The emerging trend of replacing fasteners and welding processes with adhesives has created a plethora of opportunities for the global adhesive market. Industry players such as Henkel AG & Company KGaA, Pidilite Industries Limited, and 3M Company are focusing on development of newer products and mergers and acquisitions. In the coming years, the industry is expected to witness introduction of bio-based adhesives as the green revolutions grips the marketing strategists of these top players. Eco-friendly adhesives are expected to be demand as they are compatible for underwater operations and for the overall environment. Sectors such as packaging, construction, healthcare, and paper and pulp are anticipated to be key end users of the new bio-based adhesives in the near future.
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Transparency Market Research states that the global adhesive market is likely to be worth US$ US$55.8 bn by 2025 up from US$34.3 bn in 2016. The research report also states that the global adhesive market will surge at a consistent CAGR of 5.62% between 2014 and 2025. The acrylic segment is expected stand out in the coming years. Geographically-speaking, Asia Pacific held over 30% of market share in 2016. Analysts anticipate this trend to continue in the coming years developing economies in Asia Pacific will continue propelling the demand for adhesives. Thus, this regional market is expected to retain its leading positive in throughout the forecast period.
Fuel Efficiency Drives Demand for Adhesives amongst Automobile Manufacturers
Increasing demand for adhesives in various industrial sectors has been the primary growth driver for the global adhesive market. Presently, adhesives are extensively being used in manufacturing processes of vehicles and aircraft. The soaring demand for adhesives and sealants is attributable to their ability to reduce weight of the vehicles and improve fuel efficiency. A shift from traditional activities such as welding, especially in automotive industry is expected to drive up the demand for adhesives. Welding of engine parts and other joints leads adds to weight. Thus, several construction companies and other manufacturing units are opting for adhesives. The report states the demand for adhesives will consistently rise as achieving better fuel efficiency and lighter structure becomes the need of the hour.
Consumers consider fuel efficiency to be one of the most important factors before buying a vehicle. Weight reduction helps achieve more fuel efficiency and less carbon footprint. The U.S. government has passed a legislation that requires automakers to improve fuel efficiency up to 54.5 miles per gallon (23.17 km per liter) by 2025. If automakers fail to comply with this requirement they are liable to be fined by the National Highway Traffic Safety Administration. Pressing regulations and government initiatives to curb rising levels of pollution are expected encourage sale of fuel efficient vehicles, which in turn will propel the global adhesives market.
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Fluctuating Raw Material Prices to Act as Inhibitor
Despite the strong growth drivers the global adhesive market is likely to suffer due to a few challenges. Currently, the market needs to overcome fluctuating availability of raw materials to ensure steady production. Furthermore, the volatile cost of raw materials has also been identified as a restraint for the overall market. However, the booming construction and automotive sectors of the world are expected to offer the overall market tremendous scope for growth.