World News: 14:50 GMT Wednesday 15th May 2019. [Technavio Research via Businesswire via SPi World News]
A new market research study by Technavio on the global industrial adhesives market projects the market to grow at a CAGR of over 5% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global industrial adhesives market from 2019-2023. (Graphic: Business Wire)
Increasing replacement of mechanical fasteners with industrial adhesives
There is a rise in replacement of mechanical fasteners with industrial adhesives in various end-user industries and other heavy industries. Manufacturers are using adhesives in industrial applications, owing to their superior product performance and better operation when compared with conventional methods. Also, the use of adhesives eliminates the corrosion associated with the joining of dissimilar metals with different galvanic potential. Therefore, such advantages of industrial adhesives are likely to increase their market demand during the forecast period.
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The rise in adoption of eco-friendly adhesives
The growing demand from emerging economies for low-VOC and green, sustainable adhesives has resulted in fueling the need for eco-friendly industrial adhesives. This has resulted in the production of industrial adhesives from renewable, plant-based, and animal-based materials. Moreover, some manufacturers of industrial adhesives are fully committed to formulating environment-friendly adhesives to meet the highest possible standards of environmental health and safety. Thus, the rise in the adoption of eco-friendly adhesives is likely to fuel market demand for industrial adhesives during the forecast period.
According to an analyst at Technavio for chemicals research, “The continuous development of new products is one other factor that is boosting the growth of the global industrial adhesive market. Currently, vendors have come out with hot melt adhesive which can bond foams and fabrics. It has high heat resistance as well as the ability to retain adhesion at very low temperatures. Thus, such innovative product offerings are expected to contribute largely to the growth of the overall global market.”
The rise in the price of industrial adhesives
The demand for industrial adhesives is expected to grow at a significant rate during the forecast period. However, the market is facing challenges due to the volatility in the price of crude oil, which is likely to affect the prices of raw materials and would lead to the rise in the prices of industrial adhesives. This, in turn, could lead to a reduction in the use of industrial adhesives in developing economies where end-users are price-conscious and thus have a significant impact on the growth of the industrial adhesives market during the forecast period.
Top players in the global industrial adhesives market:
Some of the key topics covered in the global industrial adhesive market include:
Five Forces Analysis
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Business Wire: 14:50 GMT Wednesday 15th May 2019
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