by Industrial adhesives are used across various industries like automotive, construction, packaging, woodworking, and footwear. They find applications in bonding dissimilar substrates, sealing, structural bonding, and other general purposes. Adhesives can be solvent-based, water-based, or hot melt adhesives. They provide strength, durability, and resistance to heat, corrosion, and abrasion. Key advantages include joining of substrates with lower surface areas, no need for fasteners or welding, filling of gaps, and providing shock and vibration absorption.
The global Industrial Adhesives Market is estimated to be valued at US$ 42.04 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Bio-based and Green Adhesives are Gaining Traction
With growing concerns regarding environmental degradation and sustainability, manufacturers are focusing on developing bio-based and green adhesives. These are derived from renewable plant-based resources and have lower volatile organic compound emissions. Key players have introduced product lines of bio-adhesives made from soybean, corn, and other plant derivatives. Furthermore, stringent regulations regarding VOC emissions are propelling research on eco-friendly adhesive formulations. Sustainable substrates are also being adopted to reduce the overall carbon footprint. These trends point towards the larger shift towards green and sustainable adhesive technologies.
Porter’s Analysis
Threat of new entrants: Low due to high capital requirement and established presence of major players.
Bargaining power of buyers: Moderate due to presence of substitutes but buyers have less influence on pricing.
Bargaining power of suppliers: Low due to availability of substitute raw materials and fragmented supplier base.
Threat of new substitutes: Moderate threat from other bonding technologies and mechanical fasteners in specific applications.
Competitive rivalry: High degree of competition among major players to gain market share.
Key Takeaways
The Global Industrial Adhesives Market Size is expected to witness high growth over the forecast period.
Regional analysis shows that Asia Pacific dominates the market currently due to high industrial activities in China and India.
Key players operating in the industrial adhesives market 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., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC.
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