Global high-performance adhesives market forecast to reach $14.6 billion by 2024
New York, NY - Zion Market Research has published a new report titled, “High-Performance Adhesives Market by Type (Epoxy, Acrylic, Polyurethane, Silicone and Others), by Technology (Solvent-Based, Water-Based, Hot-Melt High and Others), and by Application (Transportation, Packaging, Electronics, Construction, Medical and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018–2024.”
According to the report, the global high-performance adhesives market was valued at approximately $9.67 billion in 2017, and is expected to generate revenue of around $14.63 billion by the end of 2024, growing at a CAGR of around 6.09 percent between 2018 and 2024. The rapid technological advancement and continuous innovation in the product have led to the upsurge in the sale of high-performance adhesives across the world.
Because of the attributes such as high elasticity, high-temperature resistance, high tensile strength, low curing time, high durability and excellent moisture resistance, the high-performance adhesives are used in complex and critical applications. The increasing demand from every end-use industry is fueling the growth of the market. The technological advancements are expected to propel the market growth and development. Leading manufacturers and organizations are significantly making investments to develop cost-effective and durable adhesives which will be feasible to undergo any kind of complex and critical applications.
According to the International Council on Clean Transportation, new car registration procedure in Europe had increased to 14.45 million in 2016. The peak growth was achieved by the sports vehicle utility segment in which about 3.6 million new cars were SUVs. Thus, the escalating demand for automation in the electronic sector due to the increasing usage of complex parts in automobiles is expected to boost the market. Such factors are contributing to the high-performance adhesives market growth over the forecast period.
The high-performance adhesives market is segmented on the basis of material recovery which is further divided into PCBs, plastic, ceramics, metals, glass, wood, and others. Metal segment held major revenue share in 2017. The growth is attributed to metals which are mostly used in every component, printed circuit boards (PCBs) and microcontrollers. Electrical and electronic products consist of components that use conductive metals, metal tracks, and solders. Based on source type, the high-performance adhesives market has been segmented into household appliances, entertainment and consumer electronics, IT and telecommunications, and others. Consumer electronics is expected to contribute for significant revenue share in 2017. The increasing acceptance of consumer electronics in the commercial and residential sectors is the major driving factor which will increase demand for the product.
North America is expected to hold a substantial revenue share in the global high-performance adhesives market. The region is an automobile manufacturing hub. Thus, the rising demand for high-performance adhesives in automobiles is going to have a positive impact on the market growth and development. Such factors are expected to drive high-performance adhesives market growth in the region over the forecast time frame. Asia Pacific is growing at the highest rate in the global high-performance adhesives market in 2017, and the region is projected to continue with its regional domination over the forecast period. The growth of this regional market is attributed to change in lifestyle, followed by the increase in purchasing power of people in developing economies such as India and China, along with Japan, which is fueling the demand for high-end products that utilize the high-performance adhesives. Such factors are anticipated to further drive the industry growth in the region over the forecast period.
The Latin America high-performance adhesives market is expected to provide significant opportunities to the market over the forecast timeframe. This is because currently the manufacturers of high-performance adhesives have low presence and reach into the market. Thus, by strengthening the distribution channels, the manufacturers can strengthen their footprint in the market. Such factors are expected to drive industry growth in the Latin America over the forecast period.
Some of the industry players operating in the high-performance adhesives market include Henkel AG, Bostik, 3M, Avery Dennison, HB Fuller, Pidilite, Illinois Tool Works, Delo, Huntsman Corporation, Hernon Manufacturing, Inc., Royal Adhesives & Sealants, LLC, Ashland Inc., Permabond LLC., Hernon Manufacturing, Inc., and Sika.
Source: Rubber World