Cyanoacrylate Adhesives Market size is forecast to reach US$2.6 billion by 2027, after growing at a CAGR of 6.9% during 2022-2027. Cyanoacrylate adhesive, also popularly known as super glue, instant glues or power glues is a solvent-free acrylate adhesive that cures instantly on contact with mated surfaces. These adhesives are used in different industries for their high strength and excellent durability. Cyanoacrylate adhesives have the ability to bond different substrate materials such as wood, plastics, metals, glass and others. These adhesives are used in various applications including automobiles, aerospace & defense, furniture, machinery and consumer goods among others. Hence the growth in these industries will propel the market growth during the forecast period. According to ACEA data, approximately 9.9 million passenger vehicles were manufactured in European Union in 2021. According to German Trade and Invest facts, Germany produced more than 4.6 million passenger cars and 283,567 commercial vehicles in German plants in 2019. Hence, the growing production of passenger vehicles would drive market growth for cyanoacrylate adhesives during the forecast period. The COVID-19 outbreak led to major economic problems and challenges for the Cyanoacrylate Adhesives industry globally. Governments all across the globe announced strict measures to slow down the spread of the coronavirus. Only the production of essential commodities was allowed, which impacted the non-essential commodity industries, thereby impacting the growth of the Cyanoacrylate Adhesives industry.
Cyanoacrylate Adhesives Market Report Coverage
The report: “Cyanoacrylate Adhesives Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Cyanoacrylate Adhesives industry.
By Type: Alkoxy Ethyl-based, Ethyl Ester-based, Methyl Ester-based and Others.
By Form: Gels, Liquids and Paste.
By Substrate: Metals, Glass, Plastic and Wood.
By Application: Automotive, Footwear and Leather, Furniture, Consumer Goods, Medical and Healthcare, Electronics, Aerospace & Defense and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, France, Germany, Italy, Spain, the Netherlands, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the world [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].
Key Takeaways
- The Asia-Pacific region is expected to grow at a high CAGR of 8.6% during the forecast period. One of the key drivers of the market is rapid growth in the automotive and healthcare industry.
- The growing demand for super glues, power glues or instant glues across end-use industries is expanding the Cyanoacrylate Adhesives Market size during the forecast period.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Cyanoacrylate Adhesives Market Report.
Cyanoacrylate Adhesives Market Segment Analysis – By Type
The alkoxy ethyl-based segment held a significant share in the Cyanoacrylate Adhesives industry in 2021 and is anticipated to grow at an impressive CAGR during the forecast period 2022-2027. Alkoxy cyanoacrylate is a super adhesive that has an extremely mild odor and low fume. Alkoxy Cyanoacrylate is eight times more expensive than ethyl-type adhesives and it has been used in the cosmetics and healthcare industry. They are used in the assembly of disposable medical devices. Hence, the growth in medical and medical equipment keeps on driving the demand for the Cyanoacrylate Adhesives market.
Cyanoacrylate Adhesives Market Segment Analysis - By Application
The Automotive segment held a major share of 22% in the Cyanoacrylate Adhesives industry in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Cyanoacrylate adhesives are used to bond different types of materials such as plastic, glass, wood and others. All these materials found their usage in different body components of passenger and heavy vehicles. Cyanoacrylate adhesives can also withstand extreme conditions, facilitating use in temperatures ranging from -40° to 250° F. Moreover, cyanoacrylates are used in both interior and exterior applications including transmission hose assembly, wire harness, hand brake covers, anti-vibration motor mount, door weather stripping, sunroof seals, body side moldings and others. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in China reached 2,60,82,220 units in 2021, an increase from 2,52,25,242 units in 2020 and 2,57,20,665 units in 2019, respectively. Hence, the growth in the automotive industry would continue driving the market for Cyanoacrylate Adhesives during the forecast period.
