Global Adhesive Market Expected to Reach $ 60 Billion
The 21st century is said to be the age of adhesive bonding. The extent to which bonding is booming is illustrated by three recent market reports.
According to the global research firm MarketsandMarkets, the adhesives and sealants market, along with its applications, has witnessed a high growth for the past few years and this growth is estimated to increase in the coming years. Its global market value is projected to reach USD 60 billion by 2020, growing at a CAGR of 4.7 % between 2015 and 2020.
Growth in the Asia Pacific region is expected to outpace that of both the US and Europe. Asia Pacific growth is forecast to be about 6.2 % during the period as more manufacturing is shifted to that region.
As these numbers do not only include reactive systems such as DELO's high-performance products for demanding electronic and automotive applications, but also water- and solvent-based adhesives used for construction and furniture as well as hotmelts, it's worth taking a closer look at different chemical types and industries.
Epoxies with Strong Increase
The market size of epoxy adhesives, in terms of value, is estimated at USD 1.7 billion in 2015 and is projected to reach USD 2.3 billion by 2020, registering a CAGR of 6.3 % between 2015 and 2020. The major driver is the growing wind energy, transportation and automotive industries, particularly the increasing use of composite materials and multi-materials designs, massively contributing to lightweight and fuel efficient vehicles.
Electronic Adhesives Doubling Market Size
In their report on the electronic adhesive market, Grand View Research projected their outlook even further. While they estimated the market size at USD 3.3 billion in 2014, they expect it to more than double it until 2022, reaching USD 7.8 Billion with a CAGR of 10.6 % by then.
UV-curing adhesives are anticipated to be the fastest growing product segment over the next seven years on account of rising demand for large volume and short cycle time assembly. This particular segment is expected to growth at a CAGR of over 12 % from 2015 to 2022.
No matter where you look, bonding is becoming more
and more important.