Global Adhesive Market: Overview
Adhesive refers to a binding substance applied to the surface of materials to avoid separation. Adhesives have been used in various forms and derived from various sources since historic times but modern-day adhesives were first commercially developed in 1960. Adhesives are available in both natural and synthetic forms and can be further classified as non-reactive adhesives and reactive adhesives. Non-reactive adhesive is further divided into drying, pressure sensitive, hot melt. Whereas as, reactive adhesive is further divided into multi-part and one-part. The growing importance of low weight vehicles with lower emissions and increased fuel efficiency is expected to drive the consumption of adhesives in the automotive market. The global adhesive market is expected to be worth US$55.8 bn by the end of 2025 from US$34.3 bn in 2016. During the forecast period of 2017 and 2025, the global market is estimated to rise at a steady CAGR of 5.62%.
Traditionally used fixtures such as screws, clamps, etc. increase the weight of the vehicle. Adhesive materials on the other hand are lighter and can be manufactured with less energy spending. Global expansion in demand for automotive, improved vehicle design capabilities and increasing importance of weight reduction and emission control are the major factors driving the automotive adhesives market. The use of adhesive products has aided in reducing the weight and size of automotive, electronic devices, packaging industry and others, consequently improving their efficiency. Furthermore, easy application of adhesives has helped in considerable reduction of production process time, saving time and costs for end-users. Improved efficiency and reduction in prices has resulted in high growth in demand for end-user products. This in turn is anticipated to fuel adhesives demand within the forecast period.
Acrylics Remain a Popular Choice
The adhesive market has been segmented on the basis of product, type, application, and region. Based on product, the market has been segmented into polyurethane, acrylic, poly vinyl acetate (PVA), polyester, rubber, epoxy, EVA, others. Acrylic holds major share in the adhesive market. Based on type, the market has been segmented into solvent based, water based, hot melt, and others. This segment boasted a 38% share of the global adhesive market in 2016 in terms of value and is anticipated to grow continue during the forecast period. Based on application, the market has been segmented into packaging, construction, automobile, footwear & leather, consumer, and other.
Asia Pacific to Lead as Emerging Economies Show Unprecedented Support
As of 2016, Asia Pacific held a dominant share in the global adhesive market, with emerging economies backing its growth trajectory. India and China are expected to drive this regional market in the forthcoming years. Asia Pacific held about 34% share of the global adhesive market in 2016. In tandem with this trend, this regional market is expected to soar in the coming years. Developing economies, expansion in industries, and presence of large number of major players in the region are the key growth drivers for Asia Pacific. Emerging countries in Asia Pacific is the leading consumers and manufacturer of adhesives.
North America and Europe are also expected to show steady growth in the market. The adhesive market is still developing in Latin America and Middle East & Africa. VOC (volatile organic compounds) emissions that take place during commercial and industrial application of adhesives pose both environmental and health risks. To regulate such industrial emissions many countries have set guidelines restricting the amount of gaseous emission during use of adhesives especially solvent based adhesives. In the U.S., the Air Resources Board (ARB) issued a document for determining Reasonably Available Control Technology (RACT) to check pollution index caused due to some adhesive applications. In addition, Europe has issued EMICODE and M1 labels for showing low VOC emissions from adhesives.
Key players in the Adhesive market include Pidilite Industries Limited, Henkel AG & Company KGaA, 3M Company, H.B Fuller India Adhesive Pvt. Ltd., BASF SE, The Dow Chemicals Company, and Bostik.
Global Adhesive Market: Snapshot
This report analyzes and forecasts the market for adhesive at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Kilo Tons) from 2017 to 2025. The study includes drivers and restraints of the global adhesive market. It also covers the impact of these drivers and restraints on demand for adhesive during the forecast period. The report also highlights opportunities in the adhesive market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global adhesive market. Porter’s five forces model for the adhesive market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Adhesive Market: Segmentation
The study provides a decisive view of the global adhesive market by segmenting it in terms of type, product, and application. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for adhesive in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual end-user segments in all the regions.
The report provides the estimated market size of adhesive for 2016 and forecast for the next nine years. The global market size of adhesive has been provided in terms of revenue. Market numbers have been estimated based on key type, product, and application segments of adhesive market. Market size and forecast for each major type, product, and application have been provided in terms of global and regional markets.
Global Adhesive Market: Research Methodologies
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, India Brand Equity Foundation (IBEF), British Geological Survey, Adhesive and Sealant Council (ASC), The Federation of Indian Chambers of Commerce and Industry, Indian Polyurethane Association, The Adhesives and Sealants Association (TASA), Flexible Packaging Association, ABRE – Brazilian Packaging Association, World Packaging Organization, British Adhesives & Sealants Association, Society for Adhesion and Adhesives, and other. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Adhesive Market: Competitive Landscape
The study includes profiles of major companies operating in the global adhesive market. Key players in the adhesive market include Pidilite Industries Limited, Henkel AG & Company KGaA, 3M Company, H.B Fuller India Adhesive Pvt. Ltd., BASF SE, The Dow Chemicals Company, and Bostik. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
The report segments the global adhesive market as follows:
Adhesive Market: Type Analysis
- Water Based
- Solvent Based
- Hot Melt
Adhesive Market: Product Analysis
- Poly Vinyl Acetate (PVA)
Adhesive Market: Application Analysis
- Footwear & Leather
Adhesive Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA