Engineering Adhesive Market Driven By Rising Demand From End-Use Industries Including Construction

The 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.

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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.

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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