Industrial Adhesives Market to Reach $53 Billion by 2021
The industrial adhesives market is expected to grow from approximately $41.5 billion in 2016 to $53.4 billion by 2021.
The industrial adhesives market is expected to grow from approximately $41.5 billion in 2016 to $53.4 billion by 2021 at a compound annual growth rate (CAGR) of 5.2% from 2016 to 2021, according to a recent report from Research and Markets. Factors such as growth in packaging, construction and woodworking, and transportation end-use industries, and technological advancements will drive growth.
The natural material base segment is the fastest-growing segment of the industrial adhesives market in terms of value. Natural adhesives are capable of being retained on the surface of any substance for a long period of time. Moreover, these bio-based adhesives are manufactured or extracted from organic resources and, thus, are considered as eco-friendly materials.
The acrylic segment accounted for the largest share of the industrial adhesives market by composition in 2015. The physical attributes of acrylic include high cohesion, adhesion, resistance to sunlight and water/moisture, and the ability to withstand temperature fluctuations. The water-based segment accounted for the largest share of the industrial adhesives market by type in 2015. These adhesives are considered as the most popular adhesives owing to the fact that they are environmentally friendly and have zero volatile organic compound (VOC) characteristics.
The construction and woodworking segment accounted for the largest share of the industrial adhesives market by end-use industry in 2015. Industrial adhesives are widely used for bonding, renovation, maintenance, and repairing in residential, commercial, and civil constructions. Asia-Pacific is the fastest-growing region in the industrial adhesives market. Rapid industrialization and rise in infrastructural developments offer enormous opportunities in the Asia-Pacific industrial adhesives market. In addition, growth in the manufacturing sector has significantly propelled the demand for industrial adhesives in this region.
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