PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606479
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606479
The Elastic Adhesives Market was estimated at USD 21,514.2 million in 2023, growing at a CAGR of 6.60% between 2024 and 2032.
Elastic adhesives are adaptable adhesives made of silicon, polyurethane segment, and PET that provide exceptional adhesive strength to a wide range of materials used in a variety of end-use sectors, including automotive, building and construction, and energy. New developments and innovations in medical devices are driving market expansion, as elastic adhesives are used in medical devices due to their great bonding qualities.
Elastic Adhesives Market- Market Dynamics
Surging Uses of Window Panels as a Better Infrastructure Design
Glazing is the process of installing glass in windows, doors, or other permanent openings in a building. Many skyscrapers have glass panels that are held together using adhesives rather than screws, which provides superior bonding and extends the panel's longevity. Bonding window panels with elastic adhesives provide outstanding vibration suppression, a clean finish quality, and reduces assembly time. Elastic adhesives based on Silane Modified Polymers and polyurethane segments also give contractors design flexibility. The window frames or panels used to assemble the glass are factory-made and available in conventional shapes and sizes. In addition, employing glass in structures has numerous advantages, like being easy to clean, weather-resistant, brightening the building, and recyclable. As a result, improved infrastructure design and the benefits of window panels are helping to drive growth in the elastic adhesives market.
Elastic Adhesives Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 6.60% from 2024-2032.
According to Resin Types segmentation, in 2023, Polyurethane-based elastic adhesives are projected to have the quickest CAGR growth in the market.
According to end-user segmentation, the construction category is expected to expand rapidly during the forecast period
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Elastic Adhesives Market is divided into three segments: Resin Type, End User, and region.
The market is divided into four divisions based on Resin Types: Polyurethane, Silane Modified Polymers (SMP), Silicone, and Others. Polyurethane-based elastic adhesives are projected to have the quickest CAGR growth in the market. This segment's rapid rise is being driven by expanding transportation applications, particularly in the automotive and aerospace industries, where polyurethane adhesives are chosen due to their high strength, durability, and ability to tolerate harsh circumstances. The quest for lightweight automobiles, as well as the growing demand for electric vehicles (EVs), are driving up the use of polyurethane adhesives, which help to reduce vehicle weight while maintaining structural integrity.
The market is segmented into four segments according to End User: Industrial, Construction, Automotive, and Others. The construction industry is predicted to have the fastest CAGR among end-user segments. This sector's growth is being driven by increased urbanization, infrastructure development, and the growing trend of green buildings, all of which require high-performance adhesive solutions for a variety of applications. The use of elastic adhesives in construction for waterproofing, sealing, and bonding applications is gaining traction, driving market expansion.
Elastic Adhesives Market- Geographical Insights
Geographically, this market is distributed over Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce. The North American region accounted for a large revenue share of the global market for Elastic Adhesives in 2023; in North America, the elastic adhesives market is primarily driven by the thriving construction industry and increased demand for innovative adhesives in the automotive sector. The United States contributes significantly to the industry due to its well-established infrastructure and ongoing investments in repair and new building projects. Furthermore, the automobile industry's emphasis on lightweight and fuel-efficient vehicles has resulted in a greater use of elastic adhesives for bonding and sealing purposes.
Asia-Pacific is expected to have the highest CAGR growth in the global elastic adhesives market. This expansion is primarily fueled by growing industrialization, urbanization, and infrastructure development in nations such as China, India, and Japan. China, the world's largest building market, considerably enhances the demand for elastic adhesives. The country's automotive industry also plays an important role, with manufacturers increasingly using sophisticated adhesives for vehicle assembly to improve performance and save weight. India is experiencing a strong increase in construction activity, aided by government efforts such as "Housing for All" and the creation of smart cities. Japan, with its superior technology and focus on innovation, also contributes to market growth by promoting the use of high-performance adhesives in the electronics and automotive industries.
In this competitive landscape, the market of elastic adhesives is largely dominated by intense rivalry among a few large players who are very innovative and are expanding their respective portfolios to cater to different industries' demands. In line, market leaders include key players such as Henkel, 3M, and Sika, which are offering a large portfolio of elastic adhesive solutions across a wide range of construction, automotive, and packaging applications. Competition in this market is fueled by to high demand for high-performance adhesives that offer elasticity, toughness, and resistance to environmental conditions.
In November 2022, Henkel, a global adhesive technology pioneer, announced its latest product, the Loctite UK 2073-2173 glue. This cutting-edge glue uses superior two-component polyurethane (2K-PU) technology, making...