Increase in Demand from Aerospace and Construction Industry to Drive Growth in High Performance Adhesive Market
The global high performance adhesive market is on an upward trajectory, owing to a robust demand from aerospace and construction industries. It is set to chart a steady 5.7% CAGR from 2018 to 2026, accruing a hefty market worth, which will be pegged at USD 15498.6 mn by the 2026.
Increase in Demand from Aerospace and Construction Industry to Drive Growth in Global High Performance Adhesive Market
Owing to their extremely functional properties such as heat resistance, tensile strength and moisture resistance among a host of others, it is only natural for demand to arise from the aerospace as they need low-weight components in aircrafts and since they remove the requirement of fastening these mechanically.
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Besides, the fact that these have superior elasticity and less curing time as properties, only supports their demand further.
Besides, Construction industry is set to see a massive rise in volume by 2030-about 85%. This would make the market worth reach the value of USD 15.5 trillion. This means a major contribution to the growth of global High Performance Adhesive market.
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Asia Pacific to Chart Dominant Numbers on Growth Chart of Global High Performance Adhesive Market
Rise in purchasing power of people in the Asia Pacific (APAC) region will lead to generation of untapped growth opportunities for market players to dabble with. It does not come as a surprise considering that developing nations in the region are showing a robust economic growth and that is increasing disposable incomes as well as standard of living. And, as observed before, these factors lead to rise in demand on aerospace and healthcare sector
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. This would also mean a rise in demand for premium products that often use high performance adhesives. Moreover, the region is witnessing strengthening of distribution channels, which will help players expand their operational footprint.
Global High Performance Adhesive Marked by Large Number of Players and Intense Competition
The level of competition is intense in the global high performance adhesive market owing to a presence of large number of players in the market landscape. And, as growth is expected in the market over the stated period of 2018-2026, more players might want to enter the fray, to grab a slice of the overall growth pie. Some of the most prominent players in the market include Henkel AG, Bostik, Avery Dennison, HB Fuller, Pidilite, ITW, Delo, Huntsman Corporation, and Sika among others. They are highly focused on product development through the innovation route because it forms a critical component to ensure edge over other competitors.
The details have been obtained from a TMR report titled, “High Performance Adhesives Market (Type – Epoxy, Silicone, Polyurethane, Acrylic; Formulation Technology – Solvent based, Water-based, Hot Melt, UV-curable; End use – Automotive, Electronics, Packaging, Medical, Construction, Aerospace, Others (Marine and Leather and Footwear)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026”.
