May 23, 2024
Industrial Adhesives Market

Industrial Adhesives is Estimated to Witness High Growth Owing to Growing Use of Adhesives in Medical Device Manufacturing

Industrial adhesives are polymeric substances used for joining or assembling parts and components found in numerous industries such as packaging, construction, automotive, furniture, and medical. They provide strong bonding and can be used as a substitute for mechanical fasteners like welding, screwing, and bolting. Among its key advantages are its high bonding strength, resistance to heat and moisture, lightweight, and compact size. Their growing use in medical device manufacturing is increasing due to their ability to join dissimilar materials together without any sealing or secondary operations.

The Global Industrial Adhesives Market is estimated to be valued at US$ 48.44 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Industrial Adhesives are Johnson & Johnson (DePuy Synthes), Medtronic plc, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew plc, NuVasive, Inc., Globus Medical, Inc., Wright Medical Group N.V., Arthrex, Inc., DJO Global, Inc., Össur hf., CONMED Corporation, Breg, Inc., Orthofix Medical Inc., Bioventus LLC.

Key opportunities in the market include growing infrastructure spending in emerging countries of Asia Pacific and Latin America boosting industrial adhesives demand from construction sector. Development of bio-based and sustainable adhesives owing to stringent environmental regulations also presents an opportunity.

Technological advancement in the market include development of moisture cured polyurethane hot melt adhesives having high bond strength even in presence of moisture. Electrically conductive adhesives are also gaining traction in medical devices due to their ability to shield devices from electromagnetic interference.

Market drivers: Growing demand from automotive and transportation industries due to increasing use of adhesives to join automobile parts is a key market driver. Expanding construction industry owing to rapid urbanization globally is also driving demand. Growth in medical device industry necessitating use of adhesives for assembling and manufacturing devices is another major factor augmenting market growth.

Current challenges in the Industrial Adhesives Market:
Strict environmental regulations on VOCs and hazardous chemicals present in adhesives are posing challenges to manufacturers. Adhesives manufacturers are expected to invest heavily in research and development of bio-based and green adhesives to comply with regulations. Fluctuating prices of raw materials like acrylic resins, epoxy resins are increasing production costs for manufacturers. Adhesives require high bonding strength for various applications and developing innovative adhesive formulations for new applications is a challenge.

SWOT Analysis
Strength: Wide applicability across diverse industries like construction, automotive, woodworking favors growth. Ability to bond dissimilar substrates offers advantages over other joining techniques.
Weakness: Extended drying time requirements reduce productivity. Environmental concerns due to volatile emissions during curing.
Opportunity: Development of bio-based adhesive formulations will spur opportunities. Expansion of end-use industries especially in emerging economies presents ample opportunities.
Threats: Stringent environmental regulations can increase compliance costs. Easy availability of substitutes like mechanical fasteners is a challenge.

The industrial adhesives market size in North America currently holds the largest share in terms of value owing to extensive usage in construction and automotive manufacturing industries. Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising construction spending and rapid industrialization in China and India.

In terms of value, the automotive industry consumes the highest volume of adhesives globally and the market for adhesives is concentrated in this end use sector. The automotive adhesives market is projected to witness strong growth during the forecast period on account of rising vehicle production in developing nations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine informaation and compile it