Global industrial adhesives market: Pressure sensitive products the largest sector with 28% consumption share
Industrial Adhesives: Products and Applications - A Global Market Overview - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-24 08:49:02
Pressure sensitive products accounts for the largest share of about 28% of global consumption of industrial adhesives equated to 5.9 billion lbs closely followed by Packaging with 4.7 billion lbs in 2013. Transportation projected to achieve the fastest 6.3% compounded annual growth rate (CAGR) between 2013 and 2020.Demand for industrial adhesives is estimated to extend across a wide spectrum of end markets, with transportation, inclusive of automotive and construction likely to take leading positions. A growing number of end-use applications have exhibited a marked shift from traditional mechanical fastener based technologies to adhesive based technologies, prominent among them being the automotive, mobile handheld electronic devices and medical sectors, which are expected to record faster than GDP growths over the coming few years.For instance, in automotive and aircraft manufacturers have initiated the substitution of conventionally used metals with plastics, composites and nonferrous materials in fabrication that helps in reducing weight of the vehicles and reducing fuel consumption.Traditionally, the global demand and growth for industrial adhesives has had a direct correlation with the chemical industry as a whole, which has averaged at about 3%-4% over the past decade. However, between the years 2008 and 2010, the global economy went into a tailspin, with a major proportion of industries following in its wake, of which the chemical industry was one. With end-users tightening belts and cutting down production due to lack of demand, industry majors had a torrid time in this recessionary period, and the market for industrial adhesives was also adversely affected.
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