|
Forecast Period
|
2024-2028
|
|
Market Size (2022)
|
USD 4.85 billion
|
|
CAGR (2023-2028)
|
6.84%
|
|
Fastest Growing Segment
|
Polyurethane
|
|
Largest Market
|
Asia Pacific
|
Market Overview
Global Moisture Curing Adhesives Market has valued
at USD 4.85 billion in 2022 and is anticipated to project robust growth in the
forecast period with a CAGR of 6.84% through 2028. Moisture curing adhesives, also known as
moisture-cured adhesives, represent a significant and dynamic segment within
the adhesive industry. These adhesives are known for their ability to cure and
bond materials in the presence of atmospheric moisture. As industries across
the globe seek more efficient and sustainable bonding solutions, the global
moisture curing adhesives market is experiencing substantial growth and
transformation. In this article, we provide a comprehensive overview of this
market, exploring key drivers, challenges, and emerging trends.
As environmental concerns intensify, industries are
shifting towards adhesives that have lower volatile organic compound (VOC)
emissions and reduced environmental impact. Moisture curing adhesives, which
often meet these criteria, are in demand.
The automotive industry is one of the largest
consumers of moisture curing adhesives, particularly for applications like
glass bonding, structural bonding, and seam sealing. As global vehicle
production continues to grow, the demand for these adhesives follows suit.
In the construction sector, moisture curing
adhesives are used for various applications, including bonding flooring,
installing windows, and sealing joints. The construction industry's growth
fuels demand for these versatile adhesives.
Moisture curing adhesives typically require specific
humidity levels and time to cure properly. Variations in environmental
conditions can affect curing times, which can be a challenge for manufacturers.
While these adhesives excel at bonding porous
materials, they may have limitations when it comes to non-porous surfaces.
Formulation improvements are ongoing to address this challenge.
Asia-Pacific remains a prominent region in the
moisture curing adhesives market, driven by robust manufacturing activities,
rapid urbanization, and construction projects. North America and Europe also
witness significant demand, particularly in the automotive and construction
sectors.
Increasing emphasis on sustainability is driving
research and development efforts towards bio-based moisture curing adhesives,
which have a lower environmental footprint. Manufacturers are constantly
working on formulations that offer quicker curing times and better adhesion to
a wider range of substrates. With growing customer demands for tailored
solutions, companies are focusing on providing adhesives that cater to specific
industry needs and applications.
The global moisture curing adhesives market
continues to evolve as industries prioritize environmentally friendly,
efficient, and reliable bonding solutions. While challenges like curing time
and substrate compatibility persist, ongoing research and innovation are
expected to address these issues. As industries like automotive, construction,
and electronics expand, the demand for moisture curing adhesives is likely to
remain robust, making it a lucrative and essential segment within the adhesive
industry. Companies in this space should remain adaptive and innovative to
harness the full potential of this growing market.
Key Market Drivers
Increasing Demand in Construction Activities is Major
Factor for Moisture Curing Adhesives Market Growth
The global moisture curing adhesives market is
experiencing a robust surge in growth, largely attributed to the burgeoning
demand within the construction industry. This demand is a consequence of
significant infrastructure developments taking place across the world, with
particular emphasis on key regions such as the Asia-Pacific.
In recent years, the Asia-Pacific region has
emerged as a dominant force in the global moisture curing adhesives market.
This dominance is primarily due to the substantial increase in construction
activities in countries like India and China. These nations have witnessed
unprecedented urbanization and industrialization, fueling the need for reliable
and advanced adhesive solutions. The construction sector, in particular, has
been a major beneficiary of this trend.
China, one of the economic giants of the
Asia-Pacific region, has been making substantial investments in infrastructure
projects. The Chinese government, in an effort to bolster its economy and
improve the quality of life for its citizens, approved a staggering 26
infrastructure projects in 2019, with an estimated investment of approximately
USD 142 billion. These projects encompass a wide range of areas, including
transportation, energy, and real estate, and are expected to be completed by
2023. Such massive investments have naturally led to an increased demand for
moisture curing adhesives, as they play a pivotal role in various construction
applications, ensuring durable and long-lasting bonds.
