The global industrial adhesives market was estimated at USD 52 billion in 2022 and is predicted to reach over US$ 99.92 billion by 2032, expected to grow at a compound annual growth rate (CAGR) of 6.80% from 2023 to 2032.
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The U.S. industrial adhesives market reached USD 13.27 billion in 2022 and is expected to hit around US$ 24.79 billion by 2032, growing at a CAGR of 6.50% between 2023 to 2032.
The Asia Pacific is the most opportunistic region in the global industrial adhesives market. The region captured the largest market value share accounting for nearly half of the global market in the year 2020 and the trend anticipated to continue during the analysis period. The prime factor attributed to the profound growth of the region is shifting manufacturing bases of automotive manufacturers in China, Thailand, India, Vietnam, and other Asian countries.
In addition, the region, witnessed accelerating growth in the packaging industry owing to rising demand for packed foods. The above all factors hence contribute prominently in the market growth in the Asia Pacific region.
Significant growth in the automobile sector along with rising demand from packaging industries are some of the prominent factors that drives the market for industrial adhesives. Its increasing application in automotive industry is mainly because of its favorable properties that includes flexibility, lower costs, solvent-free, high fatigue & thermal shock tolerance, less vibration, reduced waste, and high productivity. Industrial adhesives are an excellent replacement for conventional bonding materials such as hoods, fasteners used indoors, deck lid flanges, dashboards, roof panels, and other automotive components.
In addition, advanced bonding technologies help o reduce time as well as cost of the overall manufacturing process that increases the profit margin in an industry. This advantage is mainly gasped by the automotive manufacturers in order to gain maximum rate of profit in less time. Further, the new bonding technology also reduces the overall weight of a vehicle that ultimately enhances its fuel efficiency. This is a major trend accepted worldwide by several automotive manufacturers particularly in the electric vehicles and autonomous vehicles manufacturing process. Increasing government regulation for reducing carbon emission further complement the growing adoption of industrial adhesives in automotive sector.
| Report Highlights | Details |
| Market Size In 2032 | USD 99.92 Billion |
| Growth Rate | CAGR of 6.80% from 2023 to 2032 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Companies Mentioned | Cytec Industries Inc., Henkel AG & Co., Hitachi Chemical Company Ltd, Sika AG, 3M Company, Mitsubishi Chemicals Corporation, Bayer Product Science (Covestro), H.B Fuller, DuPont de Nemours, Inc., Akzo Nobel, Adhesive Films Inc. |
Acrylic adhesives lead the global industrial adhesives market and accounted for a volume share of around 44.10% in the year 2022. They are largely used to improve bonding strength and enhance the aesthetic appeal of metals. Their properties such as acid & solvent resistant and fast curing make them suitable for application in various end-use industries that includes medical devices, packaging, and furniture. Whereas, polyvinyl acetate expected to register an average growth due to its properties such as temperature resistance and high boiling. It is significantly used in packaging and furniture industry because of its superior bond strength and improved creep resistance.
However, epoxy product segment found its excellent application in the automotive industry because of its oil absorption capacity, durability, high strength, and good wash-out resistance across wide temperature range. They are mostly used in car body due to their high mechanical strength, heat & corrosion resistance, and adhesion to metals. The above-mentioned advantages of the epoxy adhesives likely to thrive the market growth over the upcoming years.
By application, packaging industry witnessed the highest market penetration of industrial adhesives owing to rising trend for packed frozen foods. In addition, increasing application of industrial adhesives for carton sealing, labeling, and corrugated box manufacturing is the other prime factor that contribute significantly for the profound market growth of packaging segment. Moreover, increasing demand for industrial adhesives for packaging applications particularly from food & beverage industry anticipated to offer alluring opportunities in the near future.
On the other hand, footwear segment exhibits the fastest growth in terms of revenue during the forecast period. The growth of the segment is mainly attributed to the increasing application of polyurethane because of its high cohesion and adhesion strength. Solvent-based polyurethane and various other adhesives are significantly used in the manufacturing process of footwear. In addition, increased impact of western lifestyle and changing consumer preferences are likely to drive the demand for sports and designer footwear that in turn accelerate the growth of industrial adhesive in footwear applications.
Key Companies & Market Share Insights
Key players in the global industrial adhesives market adopt various inorganic growth strategies that include merger & acquisition, long term contracts, capacity expansion, partnerships & collaboration, and many others. For example, in January 2017, H.B. Fuller announced to acquire the assets of H.E. Wisdom & Sons, Inc. along with Wisdom Adhesives Southeast, LLC, that is affiliated to the company that strengthen the presence of H.B. Fuller in north America region.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Precedence Research has segmented the global Industrial Adhesives Market report on the basis of product, application, and region:
By Product
By Application
By Geograpghy
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