LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global glass bonding adhesives market to grow to USD 1,770.7 million by 2021, at a CAGR of more than 7% over the forecast period, according to their latest report.
The research study by Technavio on the global glass bonding adhesives market for 2017-2021 provides a detailed industry analysis based on the end-users (furniture, electronics, transportation, and medical sectors) and geography (APAC, the Americas, and EMEA).
|Glass bonding adhesives are used in a wide range of applications, which include both operational and ornamental glass. APAC currently dominates the glass bonding adhesives market, followed by the Americas and EMEA. The growth in the market can be attributed to the growth in UV-cured glass bonding adhesives in APAC.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global glass bonding adhesives market:
- Growth in the furniture industry with expanding population
- Rising demand for glass bonding adhesives from various end-user industries
- Increase in the disposable income of the middle-class population segment
Growth in the furniture industry with expanding population
The global population was recorded at 7.5 billion in 2015 and is expected to hit the 9 billion mark by 2050. The countries with the highest population include China, India, the US, Indonesia, Brazil, and Pakistan. The growing population across regions is resulting in higher demand for basic household needs.
“The need to meet basic household needs are creating demand for aesthetically designed glass products. The rise in demand for glass, in turn, is expected to propel the global glass bonding adhesives market,” says Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives, and sealants research.
Rising demand for glass bonding adhesives from various end-user industries
The automotive, electronics, and aeronautical industries need glass adhesives for enhanced durability of their products. The automotive sector creates a large demand for glass bonding adhesives to ensure high quality of windshields, rear windows, side windows, headlamps, stickers/labels, and rearview mirror button. The growing aerospace industry also requires large quantities of glass bonding adhesives to provide protection from extreme temperatures, corrosion, abrasion, noise, vibration, creep, fatigue, humidity, and chemicals to various components.
Increase in the disposable income of the middle-class population segment
There is a growing global middle-class demographic, whose incomes are growing due to multiple earning members within a family and improving job prospects. This trend is especially true in developing countries such as Japan, China, India, and Brazil, resulting in individuals spending more revenue on non-essential and aesthetically appealing products.
“The increasing disposable income has created additional demand for cars, home furnishing products, mobiles, laptops, TVs, and other electronic devices. This will directly impact the global glass bonding adhesives market in a positive manner,” says Hitesh.
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