India, another major player in the Asia-Pacific
region, has been following a similar trajectory. The Indian government has
allocated a substantial budget of USD 63 billion for the infrastructure sector
in the fiscal year 2019-20, with ambitious plans to spend a staggering USD 1.4
trillion over the next five years. Initiatives such as the development of smart
cities and the "housing for all" program have been instrumental in
driving the construction industry forward. These initiatives, aimed at creating
modern urban spaces and affordable housing, are creating a soaring demand for
moisture curing adhesives. These adhesives are critical for ensuring the
structural integrity of buildings and infrastructure, making them indispensable
in the construction sector.
Moisture curing adhesives, known for their
exceptional bond strength and extended working time, have found widespread
application in solid wood plank and engineered wood projects within both the
commercial and residential sectors. As the construction industry continues to
expand, so does the demand for wooden flooring and furniture. This trend is
particularly noticeable in India, where the furniture industry was projected to
surpass USD 32 billion by 2019, and it is expected to maintain a growth rate of
20% per annum in the coming years. Moisture curing adhesives have become an
essential component in crafting durable and aesthetically pleasing wooden
furniture and flooring, further propelling the growth of the global market.
Government support and policies have played a
pivotal role in accelerating the demand for moisture curing adhesives in the
Asia-Pacific region. The backing of massive infrastructure projects, coupled
with initiatives aimed at improving the quality of living for citizens, has
created a conducive environment for the adhesive market to thrive. This upward
trajectory is expected to continue as construction activities in the region
show no signs of slowing down.
In conclusion, the global moisture curing adhesives
market is experiencing a remarkable surge in demand, driven by the construction
boom in the Asia-Pacific region. The substantial investments in infrastructure,
coupled with the growth of the furniture and wooden flooring industries, are
propelling the market to new heights. With government support and favorable
economic conditions, the future looks promising for moisture curing adhesives,
as they continue to be a critical component in building the infrastructure of the
future.
Rising Demand from the Automotive industries Drives
the Demand for Moisture Curing Adhesives Market
The global moisture curing adhesives market has
been experiencing a significant surge in growth, largely propelled by the
rising demand from the automotive industry. This growing demand is reshaping
the landscape of adhesive solutions and has become a pivotal driver of market
expansion.
In recent years, the automotive sector has
undergone a remarkable transformation. Consumer preferences have shifted
towards lighter, more fuel-efficient vehicles, and manufacturers are
increasingly turning to advanced materials and bonding technologies to meet
these demands. Moisture curing adhesives have emerged as a preferred choice for
automotive assembly due to their exceptional performance characteristics.
One of the key factors driving the adoption of
moisture curing adhesives in the automotive industry is their ability to
provide strong and durable bonds across a wide range of substrates, including
metals, plastics, and composites. These adhesives offer high tensile and shear
strength, making them ideal for critical applications such as structural
bonding, panel bonding, and glass bonding. This strength not only enhances the
structural integrity of vehicles but also contributes to improved safety, which
is a paramount concern in the automotive sector.
Furthermore, moisture curing adhesives are valued
for their resistance to temperature extremes, chemicals, and environmental
factors. In the automotive industry, where vehicles are subjected to various
climatic conditions and exposure to corrosive substances, the durability of
adhesive bonds is essential. Moisture curing adhesives excel in this regard,
ensuring that bonded components remain securely attached throughout a vehicle's
lifespan.
Weight reduction has become a central focus in the
automotive industry, driven by stringent emissions regulations and the pursuit
of greater fuel efficiency. Traditional mechanical fastening methods, such as
welding and riveting, add unnecessary weight to vehicles. Moisture curing
adhesives, on the other hand, are lightweight and contribute to a reduction in
the overall weight of vehicles. This not only enhances fuel efficiency but also
allows automakers to meet stringent emissions standards.
Another notable advantage of moisture curing
adhesives in the automotive sector is their ability to dampen vibrations and
reduce noise, vibration, and harshness (NVH) levels. This leads to a quieter
and more comfortable driving experience, a key factor in enhancing customer
satisfaction and brand loyalty.
The automotive industry is also witnessing a shift
towards electric and hybrid vehicles. These vehicles demand innovative
solutions to address unique challenges, including thermal management and
battery assembly. Moisture curing adhesives have proven to be valuable in these
applications, as they can provide efficient thermal conductivity and insulation
while securely bonding sensitive electronic components.
Moreover, as automakers strive to streamline
production processes and reduce assembly times, moisture curing adhesives offer
significant advantages. These adhesives cure rapidly upon exposure to moisture
in the environment, eliminating the need for time-consuming ovens or curing
processes. This accelerates the manufacturing process, leading to cost savings
and increased production efficiency.
