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High Performance Adhesives Market Key Trends And Strategies For Expansion 2024-2033
High Performance Adhesives Market Key Trends
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According to The Business Research Company's, The high performance adhesives market size has grown strongly in recent years. It will grow from $32.43 billion in 2023 to $34.10 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increasing manufacturing processes, increasing environmental regulations, automotive industry growth, consumer electronics boom, and increasing focus on building materials.
The high performance adhesives market size is expected to see strong growth in the next few years. It will grow to $41.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to rising aircraft production, expansion of the medical sector, packaging industry growth, rising consumer awareness, and e-commerce and online retail growth. Major trends in the forecast period include advancements in polymer chemistry, the integration of sensors and smart materials, automation and robotics, the integration of nanotechnology, and digitalization of manufacturing.
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Market Drivers and Trends:
The increasing transportation industry is expected to propel growth of the high performance adhesives market going forward. The transportation industry encompasses the movement of goods and people via various modes, including road, rail, air, and sea. It plays a critical role in global trade, supply chains, and personal mobility. The transportation industry is rising due to several reasons, including the rise of online shopping, urbanization, population growth, and infrastructure development. High-performance adhesives enhance the transportation industry by reducing vehicle weight and improving durability, leading to better fuel efficiency and lower maintenance costs. For instance, in April 2024, according to the Bureau of Transportation Statistics, a US-based government agency, the total contribution of transportation to GDP rose from 6.3% in 2021 to 6.7% in 2022, with for-hire transportation leading the growth, increasing from 3.2% to 3.5%, while household transportation saw a smaller rise of one percentage point. Therefore, the increasing transportation industry is driving the growth of the high performance adhesives market.
Major companies operating in the high performance adhesives market are focusing on developing innovative products, such as waterborne adhesive solutions that simplify the bonding process in footwear manufacturing. Waterborne adhesive solutions are environmentally friendly adhesives that use water as a solvent instead of harmful chemicals. For instance, in September 2024, Covestro AG, a Germany-based polymers and high performance plastics company, launched Dispercoll U and Dispercoll U PLUS for the automotive and footwear industries. These are advanced waterborne polyurethane adhesives specifically designed for athletic footwear and automotive interior sectors. Dispercoll U improves manufacturing efficiency with lower activation temperatures and strong initial tack, while Dispercoll U PLUS offers superior durability and hydrolysis resistance, making it ideal for footwear and automotive interiors requiring heat and climate resilience.
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Major Key Players of the Market:
The Dow Chemical Company, 3M Company, Parker-Hannifin Corporation, Sika AG, Avery Dennison Corporation, Huntsman International LLC, H.B. Fuller Company, Pidilite Industries Limited, DELO adhesive, TEX YEAR INDUSTRIES INC., Dymax Corporation, PARSON ADHESIVES INDIA PRIVATE LIMITED, Jowat SE, Super Bond Adhesives Pvt. Ltd., ITW Performance Polymers, Hernon Manufacturing Inc., WEICON GmbH & Co. KG, Permabond Engineering Adhesives Limited, Ester Chemical Industries Pvt. Ltd., Ameri-Cal Corporation
High Performance Adhesives Market 2024 Key Insights:
• The high performance adhesives market size is expected to see strong growth in the next few years. It will grow to $41.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Transportation Industry Propel Growth Of The High-Performance Adhesives Market
• Innovative Waterborne Adhesives Transform Footwear And Automotive Industries
• Asia-Pacific was the largest region in the high performance adhesives market in 2023
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