The market for High-performance Adhesives is expected to grow at a CAGR of over 5% during the forecast period. Major factor driving the market studied is the growing demand for high performance adhesives in asia-pacific region.
- On the flipside, stringent environmental regulations and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of market.
- Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as China, India and Japan.
Key Market Trends
Increasing Demand from Healthcare Sector
- Healthcare industry is one of the major end-user of the high performace adhesives. The medical sector consumes high-performance adhesives in both skin applications and non-skin applications. With a growing elderly population and increasing focus on sophisticated health care procedures, the medical segment of the high-performance adhesives market is expected to increase at a swift rate.
- Additionally, the United States had the largest market for medical devices, globally, followed by Japan, China, and countries in the rest of the world, in 2019.
- The growing population, greater prevalence of chronic diseases, and major technological innovations have been driving the global healthcare industry.
- The global healthcare spending is expected to increase at an annual rate of around 5.4% during 2018-2022, with the per-person healthcare expenditure being the highest in the United States, currently at around USD 11,674.
- Furthermore, the increasing healthcare expenditure in the developing countries, is expected to increase the demand for the medical devices. The growing healthcare industry is thus expected to drive the market for high performance adhesives in the upcoming years.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share for the high performance adhesives market owing to the demand from packaging industry, health sector and building & construction. In Asia-Pacific, China is the largest economy, in terms of GDP. In 2019, the country witnessed about 6.1% growth in its GDP, despite having trade disturbance, caused due to its trade war, with the United States
- In addition to it, the increasing population in China is consuming products, such as food, beverages, and pharmaceuticals, at a rapid pace. This is rising the demand for packaging solutions that are convenient and portable. The Chinese packaging industry is expected to grow at a rate of 5.9% per year till 2020.
- Moreover, industries such as food and beverage, cosmetics, and consumer goods are continuously seen innovating new products, increasing production, and resorting to attractive packaging materials in order to attract customers.
- Also, in India, the increasing demand for packaged foods and other packaging applications is in turn boosting the demand for high performance adhesives used in the packaging sector. For instance, in India, packaging is one of the fastest-growing industries, with an annual growth rate of 15%-20%. Currently, packaging represents the fifth-largest sector in the country’s economy. The sector has witnessed a steady growth over the past several years, and it is expected to rapidly expand, particularly in the export sector.
- Hence, such market trends are expected to drive the growth of the high performance adhesives market in the region during the forecast period.
The High-performance Adhesives market is fragmented in nature. Some of the major players in the market include Huntsman International LLC, MAPEI S.p.A, 3M, Sika AG, and Illinois Tool Works Inc., among others.
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