The global adhesives market will grow at a CAGR of 4.5% during the forecast period to reach USD 53,503.0 million by 2022, driven by growing demand for consumer goods with rising urbanization & improving lifestyle; rising demands for hot melts adhesives; and growing automotive industry with rising demand for lightweight and low carbon emitted vehicles.
Further, growing demand from emerging economies and increasing need for eco-friendly, low VOC, & green sustainable adhesives offers significant opportunities for the growth of adhesives market during the forecast period. However, volatile raw material prices hamper the growth of this market to some extent.
Asia-Pacific region holds the major share in the global adhesives market, followed by Europe, and North America. The large share of this region is primarily attributed to the huge demand for adhesives in industrial manufacturing. In addition, rising industrialization; infrastructural developments, and increasing private & government investment in these sectors; rising demand for various consumer goods from large population base; growing income level; and rising urbanization are the other major factors propelling the growth of the Asia-Pacific adhesives market. Asia-Pacific region is also the fastest growing regional market in the global adhesives industry.