Engineering Adhesives Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global engineering adhesives market size is expected to
reach USD 31.67 billion by 2025, according to a new report by Grand View
Research, Inc. registering a CAGR of 7.2% over the forecast period. Increased
focus on renewable energy mainly from the wind sector is anticipated to create
new avenues for industry participants.
Engineering
adhesives have a high demand in battery and storage systems, blades and other
renewable applications. Many governments have started adopting new policies and
schemes to improve energy output from the renewable sector. This is likely to
benefit engineering adhesives demand over the coming years. China is one of the
leading consumers of energy and also contributes heavily to global pollution.
This has led to increasing the renewable energy capacity in the country. As per
data published by the Global Wind Energy Council, China’s onshore installed
capacity for wind sector accounted for 21,200 MW in 2018 which is highest in
the global market.
Industry
participants are looking for new regional markets through expansion and various
inorganic growth strategies. For instance, recently in March 2019 H. B. Fuller
announced its expansion in Japan. The company has established as H.B. Fuller
Japan G.K. This strategy will help the company to strengthen its business in
the regional market by focusing on new applications and reactive adhesives.
The
automotive industry is one of the largest consumers of bonding products in the
global market. Continuous production along with a focus on weight reduction in
vehicles is likely to contribute to the demand of products. Advancement in
technology has assisted in the production of innovative adhesive products where
they can replace mechanical fasteners.
Electrical
& electronics segment is anticipated to grow at a lucrative pace during the
forecast period. Demand from computers, laptops, smartphones, and consumer
electronic products are the key driving factors for the industry. Applications
such as potting and masking in electronics require various type of products
with electrical properties. The demand for such products is likely to surge
owing to the growing population and increasing income levels.
Asia Pacific
is projected to witness significant demand for the products. Manufacturers are
also shifting their production facilities in emerging countries including
China, Taiwan, India, Philippines, and Indonesia. Shifting trend towards
lightweight vehicles is anticipated to remain a key driver for the regional
market.
Further key
findings from the report suggest:
- In terms of
volume, epoxies has emerged as the largest application in 2018 on account
of growing penetration and increasing demand from end-use industries
- In terms of
revenue, polyurethanes
segment is anticipated to grow at pace of 7.5% over the next seven years.
Demand for bonding in substrates such as metal, wood and glass is likely
to assist the market growth
- In terms of
revenue, energy application is projected to grow at fastest CAGR of 8.2%
during forecast period. The growth of the segment is attributed to
increasing installed capacity for wind energy
- North America
was valued at USD 4.37 billion in 2018. Growing production of electronics
and aircraft industries is likely to benefit the engineering adhesive
market
- Asia Pacific
held 47.8% share in 2018 in terms of volume and is anticipated to grow at
a lucrative pace on account of expansion of end-use industries such as
electronics, automotive, and construction
- Inorganic growth is one of the key strategy for market vendors. They are focusing on increasing production capacities mainly in emerging countries. Another focus area is new product development and increase in R&D investments. Key players in the industry includes 3M, H.B. Fuller, Henkel AG, Huntsman Corporation, Ashland and Permabond LLC.
Access full
research report on global engineering adhesives market:
www.grandviewresearch.com/industry-analysis/engineering-adhesives-market
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Created on Oct 18th 2019 07:03. Viewed 309 times.