High performance adhesives offer excellent bonding strength for efficient joining and sealing of dissimilar materials such as composites, plastics, and metals. They exhibit superior properties such as high chemical and heat resistance along with enhanced reliability.
The growing automotive industry has been a major driving factor for high performance adhesives. They are increasingly being used in automobiles for bonding automotive body parts, windshields, and interior and exterior trim components.
The Global high performance adhesives market is estimated to be valued at US$ 15.48 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the high performance adhesives are Henkel AG & Co. KGaA, 3M, Avery Dennison Corp., H.B. Fuller, Sika AG, Arkema Group, Huntsman Corp., Pidilite Industries, Bostik (Arkema), Ashland, Den Braven, Anabond Limited, Henkel Adhesives, Resinova Chemie Ltd., Dymax Corporation, Parson Adhesives India Pvt. Ltd., ITW Devcon, and ITW Insulcast.
The growing automotive industry across the globe is propelling the demand for high performance adhesives. Excellent properties of high performance adhesives such as high heat and chemical resistance make them suitable for applications in the automotive industry.
Leading players in the market are focusing on expanding their production facilities in emerging economies across Asia Pacific, Latin America, and Middle East & Africa. This is helping them to cater to the growing demand for high performance adhesives from end-use industries in these regions.
Market Key Trends
One of the key trends gaining traction in the High Performance Adhesives Market Size is the development of bio-based and sustainable adhesives. Stringent environmental regulations regarding volatile organic compound (VOC) emissions are encouraging manufacturers to develop eco-friendly adhesives made from renewable feedstocks such as plant oils and recycled materials. Bio-based high performance adhesives exhibit properties comparable to conventional petroleum-based adhesives and reduce dependency on non-renewable resources. Their increasing adoption is expected to support the growth of the green high performance adhesives market over the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements and well-established customers relationship of existing players make the threat low for new players to enter.
Bargaining power of buyers: Different industries using adhesives as buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Few large suppliers exist for raw materials used in manufacturing adhesives giving them upper hand in bargaining.
Threat of new substitutes: Substitutes like welding, mechanical fasteners pose threat but adhesives have advantages of distributing stress more evenly.
Competitive rivalry: Market dominated by large multinational players leading to high competition.
Geographical Regions
North America is currently holding the largest share of around 35% of the global high performance adhesives market in terms of value owing to huge demand from end use industries such as automotive & transportation, building & construction and others.
Asia Pacific region is anticipated to be the fastest growing region during the forecast period with CAGR of over 8%. Countries like India, China and other Southeast Asian countries are witnessing huge investment in manufacturing facilities which in turn is driving the demand for high performance adhesives from industries such as automotive, electronics etc in the region. Rising living standards and growing infrastructure is further augmenting the growth.
The high performance adhesives market in Latin America is projected to grow at a moderate CAGR during the forecast period supported by steady economic growth and improving investment scenario in key countries of Brazil and Mexico. Growth of end use industries especially transportation and construction are contributing to the market expansion.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile