Adhesives Market Forecast 2024-2033: Anticipated Size and Growth Trends
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2024-2033 Adhesives Market: What Growth Rate is Predicted?
In recent times, there has been considerable expansion in the size of the adhesives market. The market is predicted to swell from $84.6 billion in 2023 to $92.58 billion in 2024, witnessing a compound annual growth rate (CAGR) of 9.4%. The escalation observed in the historical phase is due to robust economic growth in the terminal consumer markets, advancements in technology at a quick pace, and an increase in residential construction activities.
Anticipated robust growth in the adhesives market is projected to reach a valuation of $130.87 billion by 2028, with a compound annual growth rate (CAGR) of 9.0%. This growth over the forecast period can be linked to several key factors such as rising demand in the automobile sector, escalation in the necessity for adhesives within the building and construction industry, swift urbanization, and upsurging demand from the packaging sector. The forecast period will also see key trends like the adoption of automation and instrumentation solutions, the utilization of 3D vision systems, investments in the rapid curing of adhesives, the implementation of ebeam technology, the emphasis on the development of innovative products, and the consideration of adopting IoT technologies.
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What Aspects Are Driving the Expansion of the adhesives Market?
In this landmark time, the escalation of technology was a principal propeller for the international economy. The adhesives business, a field steeped in technology, came into prosperity as a result of this progression. Technologies like hot melts, reactive acrylics, and UV systems gained recognition owing to their safety attributes and energy-saving characteristics. Adhesives superseded conventional mechanical fastening mechanisms due to their superior efficacy and overall cost-effectiveness, driving the adhesives market in the historic phase.
What Are the Significant Segments of the Adhesives Market?
1) By Adhesive Type: Structural, Tapes And Films, Threadlocks And Retainers, Liquid Gaskets, Automotive Adhesives
2) By Vehicle Type: Passenger Cars, LCVs, Trucks, Buses, Aftermarket
3) By Resin Type: Polyurethane, Epoxy, Acrylics, Silicone, SMP, MMA, Other Resin Types
4) By Application: BIW, Glazing, Powertrain, Paint Shops, Upholstery
What Trends Are Influencing the Evolution of the Adhesives Market?
A multitude of companies in the adhesive sector are implementing IoT (Internet of Things) technologies to link machinery and intelligent devices for acquiring real-time data and pinpointing manufacturing inefficiencies. The gathered data is processed, scrutinized, and deciphered by plant supervisors and top-tier management to enhance quality and attain maximum production quantities. As an example, intelligent systems provide details on the operational state and efficiency of chemical reactors with integral software and analytical tools to alert plant operators and administrators about potential machinery malfunctions. Major firms such as BASF SE, The Dow Chemical Company, and H.B. Fuller are part of the group that has adopted IoT.
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Which Geographic Areas Are Influencing the Growth of the Adhesives Market?
Asia-Pacific was the largest region in the adhesives market in 2023. North America was the second-largest region in The adhesives market. The regions covered in the adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Adhesives Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the adhesives market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Adhesives Market Include
1. Adhesives Market Executive Summary
2. Adhesives Market Segments
3. Adhesives Market Size And Template Market Growth Rate
4. Key Adhesives Market Trends
5. Major Adhesives Market Drivers
……
25. Key Mergers And Acquisitions In The Adhesives Market
26. Top Adhesives Companies
27. Adhesives Market Opportunities And Strategies
28. Adhesives Market, Conclusions And Recommendations
29. Appendix
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