Fairfield Market Research has conducted preliminary research indicating a promising growth outlook for the global engineering adhesives market over the next few years. The rise in demand for engineering adhesive products, particularly in developing regions, is a major key factor fueling this growth. These bonding products are steadily replacing conventional fasteners in transportation, construction, and other industries, driving the expansion of the engineering adhesives market.
Engineering adhesives are gaining popularity due to their characteristics, such as stiff bonding, high strength, and high viscosity, which enhance the quality and dependability of machinery and equipment. They also offer effective solutions to increase dynamic and static strength and reduce corrosion issues during assembly. The use of engineering adhesives extends to various sectors, including maritime infrastructure, shipbuilding, maintenance, and repair in the marine industry.
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Government spending on maritime sector initiatives further boosts the market for engineering adhesives. For instance, India's Ministry of Ports, Shipping, and Waterways nominated 400 projects totaling Rs. 2.25 lakh crore (US$31 Bn) in investment for the Maritime India Summit 2021. Additionally, the growth of polyurethane adhesive products, increased urbanization, and government financing and investment are positively impacting the engineering adhesives market.
In 2020, the market for engineering adhesives was significantly impacted by the COVID-19 pandemic. With nationwide standstills and manufacturing facilities not operating at full capacity, the demand for engineering adhesives in the end-use sectors, such as construction and transportation, was affected. However, as building and construction activities and transportation operations gradually return to full capacity, the engineering adhesives market is anticipated to rebound.
The transportation industry's increasing demand for engineering adhesives is another driving factor. These adhesives offer benefits such as rust and corrosion prevention on vehicle body parts and minimize manufacturing steps, reducing costs. As vehicle production increases, the demand for engineering adhesives in the transportation sector is expected to grow.
Moreover, the rising concern for environmental impact has led to increased demand for bio-based adhesives. Regulatory agencies are restricting the use of solvent-borne adhesives, prompting manufacturers to invest in bio-based adhesive production. The market for engineering adhesives is expanding as a result of the growing need for these eco-friendly substitutes.
However, the challenging application process of engineering adhesive coatings remains a challenge for the market. Epoxy, the dominant category in engineering adhesives, is known for its superior bonding strength, but its application requires a well-prepared surface, raising overall costs.
The construction industry remains the key application area for engineering adhesives, with increasing construction activities in countries like India, the US, China, and others driving market growth. Asia Pacific is expected to account for the largest revenue share in the market, with China leading the region due to its expanding transportation and construction sectors.
Some of the key players in the global engineering adhesives market include 3M Company, Arkema, Ashland, Dow Inc, Dymax Corporation, H.B. Fuller Company, Henkel AG & Co. KGaA, Huntsman Corporation, LORD Corporation (Parker Hannifin Corp), Permabond LLC, and Sika AG.
Overall, the engineering adhesives market shows promising growth prospects with the increasing adoption of bonding products in various industries and the rising demand for bio-based adhesives. In the upcoming years, the industry is expected to experience significant expansion as economies recover from the pandemic's effects and building and transportation activity pick back up.
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