Reactives and Adhesives Market Worth Expected to Reach $19.8 Billion by 2023 | TBRC
LONDON, Jan. 14, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com adds "Reactives & Others Adhesives Global Market Report 2020" to its research store, the report covers over 200+ pages with 12 countries analysis.
Internet Of Things Technology In The $14.3 Billion Reactives And Other Adhesives Market
Reactive & others adhesives are generally made out of monomer (resin) and an initiator. Many adhesive companies are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to garner real time insights and locate gaps 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. Major companies in this market adopting IoT include BASF SE, The Dow Chemical Company, and H.B. Fuller.
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H.B. Fuller Acquires Royal Adhesives & Sealants
Major players in the global reactives and other adhesives market such as BASF SE, 3M, ADCO Global, Adhesives Research, American Biltrite, Avery Dennison, Chemence, Collano Adhesives, Dow Chemical, and H.B. Fuller are investing in acquisitions to strengthen and expand their business. For example, in October 2017, H.B. Fuller, an American based adhesive manufacturing company acquired Royal Adhesives & Sealants, also an American based company specialized in adhesives and sealants, for an amount of $1.57 billion. According to this agreement, H.B. Fuller has obtained various adhesive products such as solvent-based, water-based, urethane and thermosetting epoxy (reactive based adhesive) technologies that are used for specialized applications. This acquisition will further increase the customer base of H.B. Fuller across different regions.
Growth In The Automobiles Industry To Benefit The Adhesives Market Growth
The reactive & others adhesives market is segmented by type into epoxy, acylic, silicone, polyurethane and others. By application, it is segmented into building & construction, automotive & transportation, power, electrical & electronics, and others. The global reactives and other adhesives market was worth $14.3 billion in 2019. It is expected to grow at an annual growth rate of 8.4% and reach $19.8 billion by 2023. The adhesive market is expected to benefit from growth in the automobiles industry during the forecast period. There is a drive for production of lightweight automobiles which is leading to an increase in demand for adhesives and sealants. These are used in place of welded joints, mechanical fasteners and gaskets, and help reduce the weight of the automobile. For instance, companies such as Jowat are using reactive adhesives for perfect bonding of vehicle parts in the automotive industry. Thus, increased use of plastics in automobiles is expected to increase the demand for reactive adhesives during the forecast period.
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Strict Regulations Affect The Manufacturing Of Adhesive Chemicals
Stringent safety regulations associated with the manufacturing and transportation of adhesives chemicals act as a major restraint on the market. These substances are highly inflammable, toxic and hazardous when exposed to extreme temperatures and pressures. Companies in this industry should invest in equipment, technologies and processes to limit the toxic levels and chemical concentrations. These regulations increase the operating costs of companies in this industry, thus limiting the scope for investments relating to the launch of new products and expansion into new markets, thereby affecting the market growth.
Global Adhesives Market Overview
The reactives and other adhesives market is a segment of the global adhesives market. Adhesives are being developed to increase efficiencies of engineers and to increase assembly and processing speed. Since mechanical fasteners do not allow expansion or contraction of joined materials during temperature variations, adhesives are used to accommodate movements caused by thermal expansion of substrates even after they are fully cured. Adhesives are also used to join composites instead of fasteners because drilling holes can damage composites which leads to loss of time and money.
The adhesives market is segmented by type into water-based adhesives, solvent-based adhesives, hot-melt-based adhesives, and reactive & others adhesives. Among these segments, the water-based adhesives market accounted for the largest share in the global adhesives market.
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Here Is A List Of Similar Reports By The Business Research Company:
Chemicals By End Use Global Market Report 2020 @ https://www.thebusinessresearchcompany.com/report/chemicals-by-end-use-global-market-report
Adhesives Global Market Report 2020 @ https://www.thebusinessresearchcompany.com/report/adhesives-global-market-report
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