The global adhesives market is expected to reach $53,503 million by 2022 supported by a compound annual growth rate (CAGR) of 4.5% during the forecast period of 2017 to 2022, according to a recent publication by Meticulous Research™. This market is reportedly primarily driven by growing demand for consumer goods with rising urbanization and improving lifestyle; rising demand for hot-melt adhesives; and growing automotive industry with increasing demand for lightweight and low carbon emitted vehicles. Further, rising demand from emerging economies and growing need for eco-friendly, low-volatile-organic-compound (VOC), and green and sustainable adhesives offers significant opportunities for the growth of adhesives market during the forecast period.
On the basis of type, non-reactive adhesives segment reportedly dominated the overall adhesives market, and is also expected to grow at a faster CAGR during the forecast period, owing to the rising adoption of water-based adhesives and hot melt adhesives due to their lower VOCs and their wider application in many industries.b
Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The Asia-Pacific region reportedly holds the major share in global adhesives market, owing to the huge demand for adhesives in industrial manufacturing in the region.
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