ALBANY, New York, September 19, 2018 /PRNewswire/ --
The player landscape of the global adhesive market is increasingly competitive, finds Transparency Market Research (TMR). Prominent manufacturers of adhesives in bid to establish their stronghold are engaging in technological advancements and focusing on product innovations. TMR notes that in the coming years, a growing number of companies are likely to engage in geographic consolidation strategies to strengthen their positions and gain competitive advantage over others. Top players operating in the global adhesive market are Avery Dennison Corp., BASF SE, Uniseal Inc., Ellsworth Adhesives, and Fitas Flax. The presence of several prominent players also make the landscape fairly fragmented.
According to a report by TMR, the global adhesive market stood at US$34.3 billion in 2016 and is projected to touch a valuation of US$55.8 billion by the end of 2025. The global market is forecast to rise at 5.62% CAGR during 2017-2025.
Among the major product types, the demand for acrylic dominates in the overall adhesive market and is anticipated to continue its sway throughout the assessment period. The extensive demand for acrylic adhesives can be attributed to their versatility and ease of use in a variety of production environments.
On the regional landscape, Asia Pacific held the major share in 2016 and is expected to retain its lead in the global adhesive market in the next few years as well. The growth of this regional market is driven by abundant untapped avenues coming from the emerging economies.
Stringent Implementation of Governmental Regulations in improving Fuel Efficiency of Vehicles bolsters Uptake
The global demand for adhesives rides on the back of constantly burgeoning use of the bolding materials in a number of industrial applications in several sectors all over the world. The worldwide adhesive market is also driven by its rising application in the automotive industry. The substantial demand for various types of adhesives stems from the need to design fuel efficient vehicles and automobiles. The use of adhesives is fast gaining preference over mechanical fasteners and various welding processes that were traditionally used to be done with vehicles. Furthermore, the ever-rising need for optimizing the automobile fuel usage has stimulated vehicle manufacturers to aim for weight reduction in vehicles. This is imparting a large, constant impetus to the demand for adhesives.
The global adhesive market is also catalyzed by the stringent implementation of governmental regulations to reduce the carbon footprint from vehicles in various parts of the world, particularly in advanced nations such as the U.S. The growing demand for lighter weight composites is directly influencing the uptake of adhesives in the automobile industry. The adhesive market is also fueled by the rising demand for these bonding materials in high-end vehicles, notably sports cars.
Products Innovations to open Lucrative Frontiers in Adhesive Market
The growing demand for fuel-efficient aircrafts is also bolstering the uptake of adhesives, world over. The rising need for meeting stringent safety norms in aircraft is propelling engineers to design more durable adhesive systems for interior use, apart from their role in enhancing the fuel efficiency. The growing demand for high functional adhesives for cabin and cargo compartment components is boosting the adhesive market.
Relentless advances in adhesive chemistry has led to the development of advanced acrylic adhesives that are more durable and of high strength and can be used for a variety of industrial applications. The advent of high-performing structural acrylic adhesives for permanent bonding assemblies in industrial environments is a case in point.
A plethora of promising avenues for manufacturers and producers in the adhesive market is also expected to come from emerging economies, such as in Asia Pacific. Focus on innovations by industry players will lead to unique formulation for adhesives, thereby opening exciting opportunities in the global adhesive market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Adhesive Market (Type - Water-based, Solvent-based, and Hot Melt; Product - Polyurethane, Acrylic, Poly Vinyl Acetate (PVA), Polyester, Rubber, Epoxy, and EVA; Application - Packaging (Flexible and Rigid), Construction, Automobile, Footwear and Leather, and Consumer) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025".
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