Industrial Adhesives Market By Product (Polyvinyl Acetate, Acrylic, Epoxy, Ethyl Vinyl Acetate, Polyurethane), By End-User Industry (Packaging, Automotive, Electrical & Electronics, Industrial Machinery, Medical, Footwear, Furniture), And Region For 2024-2031
Report ID: 180633|No. of Pages: 202
Industrial Adhesives Market By Product (Polyvinyl Acetate, Acrylic, Epoxy, Ethyl Vinyl Acetate, Polyurethane), By End-User Industry (Packaging, Automotive, Electrical & Electronics, Industrial Machinery, Medical, Footwear, Furniture), And Region For 2024-2031
Industrial Adhesives Market Valuation – 2024-2031
Strong bonding solutions are necessary to improve product performance and lower manufacturing costs in industries like construction, which is the main driver of the industrial adhesives market. According to the analyst from Verified Market Research, the industrial adhesives market is estimated to reach a valuation of USD 71.63 Billion over the forecast subjugating around USD 50.76 Billion valued in 2023.
The automotive industry’s shift to lighter and more environmentally friendly cars, together with the growing demand for packaged food and beverages, are the main factors propelling the industrial adhesives market. These factors also highlight the market’s flexibility and inventiveness in creating sustainable adhesive solutions. It enables the market to grow at a CAGR of 4.4% from 2024 to 2031.
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Industrial Adhesives Market: Definition/ Overview
Industrial adhesives are high-performance bonding solutions that bind two or more substrates together while providing greater strength and endurance than regular consumer adhesives. They are made from a variety of natural and synthetic polymeric materials, allowing them to withstand harsh circumstances including high temperatures and chemical exposure. Industrial adhesives have a wide range of uses in industries such as automotive, aerospace, electronics, and construction. In the automotive industry, they are used to bond components to reduce weight and improve fuel efficiency. In aerospace, they maintain structural integrity in light aircraft designs. Furthermore, in electronics, they provide dependable connections between components, while in building, they provide critical sealing and bonding solutions for a variety of materials.
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What are the Drivers that Surge the Demand for Industrial Adhesives?
The rising global construction sector is a primary driver of industrial adhesives. According to the United States Census Bureau, the value of building projects in the United States reached USD 1.57 Trillion in 2021, up 8.2% from 2020. The European Construction Industry Federation (FIEC) estimated that construction activity in the EU increased by 5.2% in 2021. This increase in construction activity fuels the demand for industrial adhesives used in a variety of applications, including flooring, roofing, and insulation.
The automotive industry’s transition to lightweight materials and electric vehicles is increasing the use of industrial adhesives. According to the International Energy Agency (IEA), worldwide electric vehicle sales were more than quadruple to 6.6 million by 2021, accounting for nearly 9% of the global car industry. According to the US Department of Energy, decreasing a vehicle’s weight by 10% can increase fuel efficiency by 6-8%. Adhesives are increasingly being used as alternatives to traditional fastening methods as vehicles become lighter and more fuel-efficient.
Furthermore, the expanding electronics industry, especially in consumer electronics and smartphones, is propelling the industrial adhesives market. According to the International Data Corporation (IDC), global smartphone shipments reached 1.39 billion units in 2021, up 7.7% from 2020. The U.S. Consumer Technology Association predicted that consumer technology retail sales revenue in the United States reached USD 505 Billion in 2021, up 7% from 2020. The increase in electronics production is driving up the need for industrial adhesives used in device assembly and component bonding.
What Factors Hinder the Growth of the Industrial Adhesives Market?
Technological restrictions on adhesive performance and compatibility limit market growth in the industrial adhesives market. Many current adhesive formulations fail to fulfill the changing needs of sectors that seek innovative bonding solutions for lightweight and composite materials. The need for ongoing innovation necessitates a significant investment in research and development. Companies that fail to keep up with technical improvements risk losing market share as customers seek high-performance adhesives capable of withstanding demanding applications across a wide range of industries.
Furthermore, the industrial adhesives market confronts major hurdles due to raw material price volatility, which is predominantly impacted by crude oil changes. Petrochemicals, solvents, and tackifiers are all sourced from oil hence their prices are subject to market fluctuations. This uncertainty increases production costs, affecting firms’ profit margins and pricing strategies. As a result, businesses struggle to maintain competitive pricing while upholding product quality standards.
Category-Wise Acumens
How Does the Increasing Adoption of Polyvinyl Acetate Propel Market Growth?
According to VMR analysis, the polyvinyl acetate segment is estimated to hold the largest market share during the forecast period. Polyvinyl acetate (PVA) stands out for its adaptability in a variety of industries, including packaging, furniture production, and construction. Its outstanding bonding capabilities, combined with its ease of use and low cost, make it a popular choice for a wide range of applications that demand strong yet flexible adhesive. This broad applicability helps to explain the PVA segment’s dominance.
The growing emphasis on sustainability has resulted in increased demand for eco-friendly adhesives such as polyvinyl acetate. PVA is noted for being solvent-free and emitting low VOCs, making it comply with strict environmental laws. Manufacturers looking for environmentally friendly adhesives favor PVA over other choices, increasing its market share.
Furthermore, in general, polyvinyl acetate is less expensive than many other industrial adhesives such as epoxy or polyurethane. This affordability feature appeals to manufacturers who want to balance quality and price limits without sacrificing product performance. Also, its ease of use lowers operational expenses, making it more appealing in a variety of industries.
How Does the Packaging Industry Bolster the Growth of the Industrial Adhesives Market?