The global automotive industry's recognition of
these benefits has resulted in a growing preference for moisture curing
adhesives across all segments, from passenger cars to commercial vehicles. As a
result, adhesive manufacturers are investing in research and development to
create tailored solutions that meet the specific needs of the automotive
sector.
In conclusion, the rising demand for moisture
curing adhesives from the automotive industry is playing a pivotal role in
driving the growth of the global moisture curing adhesives market. These
adhesives offer a versatile and reliable solution for automakers seeking to
meet evolving consumer expectations, regulatory requirements, and
sustainability goals. As the automotive industry continues to evolve, moisture
curing adhesives are poised to remain a critical enabler of innovation and
progress in vehicle design and manufacturing.
Growing Moisture Curing Adhesives for Packaging Purposes
The global moisture curing adhesives market is
experiencing a significant boost in growth, primarily attributed to the
expanding applications of these adhesives in the realm of packaging. Moisture
curing adhesives have long been recognized for their versatility and robust
bonding properties, making them an ideal choice for various industries.
However, the packaging sector has emerged as a particularly potent driver of
market expansion.
In recent years, the demand for efficient and
eco-friendly packaging solutions has surged worldwide. This shift is driven by
several factors, including increasing environmental awareness, regulatory
changes promoting sustainable packaging, and evolving consumer preferences for
packaging materials that are not only safe but also environmentally
responsible. Moisture curing adhesives have risen to prominence in this context
as a key enabler of sustainable and effective packaging solutions.
One of the key advantages of moisture curing
adhesives in packaging applications is their ability to bond a wide range of
substrates, including different types of plastics, metals, and even paper. This
versatility allows manufacturers to create innovative and eco-friendly
packaging designs that meet the demands of today's discerning consumers.
Whether it's the bonding of plastic films for flexible packaging, sealing rigid
containers, or affixing labels securely to packaging materials, moisture curing
adhesives offer reliable adhesion that ensures the integrity of the package
throughout its lifecycle.
Moreover, moisture curing adhesives excel in
maintaining the freshness and quality of packaged goods. In the food and
beverage industry, for instance, these adhesives are indispensable for creating
airtight seals and closures on packaging, preventing spoilage, and preserving
the flavor and safety of consumables. Similarly, in pharmaceuticals and
cosmetics, moisture curing adhesives contribute to secure and tamper-evident
packaging, assuring consumers of product authenticity and safety.
The global market for moisture curing adhesives has
witnessed remarkable growth, owing to their increased adoption across various
industries, including automotive, construction, and electronics. However, the
packaging sector has emerged as a growth engine with its unique set of demands
and requirements. The rise in e-commerce activities has further fueled this
growth, as packaging plays a pivotal role in ensuring the safe and intact
delivery of products to consumers' doorsteps.
Another notable factor driving the adoption of
moisture curing adhesives in packaging is their eco-friendliness. As the world
grapples with environmental challenges, there is a growing emphasis on
sustainable packaging practices. Moisture curing adhesives align well with this
trend, as they are solvent-free, emit low levels of volatile organic compounds
(VOCs), and offer excellent durability. This makes them a preferred choice for
manufacturers aiming to reduce their environmental footprint while delivering
high-quality packaging solutions.
Furthermore, the global moisture curing adhesives
market is witnessing innovations in formulation and application techniques to
cater to the specific needs of the packaging industry. Manufacturers are
developing adhesives with faster curing times, enhancing production efficiency,
and enabling quicker turnaround times in packaging operations. These
advancements are critical in meeting the demands of a dynamic and competitive
packaging landscape.
In conclusion, the growing use of moisture curing
adhesives for packaging purposes is a pivotal driver of the global moisture
curing adhesives market. As the world increasingly values sustainable,
efficient, and reliable packaging solutions, these adhesives have emerged as a
key enabler. Their ability to bond various substrates, maintain product
freshness, and contribute to eco-friendly packaging practices positions them as
a vital component in the packaging industry's quest for innovation and
sustainability. With ongoing research and development efforts aimed at
addressing the evolving needs of the packaging sector, moisture curing
adhesives are poised to continue propelling the growth of the global market in
the coming years.
