Adhesive Market: Snapshot
The growing drift in trend of using adhesives instead of welding processes and fasteners has led to expansion of opportunities in the global adhesive market. 3M company, Henkel AG & Company KGaA, and Pidilite Industries Limited, are a few of the big players of the global adhesive market and these players are now focused on making new products for the customers along with merging with other players. The global services market is predicted to see the use of bio based adhesives in the time to come because of the green revolution. Also, since eco-friendly adhesives can be used under the water and are also not harmful for the environment, their demand is predicted to see an upward trend. Important end users to the bio based adhesives will be paper and pulp, healthcare, and packaging, in the time to come.
The adhesive market is predicted to be valued at US$55.8 bn towards the end of 2025 and it was valued at US$34.3 bn in the year 2016 globally, as stated by Transparency Market Research. This report by Transparency Market Research also shows that this market will grow at a noticeable CAGR of 5.62% between the years 2014 to 2025. One very important part of this market in the time to come will be the acrylic sector. The emerging countries in the region of Asia Pacific are predicted to continue to bring in demands for adhesives as predicted by the researchers, and in the year 2016, Asia Pacific accounted for over 30% of the total market share globally, and is also predicted to lead the global adhesive market during the assessment period.
Fuel efficiency to be an important factor driving the demand for adhesives.
Increasing Demand from Industrial Segments Behind Growth of Adhesives Market
The main factor that is driving the global adhesive market is the growing requirement of adhesives from a number of industrial segments. Currently, while manufacturing aircrafts and vehicles, adhesives are widely taken into use. And the main reason behind this is the property of adhesives to minimise fuel usage along with minimising the weight of vehicles. Also, since orthodox methods like welding are no longer used widely, even this is predicted to boost the requirements of adhesives. The reason behind the curb in welding activities is because welding of engine parts makes it heavy, and because of this manufacturers are know interested in using adhesives. This research states that the requirement of adhesives will be on the higher side continuously since minimising fuel consumption as well as low weight of the vehicles is very important.
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Strict Government Regulations to Minimize Air Pollution Creating a Favourable Environment for Market
While buying a new vehicle, most customers consider fuel efficiency to be the deciding factor before making a purchase, and less weight of the vehicle helps in improving fuel consumption. Also, the government of the United States has taken stern measures that requires the automakers to better the fuel consumption by up to 23.17 km per litre and failing to do so will result in a fine. The strict government rules and regulations to minimise air pollution is further predicted to increase the sales of vehicles that consume less fuel, which is ultimately predicted to boost the global adhesives market