The demand in the global building & construction industry is a key driver for opportunities for the adhesives manufacturers and suppliers. The value chain of the adhesives market has steadily expanded on the back of the rise in array of use of adhesives in various end-use industries. Broadly, key industries are paper & packaging, building & construction, woodworking, automotive & transportation, and leather & footwear.
A marked boost to the demand in the adhesives market has come from the DIY residential sector. However, market survey on adhesives has found that Covid-19 crisis could severely impact the sales, given the risks of cancellation or postponing of new builds and refurbishments in various parts of the world. The snags on the supply chain due to transportation constraints in recent months has also hampered the timely availability of raw materials. This has also impacted the growth dynamic of the adhesives market in unexpected ways.
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BIM Tools Become New Touchpoint between Architects and Adhesive Suppliers
Over the past few years, building information modelling tools and software have attracted attention of building professionals on account of the advantages their application has brought to large-scale projects. Over the last decade, developed economies especially, have been implementing BIM tools in complex construction projects. Given the penetration of array of adhesives in the construction industry, adhesive market players eye a massive avenue in BIM tools. Not only, the tools will offer them easy access to demands in new construction businesses, but suppliers can also customize the offering to meet the changing customer’s demand in the construction industry. Thus, the adoption of BIM tools in the large-scale construction industry is benefitting adhesive suppliers.
Stridently, a number of partnerships and strategic collaborations have picked up to support the trend of BIM tools implementation, paving way to substantial opportunities to adhesive suppliers. Future growth is likely to be extensively fueled by the growing adoption of 3D modelling among architecture, engineering and construction (AEC) industry.
The global worth of the adhesives market is expected to reach US$ 89 Bn by 2030-end. Of the various product types, the opportunities in polyurethane segment expanded most rapidly.
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Application of Microsphere Adhesive Technologies Shaping Innovative Product Developments in Adhesives Market
The advent of linerless label technology has been a key industry development for packaging that altered the course of adhesives market trajectories. The development of this technology has been making strides on the back of advances made in microsphere adhesive technologies. Packaging companies have been extensively benefitting from the launch of products from microsphere adhesive technology. Further, specialty chemical solutions are keenly looking to leverage the potential of linerless label technology. Of note, the adhesive market players have been able to witness new avenues by paper & packaging applications.
The value-grab opportunities projected in the segment is US$ 89 Bn by the end of 2030, according to a market survey on adhesives. In this regard, sustainability aspect of linerless labels is expected to help market players gain some competitive edge over others. Another product type that has gained popularity on account of the sustainability attribute is bioinspired fibrillar dry adhesives. These have been extensively commercialized over the past several years. Fibrillar adhesives are extensively used in making adhesives that can repel oil-like liquids.
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Substantial Volatility in Raw Material Prices Hamper Prospects, Players See Incredible Avenue in Automotive Industry
Since petrochemical derivatives form a key raw material, the volatility in crude oil prices adversely affects the growth dynamics of the adhesives market. Petrochemical by-products suffer from frequent variability in prices, posing significant challenges for adhesive manufacturers. Market players on the other hand are eyeing new revenue streams in making vehicle bodies. The strides in the automotive sector have been stridently propelling sales in the adhesives market.
The adhesive market ecosystem has constantly been broadened from the growing demand for new product lines in electric vehicles (EVs) and hybrid electric vehicles (HEVs).
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Opportunities in Asia Pacific to Increase at Rapid Pace
On the global front, Asia Pacific has been highly lucrative one. High-volume demand in various end-use industries especially in construction industry is a key trend bolstering the prospects in the adhesives market. Japan and South Korea has been at the forefront of composite adhesive chemistries to meet the demands in key end-use industries.