Industrial adhesives market expected to grow at CARG of 5%
Technavio has recently conducted a market study which projects strong growth for the industrial adhesives market at least till 2023. The market is expected to grow at a CARG of nearly 5%. The use of industrial adhesives by manufacturers is increasing due to the systems´unique properties and superior performance. They also lead to better operations in comparison with traditional mechanical fasteners and eliminate the risk of corrosion when joining dissimilar metals that have different galvanic potential.
Sustainability drives development of industrial adhesives
The growing interest and demand from emerging economies for low VOC and sustainable green adhesives has triggered the need for environmentally friendly industrial adhesives. This has resulted in industrial adhesives made of renewable and biobased raw materials. Some industrial adhesives manufacturers are completely committed to producing eco-friendly adhesives to deliver the greatest possible contribution to environmental health and safety.
Industrial adhesives challenged by oil prices
The industrial adhesives market is experiencing strong growth while at the same time being challenged by the price volatility of crude oil. The price volatility is likely to influence the raw material costs and could lead to higher prices for industrial adhesives. Especially in the emerging economies, the increase in price could result in reduced use of industrial adhesives.