ALBANY, New York, Feb. 21, 2019 /PRNewswire/ -- The global high performance adhesives market depicts the presence of a highly competitive landscape, reports Transparency Market Research. The market, thanks to a large number of players is a home to new innovations and product improvements. Some key players in the global high performance adhesives market are, 3M, Bostik, HB Fuller, Henkel AG, Pidilite, and Avery Dennison. Key players in the market are increasingly focused on bringing forth cost-effective and durable innovations. These are further expected to make the market's landscape even more competitive during the forecast period.
The high performance adhesives market was valued at US$ 9,362 mn in 2017. The market is anticipated to grow at a healthy 5.9% CAGR during 2018-2026. The market is expected to reach US$15,498.6 mn by 2026.
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The solvent-based adhesives are expected to hold a majority share in the market share. Asia Pacific regional high performance adhesives market is expected to bag the largest share of the global market during 2018-2026. Increasing automobile sales and rising demand from the industry in the region is expected to fuel the growth of the high performance adhesives market.
The high-performance adhesives now offer unique qualities such as high elasticity, high tensile strength, high-weather resistance, high durability, low curing time, and improved moisture resistance. These quality offerings are driving the growth of the high performance adhesives market for critical and complex end-use applications. Additionally, the market also caters to a wide variety of industries.
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Exceptional qualities of high performance adhesives and their growing reliability is expected to drive demand for the products in medical and aerospace industry. However, the growth of these adhesives faces a few hurdles as well. These adhesives are witnessing a gradual decrease in demand as it contains VOCs (Volatile Organic Compounds) which cause harmful effects to the environmental. Water-based adhesives can grow further during the forecast period as awareness about VOCs continues to rise.
For example, epoxy adhesives are known for their extreme heat-resistance. Hence, their application in various manufacturing end-user industries is expected to rise with very few close substitutes. Moreover, the substitutes for epoxy adhesives are also expected to present opportunities for acrylic adhesives to grow. Acrylic adhesives are highly compatible and are used widely by end-use industries. These include water-based adhesives with low VOCs. Hence, water-based and acrylic adhesives are expected to grow significantly in the high-performance adhesives market.
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Growing Demand in the Auto Industry Presents a New Opportunity
The increasing automotive manufacturing is expected to drive growth for the high performance adhesives market globally. High performance adhesives reduce carbon emissions at a significant rate. Additionally, over 15 kg of high performance adhesives can be used in the production of a single vehicle. Growing emission related regulations, structural strength of these adhesives and their property to link together different surfaces effectively represents a major opportunity in the market during the forecast period.
This information is encompassed in the new report by TMR, titled "High Performance Adhesives Market (Type - Epoxy, Silicone, Polyurethane, Acrylic; Formulation Technology - Solvent based, Water-based, Hot Melt, UV-curable; End use - Automotive, Electronics, Packaging, Medical, Construction, Aerospace, Others (Marine and Leather & Footwear) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."
For the study, the high performance adhesives market has been segmented as follows:
By Formulation Technology
- Solvent based
- Hot Melt
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