Metal Glue Market to Witness a CAGR of Around 4%
According to latest research by Fact.MR, metal glue market is set to witness steady growth during 2021-2031. Demand for metal glue will witness growth in coming years, owing to the investment in automobile industries in developing countries.
What is Driving Demand for Metal Glue?
Evolving end-user demand for quick & fix adhesive and long lasting adhesive for fixing metal products continue to drive the demand for metal glue. In the past few decades, the automobile sector has grown significantly. Automobile manufacturers are using metal glue to fix the bond between body panels. Companies are using metal glue to replace traditional mechanical welding, reverting and brazing methods, as this method takes more time and it increases the cost of production. Apart, from automobile manufacturing companies, jewelry manufacturing companies also use metal glue to paste and fix jewelry.
Additionally, metal glue plays an important role in industrial works. After the automobile sector, industrial sector holds the second biggest share of the metal glue market. It helps in fixing cooling water pumps, machine plates, reaction injecting machines and industrial pumps. Apart from this, it also helps to fixing and bonding of highly expensive healthcare equipment including dialysis machines, x-ray machines and other products.
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Covid-19 Affected the Global Sales of Metal Glue
Automobile industries have been badly affected globally under Covid-19 impact, as production in the automobile sector was put on hold to avoid the spread of covid-19 virus. Apart, from this customers canceled their previous orders due to economic crisis. For instance, as per the report of Indian government, the Indian automobile industry has suffered Rs 2300 crore loss per day during lockdown and the estimate job loss in the sector was more than 3 lakh. This has directly impacted the market growth of metal glue as automobile sectors hold a large number of shares in the metal glue market. Companies are facing issues in the procurement of raw materials like glue and other chemicals from other companies due to the trade and transport restriction between countries.
Asia Pacific Metal Glue Market Outlook
Asia Pacific is the leading market for metal glue globally. Asia Pacific accounts for more than 40% share of the global metal glue market. The demand in Asia Pacific is expected to grow at a rapid pace in the forecasted period (2021 – 2031), as the number of activities is increasing in end use industry.
India and China dominate the market of metal glue in Asia Pacific. The growing automobile industry in India has supported the growth of metal glue market. For instance, recently, Chinese automobile player like Great Wall Motors has committed to invest nearly US$ 1.5B over the next 3-5 years and would be finalizing the locations of their plants in Gujarat, Tamil Nadu, and Andhra Pradesh. Along with that, SAIC (Shanghai Automotive Industry Corporation) is also considering investing another US$ 350M in setting up a second unit in the country.
Apart, from this Indian government has launched Make in India initiative to boost the local manufacturing industry by providing tax deductions and other tax reliefs to companies investing under Make in India initiative. This will attract foreign automobile manufacturers to set their manufacturing plant in India and it will directly affect the market growth of metal glue market.
Europe Demand Outlook for Metal Glue
Europe holds the second largest share of metal glue market followed by North America. United Kingdom, France and Germany dominate the European market of metal glue, as most of the big players of the automobile come from these countries including BMW Group, Hyundai Motor Europe, Volvo Cars and Volkswagen Group, etc.
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Who are the Key Manufacturers and Suppliers of Metal Glue?
Some of the leading manufacturers and suppliers of metal glue includes
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Based on resin type, metal glue market segmented into:
Based on application, metal glue market segmented into:
Based on end user, metal glue market segmented into:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Metal Glue Market Report Highlights:
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