Adhesives Industry Data Book - Packaging Adhesives, Construction Adhesives, Wood Adhesives, Medical Adhesives, Automotive Adhesives and Other Adhesives Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 – 2030
The economic value generated by the adhesives industry was estimated at approximately USD 111.58 billion in 2022 and is expected to grow at a CAGR of 5.2% by 2030
Grand View Research’s adhesives sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Access the Global Adhesives Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Construction Adhesives Market Growth & Trends
The global construction adhesives market size is expected to reach USD 14.76 billion by 2030, registering a CAGR of 4.4% from 2023 to 2030, as per the new report by Grand View Research, Inc. The emergence of COVID-19 affected the construction industry around the world in 2020, and its impact continued in 2021 and 2022 as well in certain countries.
Construction represents close to a 13% share of the global GDP. Thus, a short impact on the sector affects the materials demand, thereby reducing the growth of the market. Most of the construction sites during the first half of 2020 faced numerous challenges associated with operations and supply chains. However, the market started recovering in 2021. Construction spending on infrastructure projects is likely to rise in 2022, on account of the passage of public and private investments.
Focus on sustainable construction and infrastructure projects is anticipated to assist the market growth during the coming years. Governments may provide stimulation to the economy by encouraging carbon reduction targets. These incentives might come in the form of direct public funds and policy changes. Companies expect demand for sustainable buildings and communities that promote healthier lifestyles, which is anticipated to drive the demand for construction adhesives.
The adoption of digitization and emerging technologies is another key factor, which is likely to provide a boost to the building & construction sector and associated materials over the long term. Contractors are likely to use remote collaboration at various stages of projects using digital models. Distributors of adhesives and other building materials are focusing on minimal physical interactions, especially with e-commerce sites for which sales teams can handle customers and orders with digital tools.
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Wood Adhesives Market Growth & Trends
The global wood adhesives market size is expected to reach USD 8.01 billion by 2030, expanding at 4.5% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand from engineered wood-based panel manufacturers is a significant driver of the market.
Adhesives are a preferred choice for binding wood strips, chips, fibers, strands, and veneers for manufacturing engineered wood-based panels such as plywood, particle board, oriented strand board, medium-density fiberboard, and high-density fiberboards. Increasing population and rapid urbanization accompanied by government initiatives to boost residential construction are likely to propel the demand for wood-based panels. This is expected to remain a key driver of market growth.
Urea-formaldehyde (UF) dominated the market in 2022 owing to its beneficial attributes such as inflammability, low cost, light color, and a very rapid cure rate. However, the low-water resistance of the product is likely to restrain its utilization over the coming years. Melamine urea-formaldehyde (MUF) resins, which possess better water resistance properties, are increasingly being used in exterior applications that are more susceptible to moisture.
Soy-based adhesives have gained popularity owing to their low-cost production, low emissions, and bio-based origin. Stringent regulations pertaining to the formaldehyde emissions that are emitted during the production of UF resin-based wood products have led to a resurgence of demand for soy-based adhesives. The demand is likely to grow further as techniques such as adding hydrolyzed soy proteins phenol-formaldehyde resins provide reduced costs without degrading performance.
Furniture is also expected to remain a major application for the product. Growing investment in high-end, branded furniture by consumers is expected to positively affect the market. Major trends affecting the industry are sustainability, digitalization, and integration of home electronics into work & home furniture. These factors have facilitated innovation and new product development in the market.
Competitive Landscape
Key players operating in the Adhesives industry are:
- B. Fuller Company
- Pidilite Industries Ltd. & Co. KGaA
- Avery Denison Corporation
- Huntsman
- Wacker Chemie AG
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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