LONDON--(BUSINESS WIRE)--The industrial adhesives market is expected to grow by USD 14.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Industrial adhesives are increasingly being used in various applications such as mechanical fastening, welding, and other joining methods. This has led to the replacement of mechanical fasteners with industrial adhesives across industries such as construction, consumer durables, electronics, aerospace, packaging, and other heavy industries. The high adoption of industrial adhesives can be attributed to their superior product performance and better operation compared to conventional methods. For example, the use of adhesives eliminates corrosion caused by the joining of dissimilar materials with different galvanic potential. They also eliminate the damage caused to products that occur while using rivets or screws. Many such advantages leading to the replacement of mechanical fasteners with industrial adhesives in various applications. These factors are fueling the growth of the global industrial adhesives market.
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As per Technavio, the rise in the demand for lightweight and low carbon emission vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Industrial Adhesives Market: Rise in Demand for Lightweight and Low Carbon Emission Vehicles
Stringent regulatory norms and concerns regarding fuel efficiency are compelling automobile manufacturers to focus on reducing the overall weight of the vehicles. This is increasing the use of new materials such as composites, aluminum, and lightweight grades of steel. Automakers are also finding new ways for bonding vehicle parts other than welding and mechanical fasteners. This is increasing the use of enhanced adhesives with superior bonding capabilities. These adhesives help in reducing the overall weight of the vehicle as they eliminate the use of nuts, bolts, and other mechanical fasteners. Therefore, the rising demand for light-weight and low carbon emission vehicles is expected to fuel the growth of the global industrial adhesives market during the forecast period.
“The rising adoption of eco-friendly adhesives and the growing demand from the packaged food and beverage industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Industrial Adhesives Market: Segmentation Analysis
This market research report segments the industrial adhesives market by Technology (Water-based adhesives, Solvent-based adhesives, Hot melt adhesives, and Reactive adhesives), Geography (APAC, North America, Europe, MEA, and South America), and End-user (Building and woodworking, Packaging, Transportation, Pressure-sensitive products, and Others).
The APAC region led the industrial adhesives market in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing investments in infrastructure development in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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