The wide application spectrum of curing adhesives due to their ability to be used as a binding substance for glass, fiber, and metal will continue to support their demand over the years. These adhesives are hard and rigid as well as tough with superior chemical and heat resistance.
Driven by the economic improvement globally, curing adhesives find extensive use in the automobile, textile, and furniture industries due to its increasing production capabilities along with the need for robust adhesive solution the ensures reliability. In the medical devices market, curing adhesives have found widespread application over the years owing to their ability to enhance durability.
There has been a robust expansion in the global healthcare industry as a result of the increase in disposable income among people and the ability to spend on advanced medical services. A major factor supporting growth in healthcare sector is the availability of many easy financing schemes like- health insurances, cashless payments, and reimbursements that encourage people to adopt advanced medical treatments.
In the year 2019, the U.S. healthcare spending grew by 4.6%, reaching approximately USD 3.8 trillion or USD 11,582 per person. The rapid growth in the healthcare sector supported by the increase in chronic diseases world over will favor the curing adhesives industry forecast, as the materials also help in strengthening productivity and enhancing the quality of medical devices.
Coronavirus and the rise in e-commerce sale
The emergence of coronavirus has shifted the consumers to buy goods from e-commerce platforms, this is mainly due to the increasing cases of infection, globally, and the need to contain the movement of the people as directed by the governments. With this, the packaging sector has grown multiple folds owing to the need to pack and ship the goods worldwide in a safe manner, ensuring that the quality of the product is intact.
Curing adhesives are used in the packaging sector due to their superior bonding strength as well as high durability even under extreme weather conditions. According to OECD reports, In April 2020, the total sales through internet in Europe grew by 30% as compared to April 2019. Increase in quick-service restaurants along with the use of improved packaging and case-ready packaging practices will support the developments in the packaging sector, further propelling the use of curing adhesives.
Fluctuating price of raw materials along with the increasing environmental concerns regarding the use of petrochemical bonding agents is likely to affect the growth of curing adhesives market size. Additionally, ecological and safety problems coupled with the rising government protocols regarding the management of synthetic products may act as an obstacle in production of these substances.
Consistent demand for automobiles
The global adhesives market has witnessed enormous expansion from the automobile sector due to the property of bonding on automotive surfaces. The rise in per capita income over decades has stimulated the demand for cars in both developed as well as developing parts of the world.
Changing consumer demands and automobile equipment supported by the development in the transportation methods will drive the industry trends. Curing adhesives can withstand high temperatures and also help in bonding translucent or transparent plastics that improve the aesthetics of the vehicles.
Curing adhesive companies are actively working towards improving their offerings to meet the changing consumer demands as well as to offer dependability. These market players are entering into partnerships, strategic alliances, and acquiring other companies to increase their geographical reach as well as to widen their offerings.
For instance, in August 2020, Germany-based-Henkel Adhesives inked a contract with Momentive Performance Materials to sell its consumer sealants business for use in construction and home improvement products. Such efforts will help magnify curing adhesives industry scope. Other notable curing adhesive producers include Dymax Corporation, H.B. Fuller, 3M Company and Bostik S.A., Franklin International, and Lord Corporation, to name a few.
