has bolstered the sales of industrial adhesives. However, owing to the pandemic impact, the historic growth rate had witnessed a certain downfall.
Industries such as electronics, glass, packaging, and consumer goods find a wide range of applications for industrial adhesives, which has witnessed robust growth over some recent years. End-use industries, on the other hand, are expected to continue to develop over the forecast period. Given this, Future Market Insights forecasts the worldwide industrial adhesives industry to expand at a CAGR of 4.4% from 2023 to 2033.
| Duration | Market Analysis |
|---|---|
| Short-Term Growth (2022 to 2025) | The market is anticipated to stand at a valuation of USD 62,610.28 million by 2025. For industrial applications, the aerospace sector was the first sector to encourage the utilization of industrial adhesives in the aircraft manufacturing process. Other end-use sectors followed suit. The extensive consumption of industrial adhesives in the aforesaid sectors is expected to stir up market momentum since the sectors are likely to grow alongside. The industrial adhesive products market is also witnessing an upward trajectory, given the technological advancements taking place in the market. Take, for example, the development of advanced bonding technology, which results in a reduction in time and cost that goes into the overall manufacturing process. Since its utilization enhances profit margin, manufacturers are increasingly adopting industrial adhesives. |
| Medium Term Growth (2025 to 2028) | By 2028 end, the market is estimated to surpass the market worth of USD 71,243.81 million. Over the respective time period, the evolution of industrial adhesives is projected to be dictated by market dynamics, such as globalization, global governmental regulations, and the maturity of technological processes. |
| Long Term Growth (2028 to 2033) | The market is expected to amass a total of USD 85,786.4 million by 2033. The commercial adhesives market demand is projected to take a turn towards the production of eco-friendly adhesives, also known as ‘green’ adhesives. The limited availability of raw materials and the adverse impact of synthetic adhesives on the environment and human health alike are some chief factors that are likely to be instrumental in the change of market direction. For the same purpose, research is going, with regard to renewable materials, to extract environmentally safe bio-adhesives. |
Asia Pacific is assumed to expand at a CAGR of 4.9% in regard to volume during the projected timeframe. This is due to the inclusion of emerging economies including India, China, South Korea, and Thailand.
These developing markets have a significantly increasing consumer base in sectors like aerospace, automotive, construction, textile, and others. As the robustly growing region, Asia Pacific holds a prominent business share of the worldwide market, due to the increasing demand from the electronic industry as well.
China is a significant contributor to the business due to its large customer base and the presence of crucial players in the industrial adhesives market in Asia Pacific. China is predicted to achieve a total value of USD 28,413.1 million by the end of 2033.
Furthermore, due to the rapid growth in the automotive, construction, and electronics industries throughout the country, the demand for industrial adhesives is anticipated to increase significantly in the region over the upcoming evaluation period.
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 28,413.1 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 12,696.3 million |
China is projected to reach an estimated value of USD 28,413.1 million by the end of 2033, expanding at a CAGR of 4.1%. China is expected to be the leading consumer of industrial adhesives owing to substantial growth in end-use industries. Significant presence of end users in the country creates a huge demand for industrial adhesives across the country.
The market in China is projected to be invigorated by various strategies employed by key players like product launch, acquisition, business expansion, collaboration, and partnership, etc., to be at the top of their game. Additionally, the expanding consumer base in the country is expected to propel market development.
| Historical CAGR (2017 to 2022) | 4% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.1% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 11,440.8 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 2,327 million |
As per FMI, the United States is projected to account for a significant share in the global industrial adhesives market. Over the projection period, the United States is expected to dominate the North American industrial adhesives industry, with a substantial value share in terms of consumption. The United States is estimated to attain an incremental revenue of USD 11,440.8 million by 2033.
The United States is a lucrative market for industrial adhesives industry owing to extraordinary presence of end-use industries in the country. Owing to remarkable growth in end-use industries in the country, the demand for industrial adhesives is expected to expand over the forecast period.
| Historical CAGR (2017 to 2022) | 3.3% |
|---|---|
| Forecast CAGR (2023 to 2033) | 3.5% |
| Taxonomy | Product Type |
|---|---|
| Top Segment | Acrylic |
| Forecast CAGR | 5.3% |
| Taxonomy | Technology |
|---|---|
| Top Segment | Water-based |
| Forecast CAGR | 3.5% |
According to the latest market analysis on industrial adhesives published by Future Market Insights, the global industrial adhesives industry is segmented into six parts acrylic adhesive, epoxy-based adhesive, PVA, polyurethane, and EVA, among others.