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Key Market Challenges
Stringent Environmental Regulations
Stringent environmental regulations are posing
significant obstacles to the growth of the global moisture curing adhesives
market. While these regulations are undoubtedly necessary to protect our
environment, they have imposed numerous challenges on businesses in the
adhesive industry. Moisture curing adhesives have been favored for their strong
bonding capabilities and versatility, but their formulations often include
volatile organic compounds (VOCs) and other hazardous substances that are now
strictly regulated.
Compliance with these stringent environmental
standards necessitates costly adjustments to adhesive formulations and
production processes, leading to increased manufacturing expenses. Moreover,
the lengthy approval processes for new environmentally friendly adhesive
products can delay market entry and hinder innovation. As a result, businesses
are finding it increasingly challenging to meet both regulatory requirements
and consumer demands for high-performance adhesives.
In this competitive landscape, companies operating
in the moisture curing adhesives market must adapt swiftly by investing in
research and development to create eco-friendly alternatives and streamline
their manufacturing processes. Collaboration with regulatory bodies to
establish clearer guidelines and incentivize sustainable practices may also be
pivotal in overcoming these obstacles and fostering market growth in an
environmentally responsible manner.
High Level of Technical challenges
The global moisture curing adhesives market is
facing substantial impediments due to technical challenges. These adhesives,
known for their versatility and durability, are crucial in various industries.
However, their formulation and application require precise technical expertise.
One of the primary technical challenges lies in achieving the ideal curing
conditions, as they depend on factors like humidity, temperature, and substrate
compatibility. Variability in these conditions can result in inconsistent adhesive
performance, making it difficult for manufacturers to guarantee product
reliability.
Furthermore, moisture curing adhesives often
require a thorough understanding of material compatibility, which is critical
to prevent issues like adhesive failure or unwanted chemical reactions.
Additionally, as industries evolve and demand specialized adhesive solutions,
staying up-to-date with the latest technological advancements becomes
essential.
To overcome these technical obstacles and stimulate
market growth, companies in this sector must invest in ongoing research and
development, collaborate with experts in material science, and continually
innovate to create user-friendly, foolproof solutions that can thrive in
diverse operating environments. This commitment to technical excellence will be
pivotal in sustaining and expanding the global moisture curing adhesives
market.
Key Market Trends
Increasing Adoption of Sustainable Adhesives
The increasing adoption of sustainable adhesives
stands as a pivotal trend driving the growth of the global moisture curing
adhesives market. In an era characterized by heightened environmental
consciousness, industries across the board are shifting their focus towards
eco-friendly solutions, and adhesives are no exception. Sustainable adhesives
offer a compelling value proposition by reducing the carbon footprint
associated with traditional adhesive products. These adhesives are typically
low in volatile organic compounds (VOCs), emit fewer harmful chemicals during
application, and are derived from renewable resources or recycled materials.
This aligns perfectly with the global sustainability agenda, appealing to both
manufacturers and consumers alike.
As regulatory bodies tighten their grip on
emissions and environmental standards, the demand for sustainable adhesives is
expected to surge further. Industries such as construction, automotive, and
packaging are increasingly recognizing the benefits of moisture curing
adhesives in meeting their sustainability goals. This trend not only contributes
to a greener planet but also offers lucrative growth opportunities for
companies in the moisture curing adhesives market that are quick to embrace
eco-conscious solutions.
Development of New and Improved Adhesives with
Better Performance Properties
The development of new and improved adhesives with
enhanced performance properties represents a crucial trend driving the growth
of the global moisture curing adhesives market. In an ever-evolving landscape
of industrial applications, there is a constant demand for adhesives that not
only bond effectively but also offer superior attributes. Manufacturers are
investing heavily in research and innovation to formulate moisture curing
adhesives that excel in areas like strength, durability, flexibility, and resistance
to environmental factors such as moisture, heat, and chemicals.
These advancements in adhesive technology are
revolutionizing industries like automotive, aerospace, construction, and
electronics, where the need for high-performance bonding solutions is
paramount. As manufacturers seek to optimize their production processes and
reduce assembly times, the availability of moisture curing adhesives with
improved performance properties becomes a game-changer. Consequently, this
trend is poised to create substantial growth opportunities in the global
moisture curing adhesives market, as it caters to the evolving needs of diverse
industries, ultimately enhancing product quality and efficiency.
