High Performance Adhesives Market Overview:
The market size of high-performance adhesives globally was valued at USD 32.14 billion in 2022, with an expected rapid revenue CAGR of 3.5% during the forecast period. The increasing demand from various end-use industries like construction, transportation, and aerospace, along with the growth in private and government spending in healthcare and building and construction sector, is driving the market's revenue growth. High-performance adhesives are known for their excellent physical and mechanical properties and are widely used in various industries such as construction, medical, transportation, and aerospace and defense industry for high-end applications. This has led to an increase in the use of high-performance adhesives as stronger, lighter, and more durable materials become more prevalent in these sectors.
The construction industry is one of the major users of high-performance adhesives as they are used to bond different materials such as metal, plastic, and wood, in applications such as insulation, roofing, and flooring. The automobile industry also extensively uses high-performance adhesives to join various materials like composites, metal, and plastic, which is expected to contribute to the market's revenue growth. The adhesives are utilized for structural bonding, exterior body panel bonding, and interior trim bonding. Moreover, the rising demand for lightweight and fuel-efficient automobiles is also driving the demand for high-performance adhesives in the automotive industry.
High Performance Adhesives Market Segments:
The global high-performance adhesives market has a market size value of USD 32.14 billion in 2022 and is expected to register a rapid revenue CAGR of 3.5% during the forecast period from 2022 to 2032. The revenue forecast for 2032 is USD 43.8 billion. The market estimation is based on the base year 2022 with historical data covering the years 2020-2021, and the forecast period from 2022-2032.
The market is segmented based on product outlook, application outlook, technology outlook, and regional outlook. High-performance adhesives are lightweight and offer excellent physical and mechanical properties, which are widely used for high-end applications in various industries including the automation industry, construction industry, medical sector, transportation, and aerospace and defense industry. These industries are employing more high-performance adhesives as the use of stronger, lighter, and more lasting materials is increasing.
The rising demand from end-use sectors, including construction, transportation, and aerospace, and the increasing private and government spending in the healthcare and building and construction sectors across the globe are major factors driving market revenue growth. The construction sector is a major user of high-performance adhesives and frequently utilizes these adhesives to join various materials, including metal, plastic, and wood, in applications for insulation, roofing, and flooring.
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High Performance Adhesives Market Strategic Developments:
Sika AG announced the acquisition of Modern Waterproofing Group on 8 June 2020, a prominent supplier of roofing and waterproofing systems in Egypt. This acquisition will help Sika AG expand its product offerings in the roofing and waterproofing market.
In addition, on 2 May 2019, 3M Company declared its acquisition of Acelity Inc., a medical technology firm that focuses on advanced wound care and surgical solutions. This acquisition will assist 3M Company in broadening its product portfolio in medical adhesives and enhancing its presence in the healthcare industry.
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High Performance Adhesives Market Competitive landscape:
The global high-performance adhesives market is home to several major companies, each with their own unique offerings and strategies to stay competitive. One of the leading players is Henkel AG Co. KGaA, which offers a wide range of adhesive solutions for various industries, including automotive, construction, and electronics. The company focuses on innovation and sustainability to meet the evolving needs of its customers.
3M Company is another major player in the high-performance adhesives market, with a strong focus on research and development to provide cutting-edge solutions for various industries. The company's offerings include adhesives for medical applications, automotive bonding, and electronics assembly.
The Dow Chemical Company is a leading manufacturer of high-performance adhesives and other chemical products. The company's adhesive solutions are used in several industries, including construction, transportation, and packaging. The company's focus on sustainability and innovation has helped it maintain a strong position in the market.
Sika AG is a Swiss company that specializes in chemical products for the construction industry. The company offers a wide range of adhesives, sealants, and coatings for various applications, including roofing, flooring, and concrete repair. The company has a strong focus on innovation and sustainability and aims to be a market leader in its industry.
BASF SE is a German multinational chemical company that produces a wide range of chemical products, including high-performance adhesives. The company's adhesive solutions are used in several industries, including automotive, construction, and packaging. The company focuses on innovation and sustainability to stay competitive in the market.
Other major players in the high-performance adhesives market include Arkema SA, ITW Performance Polymers, Avery Dennison Corporation, Huntsman Corporation, and Pidilite Industries Limited. These companies offer a range of adhesive solutions for various industries and are constantly innovating to meet the changing needs of their customers.
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