The market for high-performance adhesives was valued at USD 30.42 billion in 2021; from 2022 to 2028, it is anticipated to expand at a considerable compound yearly growth rate (CAGR) of 3.5%. Globally increasing private and public spending on healthcare, real estate, and construction is a key driver driving the market for high performance adhesives. However, the first quarter of 2020 has seen a direct impact from the global COVID-19 outbreak on the manufacturing sector, construction sector, and other businesses. Construction is one of the primary high performance adhesives industry’s end-use markets that is projected to have a downward trend in FY 2020. The lockdown imposed in numerous nations around the world has had a severe impact on the economy, and as a result, a decline in the demand for high performance adhesives is anticipated in 2020.
Furthermore, the market is anticipated to be significantly driven in the upcoming years by technological developments in high performance adhesives. New macromolecular chemistries, additives, and raw materials are enabling rapid advancement. This, along with the accessibility of highly advanced manufacturing equipment, has made it possible for tailored bonding solutions to significantly exceed traditional soldering and fastening techniques.
With a volume share of 36.4% in 2019, the acrylic category dominated the market. This market leadership is due to the product’s exceptional qualities, which include great environmental resilience, quick tack, substantial strength, and the ability to attach on a variety of substrates. It is extensively utilised in packaging applications and is gaining popularity quickly in the medical industry.
Because of their superior chemical, temperature, and wear resistance, polyurethane high performance adhesives are perfect for use with building materials like drywall, marble, slate, cement-based goods, lead, hardwood floors, and stone. The product is also becoming more and more prevalent in the transportation and automotive industries.
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In terms of revenue, the water-based technology segment had the greatest market share (34.4%) and is anticipated to experience the quickest revenue-based CAGR of 4.1% between 2020 and 2027. Based on this technology, high performance adhesives offer exceptional polar substrate adhesion as well as strong resilience to harsh environmental conditions. The packaging and construction sectors are two of the main end-uses of this technology.
With a volume share of more than 39.0%, construction led the market in 2019. Global urbanisation and growing infrastructure spending are two variables that are heavily influencing category growth. Due to a COVID-19 epidemic, the segment is probably going to suffer in the fiscal year 2020, but it should pick up again in 2021. The second-largest use of high performance adhesives is in packaging. A fast-paced lifestyle and rising consumer disposable income have increased demand for packaged foods that are ready to eat. In the upcoming years, this is probably going to present a lucrative chance for segment growth in the market for high performance adhesives.
In 2019, Asia Pacific accounted for more than 43.0% of global market revenues. This is explained by the region’s large construction, packaging, and transportation sectors. Since the economies of countries like China, India, Vietnam, and Indonesia are expanding quickly, there is a growing need for high performance adhesives in the area. Comparatively to Europe and North America, Asia Pacific has likewise demonstrated a greater performance in containing the COVID-19 outbreak.
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Some of the prominent players in the high performance adhesives market include:
- Henkel AG & Co. KGaA
- H.B. Fuller
- Avery Dennison Corporation
- Sika AG
- Wacker Chemie AG
- Jowat SE
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa