A recent study by Fact.MR states that, the global glass bonding adhesives market is anticipated to expand at over 7% CAGR through 2030. The market is fast gaining traction with a surge in demand for bonding agents to be used between glass and other materials such as metals, rubbers, plastics, and others, from various industries such as electronics, transportation, and construction. As this kind of adhesive provides the best method of joining for glass, it is highly preferred in the architecture industry.
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Growth of the glass bonding adhesives market continues to be sustained by rising application in a range of industries, including construction, automotive, and healthcare. However, as these industries have been impacted on a macro-level by the COVID-19 pandemic, bonding adhesive manufacturers have seen demand waning. According to Fact.MR’s analysis, early recovery in these industries will be key to bonding adhesive sales in the short and medium term.
Key Takeaways from Glass Bonding Adhesives Market Report
- UV curable acrylate remains the preferred material
- Building & construction industry will account for highest demand
- Asia Pacific will continue to be an epicenter, with China and India creating sustainable opportunities
- Steady demand in the U.S. will drive the North America glass bonding adhesives market during the assessment period
- COVID-19 outbreak having an adverse impact on the growth of the global glass bonding adhesives market
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“The building & construction industry has grown at over 6% over the past five years, and is set to grow further in future. As a result, glass bonding adhesives being highly required for use in this sector. In terms of type, demand for UV glass bonding adhesives is set to exhibit high growth due to their high optical clarity and excellent bonding property,” says a Fact.MR analyst.
Growing Automotive Industry Spurring Growth
According to Fact.MR, global sales of automobiles were 80 million units in 2017. Though sales figures are expected to fall under 70 million units in 2020, the automotive industry is expected to exhibit further growth through 2030. Glass bonding adhesives having the property to join dissimilar materials through fast and cheap joining techniques, while providing flexibility and design convenience, and are highly sought-after by the automotive industry. Hence, a growing automotive industry is expected to push the demand curve for glass bonding adhesives further upward over the coming years.
Rising investments in research & development activities in the automotive industry are projected to expand its market value at a rate of over 4% through 2030. Being required in joining various automotive parts and their components such as alternators, tuners, subwoofers, distributor caps, and others, glass bonding adhesives are experiencing rise in demand from the automotive sector. Technical advancements and increase in demand for various electrical vehicles, passenger vehicles, and others are catering to the growth of automotive industry, which, in turn, is fuelling the growth of the glass bonding adhesives market.
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