Among all product types of industrial adhesives, acrylic based adhesives are the top selling type of industrial adhesives, which is expected to account for more than 30% of the market share in overall industrial adhesives market by 2033 end.
Acrylic adhesives are used to enhance bonding strength and enrich the aesthetic appeal of metals. Acid and solvent resistance of acrylic adhesives make it an ideal choice for applications in furniture, packaging, and medical devices. Increasing application of the product is pushing the growth of acrylic adhesives market.
| Historical CAGR (2017 to 2022) | 4.6% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.3% |
Automotive is one of the key end-use industries of industrial adhesives. Adhesives are used in joining various parts and components, as a substitute for welding process. Industrial adhesives demand in the end-use segment is anticipated to witness a significant growth rate over the forecast period.
There is a growing trend of lightweight and low carbon-emitting vehicles supported by stringent environmental regulations. The weight reduction of vehicles is the key to improving fuel efficiency and limiting the emission of pollutants.
Adhesives play an important role in supporting OEMs (original equipment manufacturers) in automobile weight reduction strategies and complying with stringent environmental regulations by keeping carbon emissions at a minimum level.
The use of adhesives and sealants helps manufacturers reduce vehicle weight and offers additional stiffness and rigidity to the bonded parts without compromising on the riding comfort. This helps increase the life of vehicles, owing to which automotive manufacturers are preferring industrial adhesives over alternative solutions, that is bolstering its demand in automotive industry.
Given the existence of a many domestic and regional players involved in the manufacturing of industrial adhesives, the global industrial adhesives market is considered a highly consolidated market.
The tier-I players in the industrial adhesives industry are evenly split between the large players, who account for roughly 35-40% of the overall market and have a global sales and distribution presence. In order to maximise market opportunity, key manufacturers are placing emphasis on the integration of multiple business models and strategies. For Instance,
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia Pacific; and the Middle East and Africa |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, France, Italy, Spain, Russia, Poland, China, Japan, India, New Zealand, South Korea, ASEAN, Brazil, Mexico, GCC Countries, Egypt, South Africa |
| Key Segments Covered | Product Type, Technology, End-use, and Region |
| Key Companies Profiled | 3M; Sika AG; Dow Inc.; Henkel AG & Co. KGaA; H.B. Fuller Company; Arkema S.A.; Huntsman Corporation; Teraoka Seisakusho co., Ltd.; Pidilite Industries Limited; FORBO Holding; Covestro AG; Organik Kimya; Panacol-Elosol GmbH; Cargill Incorporated; Master Bond Inc.; Glue Dots International; ASTRAL ADHESIVES; Super Glue Corporation; YAMATO Co., Ltd; DELO Adhesives; Tonsan; Hongshu Adhesive Products Industrial Co., Ltd; GRECO (Great Eastern Resins Industrial Co., Ltd.); Vulkaflex Industria; Chemlok |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Through 2033, the market is projected to develop at a CAGR of 4.4%.
In 2023, the market is anticipated to reach a worth of USD 57,444 million.
By 2033, the market is anticipated to have expanded to USD 85,786.4 million.
From 2023 to 2033, Asia Pacific is projected to strengthen at a CAGR of 4.9%.
By 2023, it is anticipated that the market is going to generate USD 1.55 billion in revenue.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Acrylic Adhesives 5.2. PVA Adhesives 5.3. PUR Adhesives 5.4. EVA Adhesives 5.5. Epoxy Based Adhesives 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. UV CURE Adhesives 6.2. Pressure Sensitive Adhesives 6.3. Industrial Adhesives 6.4. Plastic Adhesives 6.5. Hot Melt Adhesives 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Automotive & Aerospace 7.2. Healthcare 7.3. Consumer Goods 7.4. Packaging 7.5. Construction 7.6. Electronics 7.7. Glass Making 7.8. Footwear 7.9. Furniture & Metalwork 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. 3M 16.2. Sika AG 16.3. Dow Inc. 16.4. Henkel AG & Co. KGaA 16.5. H.B. Fuller Company 16.6. Arkema S.A. 16.7. Huntsman Corporation 16.8. Teraoka Seisakusho co., Ltd. 16.9. Pidilite Industries Limited 16.10. FORBO Holding 16.11. Covestro AG 16.12. Organik Kimya 16.13. Panacol-Elosol GmbH 16.14. Cargill Incorporated 16.15. Master Bond Inc. 16.16. Glue Dots International 17. Assumptions & Acronyms Used 18. Research Methodology
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Industrial Adhesives Market
