Adoption of moisture curing adhesives is significantly high in a wide range of industrial applications such as wood working, construction, and automotive, besides others. This is mainly providing impetus to market growth, opines the Fact.MR report.
The study projects that, growing awareness about the environmental impact of urethane-based moisture curing adhesives will influence major trends in the market over the coming years. Manufacturers are likely to turn to advanced technologies to develop bio-based and environment-safer alternatives to their offerings in order to win in global markets.
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As such, the global moisture curing adhesives market is set to expand at a CAGR of around 6% through 2030.
Key Takeaways from Moisture Curing Adhesives Market Report
- With a wide-ranging of applications of moisture curing adhesives, global sales will account for over US$ 5 billion in 2024.
- Sales of polyurethane are expected to remain significantly high in a majority of applications – mainly in the construction industry, and are likely to increase at a CAGR of around 7% during the forecast period.
- Based on end-use industry, the construction industry is expected to trigger high demand for moisture curing adhesives, proving to be the most lucrative sector for market players.
- In 2019, the North American market for moisture curing adhesives accounted for at least one-fourth revenue share, making the United States and Canada the most lucrative regions for stakeholders.
- China is expected to record positive growth at a CAGR of around 10% during the forecast period, creating profitable investment opportunities for key players in the moisture curing adhesives market.
- The consumption of cyanoacrylate is expected to account for nearly 20% share in the global sales of moisture curing adhesives over the coming years, owing to its wide adoption in the construction industry.
- The COVID-19 outbreak led to initial setbacks for the global moisture curing adhesives. However, as end-use industries gradually get back on track, demand is set to increase over the coming months and years.
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“The automotive industry is taking a new leap with rising production of vehicles. This will create new opportunities for moisture curing adhesive manufacturers in the post-pandemic period. Manufacturers will need to diversify their range of customers by introducing industry-specific properties of moisture curing adhesives,” says a lead analyst at Fact.MR.
Use in Medical Devices to Trigger Demand; Bio-based Alternatives Open New Opportunities
Growing application of moisture curing adhesives in the medical devices industry is opening new avenues of growth for market players. Increasing demand for moisture curing adhesives in this industry is mainly attributed to the rise in their adoption as a replacement for traditional fasteners used in medical devices.
Furthermore, with recent advancements in material science, demand for moisture curing adhesives with special properties is also likely to grow in this segment. Manufacturers in the moisture curing adhesives market investing in advanced technologies will be able to capitalise on these new opportunities over the coming years.
In addition, bio-based alternatives to urethane-bases moisture curing adhesives are also expected to sell fast in the industry. This trend is predominantly attributed to environmental awareness among players, as most end users are turning to environmentally-safer and sustainable products.
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More Valuable Insights on Moisture Curing Adhesives Market
Fact.MR’s study on the moisture curing adhesives market includes a comprehensive analysis on the factors that will boost or hinder business operations in the market over the coming years. The report considers market growth parameters for the historic period of 2015-2019, based on which, it analyses how the growth trajectory of the moisture curing adhesives market will be during the forecast period of 2024-2030.
Fact.MR’s report categorises the insights on the moisture curing adhesives market in three types – composition (silicone, polyolefin, cyanoacrylate, and polyurethane), end-use industry (automotive, construction, textiles, wood working, and others), and five key regions (North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe).
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Research Insight:https://www.factmr.com/report/5402/moisture-curing-adhesives-market
Content Source:https://www.factmr.com/media-release/1759/global-moisture-curing-adhesives-market
