Global Adhesives Market to surge at above 5% CAGR between 2020 and 2030
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Adhesives are nonmetallic substances used to stick two separate objects or items together. They are commonly referred to as glue, gum or paste. Since adhesives are used in almost all sectors, there has been a constant demand for their production which directly affects their sales.
The report offers a comprehensive overview of various factors enabling growth in the market. It highlights hidden opportunities and potential threats. Some of the key takeaways from the report are highlighted below:
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Key Takeaways from Adhesives Market Report
• Increasing demand from the automotive sector is expected to boost adhesive markets. Surging automotive production in India and China will therefore make Asia Pacific a lucrative market
• The requirements for ecofriendly adhesives is predicted to create growth opportunities across manufacturing industries
• Rising use of adhesives in electronic gadgets will bolster prospects in electronics sector
• Ethylene vinyl acetate forecast to account for leading share in the market among product types
• The Covid-19 pandemic has effected all sectors including the adhesives market. Production faced a decline due to the lack of raw materials supply. However, the market is expected to recover and grow in an increasingly steady pace.
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Research and Development Efforts to Boost Growth
The increasing demand for environmentally friendly products has led to innovations in the adhesives market. Manufacturers are focusing on creating organic products to improve their market status. The increasing pressure to innovate new technology to create products in compliance with the new environmental regulations has pushed manufacturers to innovate and develop their existing technologies.
In 2019, Jowat introduced a bio based hot melt adhesive to fulfill the growing need of eco friendly adhesives in the packaging industry. Bio based adhesives not only reduce the carbon footprint, but are also profitable since their production costs are far less. Increasing innovation, rise in demand and high production capacity are going to increase rapidly during the forecast period.
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Some of the key players in the global Adhesives market are Sika AG, Bostik SA, H.B. Fuller Company, RPM International Inc. and Avery Dennison Corporation.
Stricter regulations regarding the emission of carbon dioxide (CO2) from vehicles will open a wider market for adhesives as they are useful in reducing C02 emissions. Increasing demand in the automotive sector, the electronics industry and the construction industry have directly contributed to the growth of the Adhesives market.
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