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Industry Insights, Market Size, CAGR, High-Level Analysis: Engineering Adhesives MarketThe global engineering adhesives market was valued at USD 19.41 billion in 2018 and is expected to witness a CAGR of 7.2% from 2019 to 2025. Rising demand from end-use industries including construction, transportation, and electronics around the world is catalyzing the growth of the market. Increased demand for engineering adhesive products has been observed in Asia Pacific. This demand is attributed to growth of industrial output in emerging countries such as China and India. Replacement of conventional fasteners with bonding products have observed widespread applications in construction, transportation, and other sectors. Development in fermentation and microbial processes has led to advancement of polyurethane adhesive products. This in turn, is projected to create new market opportunities for vendors. This factor is important in growth of the market owing to the requirement of specialty products and market differentiation in end-use industries. These products are gaining popularity owing to the properties such as rigid bonds, high strength, and high viscosity. These can be manufactured with various processes based on natural or synthetic formulation. Natural based include sources such as dextrin or vegetable starch, natural resins, animal hides, and other materials. Engineering adhesive plays a key role in improvising quality and reliability of equipment & machineries. These products help to achieve more dynamic and static strength and reduce corrosion problems during assembly. Applications such as gasketing, thread locking, and sealing have witnessed increasing demand for such products. Structural bonding in engineering applications is anticipated to create new opportunities for market participants. Dissimilar substrates such as plastic, metal, and glass can be glued using advanced bonding products. They offer advantages such as uniform stress distribution, reduction in weight, and improved fatigue resistance.
Product Insights of Engineering Adhesives MarketIn terms of volume, epoxies accounted for highest market share of 36.5% in 2018 and projected to grow at lucrative pace over the next seven years. These products provide high degree of freedom and are ideal choice where structural linkage is required. Applications such as potting terminals and hinges & brackets widely use these type of products. Cyanoacrylates segment is projected to grow at CAGR of 7.8% from 2019 to 2025 in terms of revenue. Low shearing strength of these products enables its use in temporary bonding applications. Cyanoacrylates products have wide applications in electronics, woodworking, medical, cosmetics, and marine applications. Demand for polyurethanes is increasing on account of its ability to join wide range of substrates. These products also provide high strength and are suitable in numerous sealing and bonding applications. Growing demand from equipment & machinery and construction industries are the key drivers for this segment.
Application Insights of Engineering Adhesives MarketOn the basis of application, the engineering adhesives market has been categorized into transportation, construction, electrical & electronics, energy, and others. Transportation was the largest segment in 2018 and accounted for volume share of 28.7%. The application is driven by rising demand for joining vehicle components in assemblies and replacement of fasteners with adhesive products. Government funding and investment is promoting the renewable energy sector. Among this sector, wind energy is projected to provide ample opportunities for adhesive producers over the forecast period. Emerging economies such as India and China are providing special attention to the sector owing to the massive energy potential. As per Indias Ministry of New and Renewable Energy, the country ranks at 5th and 4th positions for solar and wind capacities around the world respectively. It has also announced to produce around 40% of power from renewable energy sector by 2030. Infrastructure plays a key role in harnessing a broad development goals and economic growth of the country. As per UNCTADs 2018 report, between 2015 to 2030 there is investment need of around USD 1.6 to 2.5 trillion per year. However, current investment is around USD 870 billion per year. Rising need for infrastructure investment over the coming years is projected to remain focus area for many governments. This is likely to benefit engineering adhesive industry as construction is one of the key consumers of bonding products.
Regional Insights of Engineering Adhesives MarketAsia Pacific is projected to grow at highest CAGR of 8.8% over the forecast period in terms of revenue. This growth is attributed to massive Chinese industrial sector including construction, automotive, energy, and electronics. Wind energy is one of the fastest growing sector in China and around the world. Manufacturing of wind turbine blades involves wide usage of adhesive products. As per Global Energy Council, China is leading country in terms of wind power capacity both at land and sea. Also, as per Chinas 13th Energy Technology Innovation Five Year Plan, wind energy capacity in the country is projected to reach 210 gigawatts by 2020. In terms of volume, Europe held 23.5% market share in 2018. Production in transportation including automotive, aerospace, and marine sector is projected to drive the market in the country. As per Aerospace & Defense Industries Association in Europe, aerospace & defense sector has annual turnover of around USD 247 billon. There is significant demand for adhesive products for bonding of composites, metals, and plastics in this sector. North America accounted for volume share of 21.2% in 2018. Growing consumption in packaging & automotive industries is major driver of the market. Woodworking industry is projected to create many opportunities for vendors on account of requirement of structural bonding applications.
Market Share Insights of Engineering Adhesives MarketGlobal engineering adhesive industry is dominated by multinational companies with their presence across different stages of value chain. Integration in the value chain allows these companies to reduce the operations and procurement costs and diversify their business in various end-use industries. Major market participants include Henkel AG & Co. KGaA, H.B. Fuller Company, Permabond LLC, 3M, and Dymax Corporation among others. Advanced formulations and innovative products are anticipated to remain key strategies for the market vendors.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Engineering Adhesives Market Research ReportThis report forecasts revenue growth at the global and regional levels and provides an analysis of the industry trends in each of the submarkets from 2014 to 2025. For the purpose of this study, this market research report has segmented the engineering adhesives market report based on product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Electrical & Electronics
Table of Contents Chapter 1 Methodology and Scope 1.1 Market segmentation & scope 1.2 Market definition 1.3 List of data sources 1.4 Information procurement 1.5 Information analysis 1.6 Market formulation & data visualization 1.7 Data validation & publishingChapter 2 Executive Summary 2.1 Market outlook 2.2 Segmental outlook 2.3 Competitive InsightsChapter 3 Engineering Adhesive Market Variables, Trends, & | read more...