The industrial adhesives market has been witnessing steady growth over the past few years with the increasing application of adhesives in various end-use industries like automotive, building & construction, packaging, woodworking, footwear and others. Adhesives offer advantages like reduced assembly time and weight, high bond strength, corrosion resistance over conventional fastening methods like welding and mechanical fasteners. The Global industrial adhesives market size is estimated to be valued at US$ 48.44 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the industrial adhesives are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., â¤ssur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC. The growing demand from the packaging industry due to increase in e-commerce activities is a major factor driving the market. Technological advancements in adhesive production like hot melt adhesives are gaining traction in the market.
Market Trends
Environmental concerns regarding VOCs emissions from solvent-based adhesives has boosted the demand for bio-based and water-based adhesives in the market. Manufacturers are investing in R&D to develop advanced adhesive solutions with improved bonding strength and shorter curing times.
Market Opportunities
The rising popularity of lightweight and sustainable materials in automotive industry creates opportunities for manufacturers to develop lightweight and high strength structural adhesives. Growing infrastructure development activities in emerging countries of Asia Pacific and Middle East is anticipated to boost the demand for adhesives in construction applications over the forecast period.
Impact of COVID-19 on Industrial Adhesives Market Growth
The COVID-19 pandemic has severely impacted the global industrial adhesives market growth. With lockdowns imposed worldwide, there was a steep decline in end-use industries like automotive, construction, woodworking, and packaging. This led to reduced demand for adhesives as production and operations were halted. However, with easing of restrictions and resumption of activities, the market is rebounding gradually post-COVID.
The pre-COVID scenario saw steady industrial adhesives market expansion riding on strong performances of end-use sectors. However, the pandemic brought everything to a standstill. With businesses shut, supply chains disrupted and projects stalled, adhesive sales nosedived. Even as markets reopen, end-users remain cautious about demand recovery. Social distancing norms hamper productivity while raw material shortages and price hikes impact the industry.
Adhesive manufacturers face challenges to sustain operations amid volatile demand-supply dynamics. While e-commerce growth supports some segments, overall markets will take time returning to pre-crisis levels. For stable long-term growth, businesses need agile strategies to increase product offerings, diversify end-uses and gain market share. Emphasis on product innovation, sustainability drives and strategic partnerships can help maximize opportunities in the evolving market landscape.
The industrial adhesives market in North America region is highly concentrated in value terms currently. The region accounts for a significant market share owing to vast end-use industries and presence of leading adhesive brands. Besides, high per capita adhesive consumption and rising investments to develop advanced formulations further augment the regional market. Meanwhile, the Asia Pacific region is emerging as the fastest growing market for industrial adhesives globally. Factors such as rapid industrialization, infrastructural development activities and expansion of manufacturing sector across countries like China and India are supporting the market growth.
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