The high performance adhesives market had a size of USD 32.14 billion in 2022 and is expected to experience a 3.5% CAGR during the forecast period. The growth of this market is primarily driven by the increasing demand for high-performance adhesives in various industries, including construction, transportation, aerospace, and healthcare. High performance adhesives are lightweight and offer excellent physical and mechanical properties, making them ideal for high-end applications in automation, medical, transportation, and aerospace industries. The construction sector is the major user of these adhesives, followed by the automotive industry.
Environment-friendly adhesives are gaining popularity due to their minimal VOC emissions, which is driving the market growth. However, the high cost of high-performance adhesives and the availability of cheaper alternatives like mechanical fasteners and welding may limit the market's revenue growth.
The global high performance adhesives market is segmented based on product type, including acrylic, polyurethane, epoxy, silicone, and others. The acrylic segment holds the largest revenue share, followed by the polyurethane segment, which is expected to grow the fastest during the forecast period. The market is also segmented based on application into construction, packaging, transportation, electrical electronics, medical, and others. The construction segment holds the largest revenue share, followed by electrical electronics and medical segments.
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Competitive Landscape:
Some major companies in the global high-performance adhesives market report include:
- Henkel AG Co. KGaA
- 3M Company
- Dow Chemical Company
- Sika AG
- BASF SE
- Arkema SA
- ITW Performance Polymers
- Avery Dennison Corporation
- Huntsman Corporation
- Pidilite Industries Limited
The North America market accounts for the largest revenue share, while the Asia Pacific market is expected to grow the fastest during the forecast period due to increasing construction activities in countries such as China and India. The Europe market is expected to account for a significant revenue share due to the rising demand for environment-friendly adhesives.
Driving Factors of High Performance Adhesives Market
The high performance adhesives market is expected to experience a rapid revenue CAGR of 3.5% during the forecast period due to several driving factors. One of the main factors is the rising demand from end-use sectors such as construction, transportation, and aerospace, as well as increased private and government spending in the healthcare and building and construction sector worldwide.
High performance adhesives are lightweight and offer excellent physical and mechanical properties, making them widely used in high-end applications in industries such as automation, construction, medical, transportation, and aerospace and defense. Furthermore, the demand for high performance adhesives in the automotive industry is rising due to the increased use of stronger, lighter, and more durable materials to create lightweight and fuel-efficient automobiles.
The construction sector is one of the major users of high performance adhesives as it frequently utilizes them to join various materials, including metal, plastic, and wood. These adhesives are also utilized in applications for insulation, roofing, and flooring. Additionally, the use of high-performance adhesives to join various materials, including composites, metal, and plastic in the automobile sector is also expected to drive revenue growth of the market.
Another factor driving market revenue growth is the rising demand for environment-friendly adhesives. Manufacturers are developing high performance adhesives with minimal emissions of Volatile Organic Compounds (VOCs) in response to end-use sectors that are concerned with sustainability and lowering their carbon footprint.
However, the high price of high performance adhesives and availability of less expensive alternatives, such as mechanical fasteners and welding, could restrain market revenue growth. Moreover, severe government rules restricting the use of adhesives in specific applications, such as food packaging, is another factor that could restrain market revenue growth.
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Segments Covered in the Report:
Segments covered by Product Outlook, Application Outlook, Technology Outlook, Regional Outlook
By Product Outlook
- Acrylic
- Polyurethane
- Epoxy
- Silicone
- Others
By Application Outlook
- Construction
- Packaging
- Transportation
- Electrical electronics
- Medical
- Others
By Technology Outlook
- Water based
- Solvent based
- Hot melt
- Reactive others
Regional Outlook
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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