A recent market research study by Technavio projects that the global industrial adhesives market will add over $13.9 billion to its value from 2019-2023, growing at a CAGR of almost 5%. Manufacturers are using adhesives in industrial applications due to their superior product performance and better operation when compared with conventional mechanical fastening methods. In addition, the use of adhesives eliminates the corrosion associated with the joining of dissimilar metals with different galvanic potential.
Increasing demand from emerging economies for low-volatile organic compound (VOC) and green, sustainable adhesives has fueled the need for eco-friendly industrial adhesives, resulting in the production of industrial adhesives from renewable, plant-based, and animal-based materials. In addition, some manufacturers of industrial adhesives are fully committed to formulating environmentally friendly adhesives to meet the highest possible standards of environmental health and safety.
While demand for industrial adhesives is expected to grow at a significant rate during the forecast period, the market is facing challenges due to crude oil price volatility. This is likely to affect the costs of raw materials and could lead to increasing prices of industrial adhesives. Particularly in developing economies where end users are more price conscious, this could lead to a reduction in the use of industrial adhesives.
Additional details are available at www.technavio.com.