Adhesive Equipment Market Size is forecast to reach $45.3 billion by 2026, at a CAGR of 4.8% during 2021-2026. The adhesive equipment comprises of adhesive controllers, industrial hot melts, adhesive pumping systems, and adhesive application guns that aid in bonding dissimilar objects as a result reduces stress concentration at screw and rivet points, improves production efficiency, and minimizes vibration, fatigue, and noises. There is a rise in the demand for adhesive equipment in the packaging industry globally as there is a need for fast and safe bonding of the materials, cost-saving production, and compatibility with the existing production lines such as with Adhesive Pumping Systems. Adhesives such as bio-based industrial hot melt adhesives, which rely on fossil fuel-based adhesive controllers components offer excellent performance, easy conversion, and temperature resistance. Increasing industrialization, favorable government initiatives undertaken in various countries to support the packaging sector, increasing utilization in the food and beverages, disposable hygiene products electronics, pharmaceuticals, fast-moving consumer goods (FMCG) for numerous purposes is acting as another growth-inducing factor for the adhesive Equipment Market.
Adhesive Equipment Market Segment Analysis – By Product Type
The Industrial Hot Melt segment is growing at a significant market value of 6.7% in the forecast period as they are highly used in industrial applications and provides strong adhesion on a variety of substances such as glass, wood, ceramics, metal, rubber and plastic. With the growing penetration of smartphones and mobile devices and internet services, e-commerce has emerged as a major shopping platform in the world due to which the retail stores are finding applications where there is use of strong cartoons to hold their products which are delivered via big rigs made up of adhesives. The industrial hot melt adhesives can be disposed of easily, usually without special precautions, has longer shelf life due to which these adhesives are highly adopted in dispensing machines, glue sticks, and bulk hot melt adhesives impacting the growth of the market positively.
Adhesive Equipment Market Segment Analysis - By End Users
Construction is expected to witness a highest CAGR of 6.5% during the forecast period, owing to the growing building construction activity and the production of durable goods such as furniture, machinery, appliances and more. Funds are anticipated to be focused on investments in transportation, water, energy and telecommunications. These programs would have a straight influence on the chemicals sector, predominantly the Adhesives divisions involved in the bonding layer for floor fixing between the existing floor and the substrate applications. According to The American Society of Civil Engineers estimates, $3.6 trillion investment will be needed through 2025 to fund airports, highways and other infrastructure in U.S. According to the office for National Statistics, monthly construction production in Great Britain increased by a record of 23.5 percent in June 2020, significantly higher than the previous record monthly growth of 7.6 percent in May 2020, here the adhesives are mixed with cements and used in joints.
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Adhesive Equipment Market Segment Analysis - By Geography
Adhesive Equipment Market in Asia-Pacific region held a significant market share of 39.7% in 2020. Growth in the E-Commerce sector, Retail shops, technological advancements and boom in the construction sectors set to drive the Adhesive Equipment Market here. The main drivers are (1) the robust economic growth that improves people's ability to purchase a better home; (2) the government effort in pushing for homeownership; and (3) the belief that properties are one of the best investments that provide good returns. As a result, property demand remains strong, which helps to escalate the sales of Adhesives in the developing countries such as China, India and others. The residential construction market to remain the largest market over the forecast period and account for 67% of the total value in 2023, supported by the government’s plan to stabilize the housing market by building affordable public housing and increase the supply of rental public housing in the country. All these factors are analyzed to boost the market growth in the forecast period.
Adhesive Equipment Market Drivers
Growth of Infrastructural Activities resulting in adoption of adhesives:
The growth of the infrastructural activities due to the modernization of the developing countries have resulted in significant growth of the adhesives. In Singapore, total construction demand is set to boost in the forecast period led by public sector building projects including public housing, as well as private sector projects such as the continued redevelopment of en bloc residential sites and berth facilities at Jurong Port and Tanjong Pagar Terminal. The construction sector accounts for about 4 per cent of Singapore's total gross domestic product. The government of New South Wales (NSW) has eased restrictions on construction sites, allowing work on weekends as well as on public holidays, and announced a first tranche of US$5.1 billion of shovel-ready construction projects, including the Snowy Hydro 2.0 project and construction of 4,441 new houses in the year 2019-2020, giving the boost to the Adhesive Equipment market.
Growth of Automotive sector where adhesives are used:
The adhesives are highly resistant to chemical substances such as fuels, oils and hydraulic fuels where they are used to tighten and seal fasteners and gaskets along with electrical component in automotive sector. In North America, automotive consumption is a major component of Canada’s manufacturing sector, accounting for large shares of cross-border trade, manufacturing sales and manufacturing gross domestic product. Like manufacturing as a whole, production in Canada’s automotive sector fell sharply during the last recession, but has rebounded in the post-recession period, as consumer demand for new motor vehicle has increased since 2009 both in Canada and the United States. Moreover, automakers from all around the world are planning to set up auto spare parts manufacturing units in this country which will consequently propel the demand for Adhesives Equipment in the forecast period 2021-2026.
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Adhesive Equipment Market Challenges:
Higher Expenses, Slower Packaging and product damage challengers:
The packaging manufactures face many challenges related to the adhesives such as temperature extreme challenges, product damage challenges, slower packaging challenges and others as some of the adhesives perform better at extremely high temperatures and moisture levels, while others are better suited for cold temperatures and low humidity levels. These factors are supposed to hinder the growth of the market.
Adhesive Equipment Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Adhesive Equipment Market. Adhesive Equipment Market top 10 companies include Nordson Corporation, Henkel, Graco Inc., Atlas Copco Corp, Dymax Corporation, 3M Corporation, H.B. Fuller Company, Robatech, Valco Melton, Hernon Manufacturing, Inc. among others
Acquisitions/Product Launches
In 2020, Henkel AG & Co. KGaA and Covestro AG developed solution based on UV-caring adhesive for which both the companies collaborated enabling the efficient fixation of cylindrical lithium-ion battery (LIB) cells inside a plastic cell holder.
In 2019, BASF builed a second production facility at the Ludwigshafen site in Germany as one of the leading solution providers for sophisticated applications in the adhesives sector for which the company doubled its manufacturing capacity for UV acrylic hotmelts.
Key Takeaways
High industrialization rates coupled with government initiatives to promote packaging sector in emerging markets of Asia Pacific and South America along with booming automotive and consumer electronics industries of China and India has further accelerated the demand for adhesives thereby fueling the demand for adhesive equipment.
Industrial hot melt equipment is expected to witness the highest CAGR of 6.7% the forecast period, owing to their unique product characteristics such as low costs, quick drying time and versatility coupled with the surge in awareness for the sustainable adhesives.
APAC is witnessing a major growth in the market owing to the surge in Automotive industry and Construction industry where these adhesives are used for fixing of pre-finished panels.
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