The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The market for engineering adhesives is expected to grow at a CAGR of more than 3% globally during the forecast period.
- Growing demand from manufacturing industries and increasing applications for industrial purposes are driving the market growth.
- The outbreak of COVID-19 and volatility in raw material prices are expected to hinder the market growth.
Key Market Trends
Growing Demand from Automotive and Aerospace Sectors
- Engineering Adhesives are majorly used for engineering applications. The demand for engineering adhesives has been growing from the manufacturing industries such as automotive, electronics, renewable energy sector, and also from other advanced engineering applications.
- Engineering adhesives are being used to bond different materials such as aluminum, polymers, composites, engineering plastics, and so on.
- Engineering adhesives are witnessing high demand from the automotive industry in recent years. Factors such as high-temperature resistance, exceptional bonding strength, and durability, make engineering adhesives suitable for automotive applications.
- The demand from the aerospace industry has been gradually growing. North America, Europe, China are the regions that hold major manufacturing units of aerospace components.
- However, the impact of COVID-19 on production lines in various industries in all regions is estimated to decrease the consumption of engineering adhesives in 2020.
- Increasing applications for the aerospace industry, advancements in the automobile industry are expected to fueling the demand for engineering adhesives through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automotive and electronics sectors, coupled with the continuous investments done in the region to advance the industrial and renewable energy sectors through the years.
- Moreover, China is emerging as one of the biggest markets, both in terms of consumption and production of electronics. This has increased the demand from the electronics industry for engineering adhesives in the Asia-Pacific region in recent years.
- Although there is a decline in the automotive manufacturing industry in the recent past, Asia-Pacific is still the largest consumer of automobiles globally.
- According to the Organisation Internationale des Constructeurs d’Automobiles, Asia-Pacific leads the global automobile production in recent years. China has a large number of automobile manufacturing plants which accounts for a large chunk of the demand for engineering adhesives.
- The growing renewable energy industry in China, India, Singapore, and Korea due to the government’s encouragement and advancements in the power generation industry are driving the demand for engineering adhesives.
The global engineering adhesives market is fragmented in nature with many players competing in the market. Some of the major companies are 3M, Henkel AG & Co. KGaA, Permabond LLC, Huntsman International LLC, and H.B. Fuller, among others.
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