The packaging segment is estimated to dominate the industrial adhesives market during the forecast period. The growing customer preference for convenience and ready-to-eat foods has increased demand for packaged items. This trend emphasizes the importance of excellent adhesive solutions for secure sealing, labeling, and packaging material durability. As businesses attempt to improve product shelf life and appearance, the reliance on high-performance adhesives in packaging applications grows.
Adhesive formulation innovations have substantially improved their performance, making them more appropriate for a variety of packaging materials. Manufacturers may enhance their packaging operations thanks to developments like eco-friendly adhesives that meet regulatory criteria and improved bonding capabilities. These advances not only increase productivity but also minimize waste, strengthening the packaging segment’s position in the industrial adhesives market.
Furthermore, as environmental concerns gain prominence, the packaging sector is moving toward more sustainable processes. This involves the use of biodegradable and recyclable materials, which necessitates the use of specialist adhesives that are environmentally friendly. The increased emphasis on sustainability increases demand for industrial adhesives that can support these activities, boosting the packaging segment’s market leadership as businesses strive to fulfill customer expectations and regulatory requirements.
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Country/Region-wise Acumens
How Does the Rapid Construction Growth Influence the Growth of the Market in North America?
According to VMR analyst, North America is estimated to exhibit substantial growth within the industrial adhesives market during the forecast period. The North American construction sector, especially in the United States, has experienced substantial rebound and growth, fueling demand for industrial adhesives. According to the United States Census Bureau, the value of building projects in the United States reached USD 1.59 Trillion in 2021, up 8.2% from 2020. The Associated General Contractors of America said that construction spending in the first eleven months of 2022 climbed by 10.5% over the same period in 2021. This significant development in building activity is driving up demand for industrial adhesives used in a variety of applications, including flooring, insulation, and structural bonding.
Furthermore, North America has a substantial presence in the automobile and aircraft industries, both of which are major users of industrial adhesives. According to the Bureau of Economic Analysis, the automotive industry in the United States generated 3% of GDP in 2021. The Aerospace Industries Association reported that the US aerospace and military industry generated USD 874 Billion in sales revenue in 2021, a 2.8% increase over 2020. The expansion and technological advancements in these industries, particularly the shift to lightweight materials and electric cars, are driving the rising use of high-performance industrial adhesives.
What Factors Contribute to the Potential Opportunities in the Asia Pacific Region?
The Asia Pacific region is estimated to dominate the industrial adhesives market during the forecast period. The Asia Pacific region, particularly China and India, is undergoing tremendous industrialization and manufacturing growth, which is pushing up demand for industrial adhesives. According to the United Nations Industrial Development Organization (UNIDO), Asia and the Pacific contributed 51.5% of global manufacturing value added in 2020, with China accounting for 28.7%. China’s National Bureau of Statistics announced that industrial production climbed by 9.6% in 2021 compared to the previous year. This significant increase in manufacturing activity is a major driver of the region’s industrial adhesives market.
Furthermore, the building industry in Asia Pacific is rapidly increasing, driving up demand for industrial adhesives. According to the Asian Development Bank (ADB), the construction industry in emerging Asia is expected to increase at a 7.1% annual rate from 2021-2025. In India, the Ministry of Statistics and Programme Implementation reported that the construction sector expanded by 10.7% in fiscal year 2021-2022. The increase in construction activity throughout the region has significantly boosted the use of industrial adhesives in a variety of applications.
Competitive Landscape
The competitive landscape of the industrial adhesives market is characterized by fierce competition among numerous stakeholders. To maintain their market position, key firms use strategic maneuvers such as product launches, geographical expansions, mergers and acquisitions, and collaborations.
Some of the prominent players operating in the industrial adhesives market include:
Toyo Polymer Co. Ltd, Henkel AG & Co., Cytec Industries, Inc., Dow Chemical Co., Bayer Product Science, DuPont de Nemours, Inc., Adhesive Films, Inc., Mitsubishi Chemicals Corporation.
Latest Developments
- In September 2020, Toyochem Co., Ltd. created a new line of biodegradable pressure-sensitive adhesives (PSAs). The newly created product, which is marketed under 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.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| Growth Rate | CAGR of ~4.4% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2020-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players |
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| Customization | Report customization along with purchase available upon request |
Industrial Adhesives Market, By Category
Product:
- Polyvinyl Acetate
- Acrylic
- Epoxy
- Ethyl Vinyl Acetate
- Polyurethane
- Others
End-User Industry:
- Packaging
- Automotive
- Electrical and Electronics
- Industrial Machinery
- Medical
- Footwear
- Furniture
- Others
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL INDUSTRIAL ADHESIVES MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL INDUSTRIAL ADHESIVES MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL INDUSTRIAL ADHESIVES MARKET, BY END-USER INDUSTRY
5.1 Overview
5.2 Packaging
5.3 Automotive
5.4 Electrical and Electronics
5.5 Industrial Machinery
5.6 Medical
5.7 Footwear
5.8 Furniture
5.9 Others
6 GLOBAL INDUSTRIAL ADHESIVES MARKET, BY PRODUCT
6.1 Overview
6.2 Polyvinyl Acetate
6.3 Acrylic
6.4 Epoxy
6.5 Ethyl Vinyl Acetate
6.6 Polyurethane
6.7 Others
7 GLOBAL INDUSTRIAL ADHESIVES MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL INDUSTRIAL ADHESIVES MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Toyo Polymer Co. Ltd.
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Henkel AG & Co.
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Cytec Industries Inc.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Dow Chemical Co.
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Bayer Product Science
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 DuPont de Nemours, Inc.
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Adhesive Films Inc.
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 Mitsubishi Chemicals Corporation
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
10 KEY DEVELOPMENTS
10.1 Product Launches/Developments
10.2 Mergers and Acquisitions
10.3 Business Expansions
10.4 Partnerships and Collaborations
11 Appendix
11.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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