High Performance Adhesives Market Growth & Trends
The global high performance adhesives market size is anticipated to reach USD 40.7 billion by 2027, expanding at a revenue-based CAGR of 3.5%, according to a new report by Grand View Research, Inc. The market is predicted to grow owing to rising demand from the healthcare sector. High performance adhesives offer exceptional mechanical and physical properties that make them suitable for high-end applications such as medical, construction, engineering, and transportation. The medical application is poised to witness significant growth as the product is being increasingly used for medical devices as well as for internal medical applications.
The emergence of COVID-19 pandemic in first quarter of 2020 has showed the countries across the globe, the prominence of robust healthcare infrastructure. Therefore national governments as well as international institutions have outlined strategic plans to bolster healthcare infrastructure over the coming years. This is anticipated to create opportunities for vendors in the market.
The consumption of the product is largely dominated by the building and construction industry. Emerging economies such as India, China, and Indonesia are currently spending substantial resources in the development of new infrastructure and construction projects. Therefore the consumption of high performance adhesives in these countries have witnessed significant growth since the past few years.
Major players in the market are planning to expand their business in relatively untapped markets such as Middle East and Africa and Asia Pacific. For instance, in May 2019, Sika acquired Parex, a construction adhesives manufacturer to expand Sika’s business by leveraging the strong distribution channel of Parex in China.
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High Performance Adhesives Market Report Highlights
- Asia Pacific dominated the market with a volume share of roughly 45.0% in 2019. This high market share can be attributed to expanding construction sector in the region
- Medical application is predicted to witness the fastest CAGR of 4.9% from 2020 to 2027, in terms of revenue, due to increasing healthcare spending across the globe
- Acrylic dominated the market with volume share of 36.4% in 2019 owing to superior mechanical properties provided by the product at a reasonable cost
- Water based technology is projected to witness the fastest CAGR of 4.1%, in terms of revenue, from 2020 to 2027 owing to its environmentally friendly nature
- The market is highly fragmented in nature with few large players such as Henkel, H.B. fuller, and Bostik AG.
High Performance Adhesives Market Segmentation
Grand View Research has segmented the global high performance adhesives market on the basis of product, technology, application, and region:
High Performance Adhesives Product Outlook (Volume, Kilotons;Revenue, USD Million, 2016 - 2027)
High Performance Adhesives Technology Outlook (Volume, Kilotons;Revenue, USD Million, 2016 - 2027)
- Water based
- Solvent based
- Hot melt
- Reactive & others
High Performance Adhesives Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Electrical & electronics
High Performance Adhesives Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of Key Players of High Performance Adhesives Market
- Henkel AG & Co. KGaA
- B. Fuller
- Avery Dennison Corporation
- Sika AG
- Wacker Chemie AG
- Jowat SE
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.