Cyanoacrylate Adhesives Market Segment Analysis – By Geography
The Asia-Pacific region dominated the Cyanoacrylate Adhesives industry in terms of revenue with a share of 44% in 2021 and is projected to dominate the market during the forecast period 2022-2027. The presence of developing nations such as India and China is driving the market growth in the region. Moreover, the leading manufacturing companies such as Dow, 3M, Henkel AG, Sika Group and others are supporting the regional growth during the forecast period. The presence of end-use industries along with rapid industrialization is also supporting the market for cyanoacrylate adhesives. According to Euromonitor International, the Asia-Pacific region is the largest producer of pharmaceutical and medical equipment with a turnover value of US$770.5 billion. Some of the top players operating in the Asia-Pacific medical equipment market include Olympus, Terumo, Hoya, Sonic Healthcare and Nipro among others. The growing demand for medical infrastructure along with medical equipment is driving the Asia-pacific Cyanoacrylate Adhesives market during the forecast period.
Cyanoacrylate Adhesives Market Drivers
Growing Demand for Lightweight Passenger Vehicles
Cyanoacrylate Adhesives are generally used in the automotive industry for bonding different components. Modern lightweight design requires new bonding technologies in addition to new materials to decrease the weight of the vehicle. Automotive manufacturing companies have been involved in the use of multi-material joining with adhesives to lower vehicle weight, fuel consumption and carbon dioxide emissions. Hence, cyanoacrylate adhesives provide structural advantages for bonded components and are used in joining non-weldable and/or heat-sensitive components and materials. They act as super glues or power glues in the automotive industry. According to Hedges Company review, the United States had around 17.55 million light vehicles registered in 2020. It also stated that Toyota company had registered around 2,112,940 units of light vehicle sales in the US during 2020-2021. According to IBEF facts, In January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers and quadricycles reached 1,860,809 units in India. The rapid growth in automotive production continues to support the Cyanoacrylate Adhesives Market size.
Growing Adoption In Consumer Goods and Electronics Industry
Cyanoacrylates are also known as instant glues used in the assembly process of many electronic products due to their quick curing rate, strong bond and electrical insulating properties. They are used in many applications including printed circuit boards, motors, mechanical components, wire tracings, plastic bondings and others. The product is also used in consumer electronics such as cameras, cell phones, tablets, speakers, automotive displays and others. Hence, the growth in the flowing electronics sales is driving the market. Based on an article on mobile phones, more than 4.14 million mobile phones are sold every day in the world, of which almost 800,000 are Samsung. Hence, the growth in electronics production would also drive the market for Cyanoacrylate Adhesives during the forecast period.
Cyanoacrylate Adhesives Market Challenge:
Availability of Alternative Adhesives in the Market
Cyanoacrylate Adhesive is one of the many adhesives available on the market. Some adhesive products are available as substitutes for Cyanoacrylate Adhesives such as epoxy polyurethane among others. These substitutes have similar chemical properties, performance and other similar factors like bonding different materials, such as wood, metal, glass, fiber and others. Cyanoacrylate adhesives have a very small shelf life. The product can be stored for one year from the date of manufacturing, but post the exposure to the environment, they have to be used immediately or the product reacts with the moisture and becomes ineffective. The price of cyanoacrylate adhesives also ranges higher than epoxy polyurethane adhesives. These are some of the major challenges hampering the market growth for Cyanoacrylate Adhesives.
Cyanoacrylate Adhesives Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cyanoacrylate Adhesives Market. The top 10 companies in the Cyanoacrylate Adhesives Market include:
- 3M
- Arkema Group (Bostik SA)
- DELO Industrie Klebstoffe GmbH & Co. KGaA
- Dow
- H.B. Fuller Company
- Henkel AG & Co. KGaA
- Jowat SE
- Master Bond Inc.
- Permabond LLC
- Pidilite Industries Ltd.
Recent Developments
- In April 2021, Sika AG acquired Hamatite, the adhesives business of the Yokohama Rubber Co. Ltd. Hamatite is involved in the development of adhesives and sealants for the automotive and construction industries. The acquisition would expand and strengthen Sika’s market position in Japan.
- In January 2021, Arkema announced an investment in CMC (Crackless Monomer Company), a joint venture between Bostik and Taiwanese company Cartell Chemical Co., a leading supplier of cyanoacrylate solutions, to accelerate the development and production of high-value-added engineering adhesives.
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