The Business Research Company’s Adhesives Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, June 23, 2021 /EINPresswire.com/ — Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns. Some of the major companies adopting IoT as per adhesives market dynamics include BASF SE, The Dow Chemical Company, and H.B. Fuller.
The adhesives market consists of the sales of adhesives, glues, and caulking compounds by entities (organizations, sole traders or partnerships) that produce adhesives, glues and caulking compounds. The adhesives market is segmented into water-based adhesives, solvent-based adhesives, hot-melt-based adhesives and reactive & other adhesives.
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The global adhesives market is expected to grow from $58.35 billion in 2020 to $62.44 billion in 2021 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $75.25 billion in 2025 at a CAGR of 5%.
Asia Pacific is the largest region in the global adhesives market, accounting for 47% of the market in 2020. North America is the second largest region accounting for 24% of the global market. Africa has the smallest adhesives market share.
The major players covered in the global adhesives market are 3M, Henkel, Sika AG, Dow Chemical Co, BASF.
TBRC’s adhesives market report is segmented by type into water-based adhesives, solvent-based adhesives, hot-melt-based adhesives, reactive & other adhesives, by application into packaging, construction, laminates, woodstock and furnishing, automobile, footwear, others, and by product type into acrylic, pva, polyurethanes, styrenic block, epoxy, eva, others.
Adhesives Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides adhesives global market overview, forecast adhesives global market size and growth for the whole market, adhesives global market segments, and geographies, adhesives global market trends, adhesives market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Water-Based Adhesives Global Market Report 2021: COVID-19 Impact And Recovery To 2030
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Source: EIN Presswire