Segmental Insights
Chemistry Insights
Based on the chemistry, the polyurethane (PU)segment emerged as the
dominant player in the global market for Moisture Curing Adhesives in 2022. Polyurethane
is a versatile polymer known for its durability and flexibility. It is commonly
used in industries such as construction, automotive, and furniture for
applications like insulation, adhesives, and coatings.
Silicone is another well-regarded for its
high-temperature resistance and biocompatibility. It's commonly used in the
medical, electronics, and automotive industries, primarily for sealing,
lubrication, and insulation.
Application Insights
The Construction segment is projected to experience
rapid growth during the forecast period. The construction industry is often a
significant driver of economic activity in many regions. It encompasses
residential, commercial, and infrastructure projects. Construction may include
contracts, project management, and materials procurement. Depending on the
economic climate and infrastructure development in a particular region, the
construction segment could dominate the market.
The automotive industry is a global giant, with extensive
manufacturing, supply chain, and sales operations. Business English related to
the automotive sector may involve manufacturing processes, marketing, sales,
and supply chain management. The automotive industry is highly influential, and
business communication within this sector is vital in many regions.
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Regional Insights
The Asia-Pacific region is poised to be the
dominant market for moisture curing adhesives in the foreseeable future,
primarily due to the surge in demand driven by the construction industry in
countries like India and China.
The substantial investments in infrastructure
projects from countries such as China and India are anticipated to be key
drivers for this market. According to the National Development and Reform
Commission, the Chinese government greenlit 26 infrastructure projects with an
estimated investment of around USD 142 billion in 2019, with expected
completion by 2023. Additionally, the Indian government allocated USD 63
billion to the infrastructure sector in 2019-20 and has ambitious plans to
invest USD 1.4 trillion over the next five years. Initiatives like the
development of smart cities and programs such as "housing for all"
are set to further boost the demand for moisture curing adhesives within the
construction industry.
Moisture curing adhesives find extensive use in
solid wood plank and engineered wood applications within both the commercial
and residential sectors. They offer exceptional bond strength and extended
working time, making them indispensable. The growing furniture industry and the
increased demand for wooden flooring are expected to be significant drivers for
this market. According to a World Bank report, the Indian furniture industry
was projected to surpass USD 32 billion by 2019 and is estimated to maintain a
growth rate of 20% per annum in the coming years.
These aforementioned factors, combined with
government backing and support, are collectively contributing to the escalating
demand for moisture curing adhesives in the Asia-Pacific region throughout the
forecast period.
Recent Developments
- In 2022, Henkel acquired Lord Corporation, a
leading manufacturer of specialty adhesives and coatings, for USD 3.7 billion.
This acquisition was a significant event in the global adhesives and coatings
industry, as it brought together two of the leading companies in the sector.
- In 2021, H.B. Fuller acquired Royal Adhesives &
Sealants, a leading manufacturer of adhesives and sealants for the construction
industry, for USD 1.5 billion. This acquisition expanded H.B. Fuller's
portfolio and gave it access to Royal Adhesives & Sealants' expertise in
the construction industry. It is also expected to have a positive impact on the
global adhesives and sealants industry.
Key Market Players
- 3M
Company
- Advatac
Ltd.
- Apollo
Chemicals Ltd.
- Bostik SA
- Daubert
Chemical Co., Inc.
- Delo
Industrial Adhesives LLC
- Dow, Inc.
- DuPont de
Nemours, Inc.
- Dymax
Corporation
- Franklin
International, Inc.
|
By Chemistry
|
By Application
|
By Region
|
- Polyurethane
- Silicone
- Cyanoacrylate
- Polyolefin
|
- Construction
- Automotive
- Wood Working
- Textile
- Others
|
- Asia Pacific
- North America
- Europe
- South America
- Middle East & Africa
|
Report Scope:In this report, the Global Moisture Curing
Adhesives Market has been segmented into the following categories, in addition
to the industry trends which have also been detailed below:
- Moisture Curing Adhesives
Market, By
Chemistry:
o Polyurethane
o Silicone
o Cyanoacrylate
o Polyolefin
- Moisture Curing Adhesives
Market, By
Application:
o Construction
o Automotive
o Wood Working
o Textile
o Others
- Moisture Curing Adhesives
Market, By Region:
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Moisture Curing Adhesives Market.
Available Customizations:
Global Moisture Curing Adhesives market report
with the given market data, TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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