Rising Demand From Construction Industry Is Projected To Boost Growth Of Industrial Adhesives Market

Market Overview:
Industrial Adhesives Are Used To Bond Two Or More Materials Such As Metals, Plastics, Composite Materials, And Wood Substrates. Adhesives Offer Advantages Over Traditional Joining Methods Like Welding And Mechanical Fastening In Terms Of Economy, Durability, And Joint Strength. They Are Preferred For Bonding Dissimilar Substrates And Offer Protective, Decorative, And Structural Functions. Growth In End-Use Industries Such As Automotive, Construction, Footwear, Furniture, And Packaging Is Expected To Drive The Demand For Industrial Adhesives.

Market Key Trends:
One Of The Key Trends In The Global Industrial Adhesives Market Growth Is The Rising Demand For Green Adhesives And Bio-Based Adhesives. Consumers And Manufacturers Are Seeking More Environmentally Friendly Products. Bio-Based Adhesives Are Made From Renewable Resources And Exhibit Properties Similar To Traditional Petroleum-Based Adhesives. They Help Reduce Dependence On Crude Oil And Lower Carbon Footprint. Another Major Trend Is The Growing Use Of Hot Melts Adhesives For Packaging Applications. Hot Melts Allow For Faster Production Cycles Compared To Other Adhesive Technologies. Their Ability To Bond Dissimilar Substrates At Room Temperature Makes Them Popular In Carton Closing, Case Sealing And Other Packaging Applications.
Porter’s Analysis

Threat Of New Entrants: The Threat Of New Entrants Is Moderate Due To The High Capital Requirement And Stringent Government Regulations For Setting Up New Production Facilities.

Bargaining Power Of Buyers: The Bargaining Power Of Buyers Is High Due To The Availability Of Substitutes In The Market. Buyers Can Switch To Substitute Products If Prices Increase Significantly.

Bargaining Power Of Suppliers: The Bargaining Power Of Suppliers Is Moderate Since Raw Materials Are Commoditized And Available From Numerous Global Suppliers.

Threat Of New Substitutes: The Threat Of New Substitutes Is Moderate As Alternative Bonding Technologies Are Available But Limited To Specific Applications.

Competitive Rivalry: High Due To The Presence Of Numerous Global And Regional Players Competing On Pricing And Quality.

Key Takeaways

The Global Industrial Adhesives Market Is Expected To Witness High Growth, Exhibiting CAGR Of 6.6% Over The Forecast Period, Due To Increasing Demand From The Building And Construction Industry. The Building & Construction Industry Accounts For Over 30% Of The Total Industrial Adhesive Consumption Globally. Rapid Urbanization And Infrastructure Development Activities In Emerging Economies Will Drive The Demand For Adhesives In This Segment.

Regionally, The Asia Pacific Region Dominates The Global Industrial Adhesives Market And Is Expected To Maintain Its Leading Position During The Forecast Period. Abundant Raw Material Availability, Rapidly Growing End-Use Industries, And Low Manufacturing Costs Are Some Of The Key Factors Attributed To The Highest Consumption Of Industrial Adhesives In The Asia Pacific Region. China, India, Japan, And South Korea Are The Major Contributors To The Growth Of The Regional Market.

Key Players Operating In The Industrial Adhesives Market Are Henkel, 3M, Bostik, Avery Dennision, H.B. Fuller, Jowat, And Pidilite Industries Limited. These Players Are Focusing On New Product Launches, Expansion Of Production Facilities And Acquisition & Collaborative Agreements With Other Players To Gain Higher Market Share. For Instance, In 2020, Henkel Announced The Expansion Of Its Adhesive Production Capacity In India By 40% To Meet The Growing Demand In The Region.

Read More: https://www.pressreleasebulletin.com/industrial-adhesives-market-demand/