The global high-performance adhesives market was valued at $9.4 billion in 2017, and is anticipated to expand at a compound annual growth rate (CAGR) of 5.9% from 2018 to 2026, according to a report from Transparency Market Research. High-performance adhesives offer excellent physical and mechanical properties that make them suitable for use in high-end applications in the aerospace and medical industries. Strong demand from the aerospace and medical sectors is likely to be a major driver of the global market for high-performance adhesives during the forecast period. Both of these end-user industry segments are estimated to register a high growth rate during the forecast period.
End Use Markets
The medical sector consumes high-performance adhesives in both skin applications and non-skin applications (such as applications in medical devices). With a growing elderly population and increasing focus on sophisticated health care procedures, the medical segment of the high-performance adhesives market is projected to expand at a rapid pace from 2018 to 2026. New developments in the medical field offer immense growth opportunities to the market for high-performance adhesives.
Adhesives reportedly also have great potential for use in the automotive sector for digitization of cars. They can be used to insulate sensors and cameras, manage the processor temperature, and protect wiring components in vehicles.
High-performance adhesives are used in footwear applications, due to their bond strength and light weight. The footwear sector is dominated by thermoplastic polyurethane-based high-performance adhesives.
The automotive industry is continually working toward designing lightweight and efficient vehicles, which can reduce CO2 emissions significantly. Stringent regulations regarding CO2 emissions are being followed worldwide. High-performance adhesives play an important role in reducing CO2 emissions by providing the vehicle with structural strength.
In addition, use of the adhesives makes the vehicle lighter, quieter and safer compared to mechanical fastening methods such as welding, bolting, and soldering. Adhesives are known to distribute load evenly across the surface, resulting in better efficiency compared to mechanical fastening, which produces local stress in the joined parts. Currently, around 15 kg of adhesives are used in an average car; this amount is likely to increase in the next few years, which would fuel the demand for high-performance adhesives worldwide during the forecast period.
Based on product, the global high-performance adhesives market has been segmented into epoxy, silicone, polyurethane and acrylic. Epoxy is the most widely used type of these adhesives. The epoxy segment is anticipated to dominate the global high-performance adhesives market during the forecast period, due to high temperature resistance of epoxy adhesives and their compatibility with dissimilar substrates used in a variety of end-user industries.
However, epoxy adhesives are commonly solvent-based and thus responsible for emission of volatile organic compounds (VOCs) that cause indoor pollution. These adhesives are being widely replaced by water-based, acrylic high-performance adhesives that contain small amounts of VOCs. The acrylic segment is estimated to expand at a rapid pace during the forecast period.
Based on the formulation technology used, the global high-performance adhesives market can be segmented into solvent-based, water-based, hot melt, and UV-curable. The solvent-based segment accounts for a major share of the global market, but is gradually decreasing due to harmful the effects of the VOCs they contain. Hence, the water-based segment is expected to expand at a rapid pace during the forecast period.
Geographically, the global high-performance adhesives market can be classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Asia-Pacific is estimated to be the leading market during the forecast period. This growth can be attributed to the rising purchasing power of people in countries such as China and India, which leads to the increasing adoption of high-end products that use high-performance adhesives. The Middle East and Africa and Latin America regions are also projected to see a high increase in the demand for high-performance adhesives.
Market growth in Europe is expected to be sluggish, as Europe is an already mature market for high-performance adhesives. Manufacturers in developed regions have a limited presence in Middle East and Africa and Latin America; these regions are projected to create lucrative opportunities for manufacturers of high-performance adhesives in the next few years. Strengthening distribution channels in these regions are anticipated to help these companies expand their footprint in the near future.
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