The cyanoacrylate adhesives market has grown steadily, forecasted to rise from $1.40 billion in 2023 to $1.49 billion in 2024 at a CAGR of 6.6%. This growth can be attributed to the expansion of the automotive industry, increased electronics use, adoption in aerospace, the rapid growth of the consumer goods sector, and trends in home improvement.
The cyanoacrylate adhesives market is projected to reach $1.93 billion by 2028 at a CAGR of 6.7%. The growth is attributed to sustainability trends, increased infrastructure development, adoption of 3D printing, renewable energy projects, and advancements in adhesive technology. Major trends include higher demand in the medical sector, the use of lightweight materials, miniaturization in electronics, increased adhesive strength, and manufacturing automation.
Major Driver In The Cyanoacrylate Adhesives Market
The increasing number of surgeries is expected to promote growth in the cyanoacrylate adhesive market. Factors such as an aging population, chronic diseases, and medical advancements contribute to the rise in surgeries. Cyanoacrylate adhesives are used for wound closure and tissue bonding, offering a non-invasive alternative to sutures. According to the Australian Institute of Health and Welfare, there was an 18% increase in patients admitted for surgery from public hospital waiting lists in 2022-23 compared to 2021-22. Consequently, the growing number of surgeries is driving the cyanoacrylate adhesive market. The market size for cyanoacrylate adhesives was valued at $3.3 billion in 2023, projected to reach $3.8 billion in 2024, and is expected to grow to $5.1 billion by 2028.
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Cyanoacrylate Adhesives Market Competitive Landscape
3M Company, Henkel AG & Co. KGaA, Parker-Hannifin Corporation, Arkema SA, Sika Services AG, H.B. Fuller Company, Aica Kogyo Co. Ltd., Pidilite Industries Limited, The Soudal Group, NANPAO RESINS CHEMICAL GROUP, DELO Industrial Adhesives LLC, Dymax Corporation, Chemence Inc., Threebond International Inc., Aron Alpha, Hernon Manufacturing Inc., Permabond Engineering Adhesives Ltd., Master Bond Inc., TONG SHEN ENTERPRISE CO. LTD., Aman International, Urja Sealants Pvt. Ltd., Vitrochem Technology Pte Ltd.
Key Cyanoacrylate Adhesives Market Trend
Companies in the cyanoacrylate adhesive market are focusing on developing water-resistant adhesives for use in humid environments. In February 2024, Permabond LLC launched two cyanoacrylate adhesives: Permabond 712 and Permabond 130UV. Permabond 712 is a fast-setting adhesive for bonding small components, while Permabond 130UV offers UV curing for precise, invisible bonds on transparent materials. Both adhesives provide efficient and reliable bonding solutions.
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Global Cyanoacrylate Adhesives Market Segmentation
The cyanoacrylate adhesives market covered in this report is segmented –
1) By Type: Alkoxy Ethyl-Based, Ethyl Ester-Based, Methyl Ester-Based, Other Product Types
2) By Technology: Reactive, Ultraviolet (UV) Cured Adhesives
3) By Application: Automobiles, Footwear And Leather, Furniture, Consumer Goods, Healthcare, Electronics, Transportation, Other Applications
By Geography:The regions covered in the cyanoacrylate adhesives market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the cyanoacrylate adhesives market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Cyanoacrylate Adhesives Global Market Report 2024 furnishes information about the global cyanoacrylate adhesives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
