The size of the industrial adhesives market was around 9, 400 kilo tons in 2014. Conventional fasteners are being replaced by industrial adhesives in the sectors of construction, packaging, and automotives. This is due to favorable features of these adhesives. Epoxy, acrylic, PVA, EVA, and others are widely utilized in several bonding solutions due to lesser cure time, flexibility, and improved adhesion joints, among others.
A necessary role is executed by regulatory policies in market expansion. Governmental and centralized organizations like SEPA, U.S. FDA, and CARB prepare and form ecological regulations linked with adhesive applications. Metal fasteners are being replaced by adhesives in the automobile sector to decrease the weight and carbon emissions of automobiles. The industrial adhesives market witnesses strict governmental policies with regard to ecological degradation and varying raw material supply and costs.
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The market is divided into products, applications, and regions. Acrylic, epoxy, ethyl vinyl acetate, polyvinyl acetate, and polyurethane are the products. Acrylic dominated the market and will continue doing so in the future. Governmental support to increase investments in the construction sector in the regions of the Middle East & Africa and Asia Pacific is projected to escalate the consumption of acrylic adhesives in the forecast period.
Acrylic will grow further on account of demand in consumer sectors like healthcare, automotives, and high speed product assembly. In terms of applications, the industrial adhesives market is split into packaging, automotives, industrial machinery, construction, medical instruments, electronics & electrical, energy & utilities, and others. Packaging led the market in 2014 with respect to income.
Automotives will surface as the most swiftly expanding application. This would owe to added spending by primary companies in India, China, Thailand, and Vietnam. Deeming geographies, Asia Pacific, Europe, North America, the Middle East & Africa, and Central & South America are the regions. Asia Pacific was at the top in 2014 and would lead in the coming years.
Financial growth and construction investments in India, China, Malaysia, and China are predicted to propel the region. Major players in the worldwide industrial adhesives market consist of Avery Denison Corp, Henkel AG & Co., Bayer Material Science, and The Dow Chemical Company. Product advancements, technological developments, and optimization of resources are few strategies adopted by these players.
Information Source: Grand View Research
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