High performance Adhesives Market Analysis by Global Segments, Growth, Size and Forecast 2026
The global high performance adhesives market was valued at US$ 9,362 Mn in 2017 and is anticipated to expand at a CAGR of 5.9% from 2018 to 2026, according to a new report titled ‘High Performance Adhesives Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR). The global high performance adhesives market is driven by rise in the demand from the aerospace industry. Asia Pacific accounts for a major share of the global high-performance adhesives market, due to high demand from various end-user industries in the region.
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Rise in demand for high performance adhesives from aerospace and medical industries projected to drive market
High performance adhesives are known to have certain excellent physical and mechanical properties, which make them suitable for use in high-end applications in aerospace and medical industries. High demand from aerospace and medical sectors is likely to be a major driver of the global market for high-performance adhesives during the forecast period. Both of these end-user industry segments are estimated to register a high growth rate during the forecast period.
Technological advancements in various applications and rise in purchasing power of consumers in Asia Pacific
The medical sector consumes high-performance adhesives in skin applications as well as non-skin applications such as applications in medical devices. With growing elderly population and increasing focus on sophisticated health care procedures, the medical segment of the high performance adhesives market is projected to expand at a rapid pace from 2018 to 2026. New developments in the medical field offer immense growth opportunities to the market for high-performance adhesives. High-performance adhesives have great potential for use in the automotive sector for digitization of cars. They can be used to insulate sensors and cameras; manage the processor temperature; and protect wiring components in vehicles.
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High-performance adhesives are used in footwear applications, due to their bond strength and light weight. The footwear sector is dominated by thermoplastic polyurethane-based high-performance adhesives. The market for high-performance adhesives has high scope for growth in developing economies, wherein per capita consumption of adhesives is lower compared to developed economies such as the U.S., Japan, and certain countries in the Europe region. With growth of these economies, the demand for high-end products would increase and this is likely to offer growth opportunities to the high performance adhesives market in the near future.
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