The high performance adhesives market has seen strong growth, expected to rise from $32.43 billion in 2023 to $34.10 billion in 2024, at a CAGR of 5.2%. The growth is attributed to increasing manufacturing activities, the tightening of environmental regulations, growth in the automotive industry, the boom in consumer electronics, and the increasing focus on building materials.
The high-performance adhesives market is expected to see strong growth, reaching $41.85 billion by 2028, with a CAGR of 5.3%. This growth is fueled by the rising production of aircraft, expansion in the medical sector, growth in the packaging industry, increased consumer awareness, and the rise of e-commerce. Trends in this market include advancements in polymer chemistry, the integration of smart materials and sensors, automation and robotics, the application of nanotechnology, and the digitalization of manufacturing.
Major Driver In The High Performance Adhesives Market
The expanding transportation industry is projected to propel the high-performance adhesives market forward. This industry encompasses the movement of goods and people via various modes and is critical for global trade and supply chains. Factors such as urbanization, population growth, and infrastructure development contribute to the growth of the transportation industry. High-performance adhesives play a vital role by reducing vehicle weight and enhancing durability, resulting in better fuel efficiency. For example, in April 2024, the Bureau of Transportation Statistics reported that the transportation sector's contribution to GDP rose from 6.3% in 2021 to 6.7% in 2022, with for-hire transportation leading the growth. Hence, the increasing transportation industry is a significant driver for the high-performance adhesives market, expected to grow from $7.4 billion in 2023 to $10.9 billion by 2028.
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High Performance Adhesives Market Competitive Landscape
The Dow Chemical Company, 3M Company, Parker-Hannifin Corporation, Sika AG, Avery Dennison Corporation, Huntsman International LLC, H.B. Fuller Company, Pidilite Industries Limited, DELO adhesive, TEX YEAR INDUSTRIES INC., Dymax Corporation, PARSON ADHESIVES INDIA PRIVATE LIMITED, Jowat SE, Super Bond Adhesives Pvt. Ltd., ITW Performance Polymers, Hernon Manufacturing Inc., WEICON GmbH & Co. KG, Permabond Engineering Adhesives Limited, Ester Chemical Industries Pvt. Ltd., Ameri-Cal Corporation
Key High Performance Adhesives Market Trend
Companies in the high-performance adhesives market are focused on creating innovative products, such as waterborne adhesives, that simplify the bonding process in footwear manufacturing. Waterborne adhesives use water as a solvent rather than harmful chemicals, making them environmentally friendly. In September 2024, Covestro AG, a German-based company, launched Dispercoll U and Dispercoll U PLUS, advanced waterborne polyurethane adhesives designed for the automotive and footwear industries. Dispercoll U improves efficiency with lower activation temperatures and strong initial tack, while Dispercoll U PLUS provides superior durability and resistance to hydrolysis, making it ideal for applications requiring heat and climate resilience, such as in footwear and automotive interiors.
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Global High Performance Adhesives Market Segmentation
The high performance adhesives market covered in this report is segmented –
1) By Type: Epoxy, Polyurethane, Acrylic, Silicone, Other Types
2) By Technology: Water-Based, Solvent-Based, Hot Melt, Reactive, Other Technologies
3) By End-Use Industry: Automotive, Electronics, Packaging, Medical, Construction, Aerospace, Other End Use Industries
By Geography:The regions covered in the high performance adhesives marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the high performance adhesives market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The High Performance Adhesives Global Market Report 2024 furnishes information about the global high performance 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.
