The global high performance adhesives market was valued at US$ 9,362 Mn in 2017 and is anticipated to expand at a CAGR of 5.9% from 2018 to 2026, according to a new report titled ‘High Performance Adhesives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global high performance adhesives market is driven by rise in the demand from the aerospace industry. Asia Pacific accounts for a major share of the global high-performance adhesives market, due to high demand from various end-user industries in the region.
Rise in demand for high performance adhesives from aerospace and medical industries projected to drive market
High performance adhesives are known to have certain excellent physical and mechanical properties, which make them suitable for use in high-end applications in aerospace and medical industries. High demand from 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.
Technological advancements in various applications and rise in purchasing power of consumers in Asia Pacific
The medical sector consumes high-performance adhesives in skin applications as well as non-skin applications such as applications in medical devices. With 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. High-performance adhesives 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 market for high-performance adhesives has high scope for growth in developing economies, wherein per capita consumption of adhesives is lower compared to developed economies such as the U.S., Japan, and certain countries in the Europe region. With growth of these economies, the demand for high-end products would increase and this is likely to offer growth opportunities to the high performance adhesives market in the near future. The adhesives industry is characterized by fragmented supplier side as well as a fragmented buyer base. Better technical knowhow and ability to reach a wider range of customers to make them aware of potential applications of high-performance adhesives are expected to increase the adoption of high-performance adhesives in the near future.
Stricter norms regarding VOC emissions from solvent-based adhesives, especially in Europe, can restrict the market in the region
The automotive industry is continually working toward designing lightweight and efficient vehicles, which can reduce CO2emissions significantly. Stringent regulations regarding CO2 emissions are being followed worldwide. High performance adhesives play an important role in reducing CO2 emissions. They provide the vehicle with structural strength. They possess the ability to bond various surfaces together. Use of 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 parts joined. Currently, around 15 kilograms of adhesives are used in an average car. This amount is likely to increase in the next few years. This would fuel the demand for high-performance adhesives worldwide during the forecast period
Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=46995
Acrylic segment to dominate the global high performance adhesives market
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 high-performance 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 they are responsible for emission of VOCs that cause indoor pollution. They are being widely replaced by water-based, acrylic high-performance adhesives that contain VOCs in small amounts. The acrylic segment is estimated to expand at a rapid pace during the forecast period.
Water-based segment dominates the global high-performance adhesives market
Based on 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. However, the demand for solvent-based adhesives is gradually decreasing, due to harmful effects of volatile organic compounds (VOCs) contained in them. Awareness about VOCs has led to adoption of water-based high-performance adhesives that contain VOCs in traces. The water-based segment is expected to expand at a rapid pace during the forecast period.
Aerospace segment leads the global high performance adhesives market
In terms of end-user industry, the global high performance adhesives market can be segmented into automotive, electronics, packaging, medical, construction, aerospace, and others (marine and leather & footwear). Demand for high-performance adhesives in the aerospace industry is surging at a rapid rate, due to resistance to high temperatures, high tensile strength, and excellent water resistance that these adhesives possess. Moreover, they contribute to light-weighting of components used in aircrafts, by eliminating the need for mechanical fastening. Other end-user industry segments such as medical, construction, and automotive are also projected to witness growth at a high rate during the forecast period.
For More Information Visit : https://www.prnewswire.com/news-releases/global-high-performance-adhesives-market-to-reach-us-15-498-6-mn-by-2026-rise-in-demand-from-aerospace-and-medical-industry-projected-to-drive-market-transparency-market-research-863044880.html
Asia Pacific dominates the global high performance adhesives market
Geographically, the global high performance adhesives market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is estimated to be the leading market for high-performance adhesives during the forecast period. Asia Pacific is estimated to be the rapidly expanding market for high-performance adhesives during the forecast period. Growth of the market in the region can be attributed to rise in the purchasing power of people in countries such as China and India, which leads to increasing adoption of high-end products that use high-performance adhesives. Middle East & Africa and Latin America are also estimated to witness high increase in the demand of high-performance adhesives. Growth of the market for high-performance adhesives in Europe is expected to be sluggish, as Europe is an already mature market for high-performance adhesives. Manufacturers in developed regions have limited presence in Middle East & 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 is anticipated to help these companies expand their footprint in the near future.
High degree of competition among market players
High degree of competition exists among market players operating in the high-performance adhesives market. The market is dominated by large players that are technologically sound. They account for a major share of the market. Key players profiled in the report are Henkel AG, Bostik, 3M, Avery Dennison, HB Fuller, Pidilite, ITW, Delo, Huntsman Corporation, and Sika.