Albany, NY -- (SBWire) -- 05/31/2019 --Global High Performance Adhesives Market: Snapshot
The global high performance adhesives market is anticipated to propel the demand as the usage of high-performance adhesives increases in various applications in industries. High-performance adhesives are recognized due to certain properties such as mechanical and physical, which is suitable for use in premium applications in medical and aerospace industries. These adhesives have high temperature and moisture resistance, good tensile strength, higher elasticity, and less curing time. Most of the demand is expected to come from aerospace and medical industry owing to their exceptional mechanical and physical properties. This in turn, is likely to expand the growth of high-performance adhesives market in the forecast period 2018-2024.
The global high performance market is anticipated to grow at a strong CAGR of 5.7% during the forecast period.
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Epoxy and Solvent-based Adhesives to Lead the Global Market from 2018-2024
The global high-performance adhesives market is bifurcated into silicone, epoxy, acrylic, and polyurethane. Among these, epoxy is projected to dominate the global market throughout the forecast period. This adhesive is used extensively owing to its extreme resistance for heat. In addition to this, the alternatives for epoxy adhesives are highly compatible and are used widely by end-use industries. The alternatives include adhesives such as high-performance with low VOCs and ware-based. Hence, acrylic segment is also expected to grow significantly in the high-performance adhesives market over the forecast period. According to technology, the global market for high-performance adhesives is segmented into water-based, solvent-based, UV-curable, and hot melt. Of these, the solvent-based accounted for the majority of market share. But at the same time, this segment is observing a gradual decrease as it contains VOCs (Volatile Organic Adhesives) which possess harmful effects. In the coming years, water-based adhesive market is likely to grow owing to the rising awareness about VOCs. Furthermore, this adhesive has very less amount of VOCs in them.
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Asia-Pacific to Grow substantially during the Forecast Period
The global high-performance adhesive market is fragmented into different regions such as Europe, North America, Latin America, MEA, and Asia Pacific. Among these, Asia Pacific is anticipated to lead the high-performance adhesives market in the forecast period. This is majorly due to the growing purchasing power capacity in some of the emerging countries such as India and China. People in these countries are shifting to expensive products which eventually lead to the use of superior adhesives. Asia Pacific is followed by Europe which is the second largest high-performance adhesives market. North America is also estimated to grow moderately in the forecast period and markets such as MEA and Latin America are expected to rise rapidly in the coming years.
The automotive sector is continuously developing and working towards making lightweight vehicles. These lightweight vehicles may emit carbon dioxide at a significant rate. Government from different regions have passed strict regulations with respect to carbon dioxide emissions. These regulations are followed across the world. High-performance adhesives help in reducing carbon dioxide emissions. These adhesives provide structural strength and have the ability to link together different surfaces in a vehicle. The vehicle becomes safer, quicker, and lighter by using high-performance adhesives which is better in comparison with the mechanical or traditional methods for instance bolting, soldering, and welding. Presently, the amount of adhesives used in a car is around 15 kgs. This amount is expected to rise in the forecast period, which would drive the demand for global high-performance adhesives from 2018-2026.
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The global high-performance adhesives market is overseeing an intense competition due to the presence of numerous players. These players have the technical know-how and are capital intensive. Some of the prominent players in the global high-performance adhesives market which include 3M, Henkel AG, Avery Dennison, Pidilite, Huntsman Corporation, Illinois Tool Works, Sika, and HB Fuller.
High Performance Adhesives Market Segmented by Type, Formulation Technology, End Use with Companies 3M, Henkel AG, Avery Dennison, Pidilite