The global curing adhesives market size is expected to steadily expand in the coming years on account of exponential growth of the construction industry, states Fortune Business Insights™ in its report, A recent study by Oxford Economics and Global Construction Perspectives projects that world construction output in terms of value will reach USD 15.5 trillion 2030, soaring at a rate of 85%. More than half of this increase will be seen in China, the US, and India, the study reports. Curing adhesives are non-metallic compounds that have the property of joining different objects to surfaces permanently. Their main advantage lies in their ability to bind dissimilar materials together, efficiently distribute stress across joints, cost-effectiveness, and flexibility of design and application. Strong agents are required in construction to hold numerous joints and surfaces together, and curing adhesives have been proven to perform this function with high efficacy and efficiency.
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Highlights of the Report:
- 360-degree examination of the market trends, drivers, and restraints;
- Holistic analysis of the market segments;
- Exhaustive study of the regional developments impacting market dynamics; and
- Comprehensive profiling and detailed assessment of the industry key players and their dominant strategies.
Market Restraint
Drastic Downturn in Automotive Manufacturing amid COVID-19 to Stall Market Growth
Curing adhesives are extensively utilized in the automotive industry for providing superior binding strength for similar and dissimilar substrates. However, the COVID-19 pandemic has severely hampered vehicle production as workforce restrictions have forced companies to operate on limited capacity. Moreover, sharp contraction in demand for automobiles has compelled many carmakers to shut down plants. For example, Fiat Chrysler announced closure of its plants in Italy, Poland, and Serbia, while Volkswagen shut down its plants in Italy and Spain. Several companies in the automotive industry have been pushed into financial doldrums by the pandemic. Toyota Motors, for instance, reported its lowest quarterly profit in nearly nine years in August 2020. In the UK, on the other hand, Jaguar Land Rover entered into talks with the UK government for a possible bailout of the company amid the coronavirus crisis. Thus, with the automakers confronting multiple shocks generated by the coronavirus, the adoption of curing adhesives and the growth of the market will inevitably get hampered in the present scenario.
Regional Insights
Asia Pacific to Lead the Pack; North America & Europe to Register Stable Growth
Geographically, Asia Pacific is expected to dominate the curing adhesives market growth in the forthcoming years mainly as a result of the rapid growth and development of the automotive and construction industries, primarily in India and China. Promising expansion of the electrical & electronics industry will further boost the regional market growth.
In North America and Europe, research and development of polymer technologies will create lucrative opportunities for the market players. In addition, increasing demand for lightweight, electric vehicles will open new avenues of expansion for the market. Availability of raw materials will be the primary growth driver for the market in Latin America.
Competitive Landscape
Key Players to Concentrate on Diversifying Operations & Launching Novel Solutions
The prominent strategy adopted by the key players in this market is the implementation of measures to diversify their regional and global operations. This is enabling these companies to broaden their businesses and carve a niche space in this burgeoning market. Many other companies, on the other hand, are focused on developing and launching novel adhesive solutions for various end-users.
Industry Developments:
- August 2020: Henkel Adhesive Technologies began the construction of a new, state-of-the-art plant in North Carolina for the production of UV-curable acrylic pressure sensitive adhesives. Intended to be completed by 2021, the facility will allow Henkel to develop sustainable adhesives for the graphic films, medical, label, tape markets in the US.
- January 2020: Techsil released an innovative, orange-fluorescent UV curing adhesive for bonding plastics called Vitralit 7311 FO. Manufactured by Panacol, the product is an acrylic adhesive that offers bond strength for several plastics, including PVC and PC as well as stainless steel and glass.
List of Key Companies Profiled in the Curing Adhesives Market Report:
- Sika
- B. Fuller
- Tosoh
- Dymax Corporation
- 3M Company
- Henkel AG & Co.
- Arkema Group
- Jowat SE
- Dow Corning
- Bostik SA
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