Market Forecast By Types (Acrylic , Epoxy, Polyvinyl Acetate (PVA), Polyurethane (PU), Styrenic Block, Ethyl Vinyl Acetate (EVA), Silicone & Others), By Technology (Water-based, Solvent-based, Hot Melt, Pressure Sensitive, Reactive and Others) And Competitive Landscape
Product Code: ETC019869 | Publication Date: Jun 2023 | Updated Date: Jan 2025 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Nigeria Adhesives market currently, in 2023, has witnessed an HHI of 1762, Which has increased slightly as compared to the HHI of 1171 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Report Name | Nigeria Adhesives Market |
Forecast period | 2025-2031 |
CAGR | 6% |
Growing Sector | Construction |
The Nigeria Adhesives Market report thoroughly covers the market by Types and Technology. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Nigeria Adhesives Market has witnessed growth in the past years and is projected to grow significantly in the coming years. This growth is driven by numerous factors such as the growth of end-use industries, government initiatives, technological advancements, and government initiatives.
According to 6Wresearch, the Nigeria Adhesives Market size is expected to grow at a significant CAGR of 6% during 2025-2031.One of the key drivers of the adhesives market in Nigeria is the growth of end-use industries. As the country continues to develop its infrastructure and industrial sectors, there is a high demand for adhesives to support these activities. Moreover, the government's initiatives to promote industrial growth and attract foreign investments have also contributed to the growth of the adhesives market in Nigeria. Another significant driver is the shift towards more advanced and high-performance adhesives. With technological advancements, manufacturers are developing new and improved adhesive products that offer enhanced bonding strength, durability, and resistance to extreme conditions.
One of the major challenges is the availability of raw materials as most of the raw materials are imported. Another challenge is the lack of skilled labour and technical expertise in adhesive manufacturing.
Some of the key players operating in the Nigeria adhesives market include Henkel AG & Co. KGaA, 3M Company, Sika AG, Bostik SA, Akzo Nobel NV, Pidilite Industries Limited, H.B. Fuller Company, and Huntsman Corporation. These companies are constantly investing in research and development to introduce new and innovative adhesives to cater to the diverse needs of their customers.
One of the key policies implemented by the government is the National Industrial Revolution Plan (NIRP), which aims to diversify Nigeria's economy through industrialisation. Additionally, there are regulations in place that ensure quality standards for adhesives being imported or produced locally. The Standards Organization of Nigeria (SON) is responsible for setting and enforcing these standards to protect consumers and promote the growth of the industry. The government also provides financial support through initiatives such as the Bank of Industry (BOI) intervention funds. These funds offer low-interest loans to small and medium enterprises (SMEs) in the adhesives industry, enabling them to invest in equipment, technology, and infrastructure to improve their production capacity and quality.
The Nigeria Adhesives market is expected to continue growing in the future due to various factors such as increasing demand from end-user industries and innovations in product formulations. There is also a rising trend towards using eco-friendly adhesives in the country due to increased awareness about environmental sustainability. Additionally, the government's focus on promoting industrial growth and supporting small and medium enterprises is expected to create more opportunities for adhesive manufacturers in Nigeria. The market is also likely to witness a shift towards water-based and solvent-free adhesives, as these are considered safer and more environmentally friendly options. The increasing use of adhesives in automotive production and construction projects is also expected to drive market growth.
According to Ravi Bhandari, Research Head, 6Wresearch, the acrylic segment is currently dominating the Nigeria adhesives market, with increasing demand from various industries such as packaging, construction, and automotive. The growth of this segment can be attributed to its high strength, durability, and versatility in various applications.
In terms of technology, water-based adhesives are witnessing a significant growth in the Nigeria market. This can be attributed to their low volatile organic compound (VOC) emissions and eco-friendliness compared to solvent-based adhesives.
The report provides a detailed analysis of the following market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Nigeria Adhesives Market Overview |
3.1 Nigeria Country Macro Economic Indicators |
3.2 Nigeria Adhesives Market Revenues & Volume, 2021 & 2031F |
3.3 Nigeria Adhesives Market - Industry Life Cycle |
3.4 Nigeria Adhesives Market - Porter's Five Forces |
3.5 Nigeria Adhesives Market Revenues & Volume Share, By Types, 2021 & 2031F |
3.6 Nigeria Adhesives Market Revenues & Volume Share, By Technology, 2021 & 2031F |
4 Nigeria Adhesives Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Nigeria Adhesives Market Trends |
6 Nigeria Adhesives Market, By Types |
6.1 Nigeria Adhesives Market, By Types |
6.1.1 Overview and Analysis |
6.1.2 Nigeria Adhesives Market Revenues & Volume, By Types, 2021 - 2031F |
6.1.3 Nigeria Adhesives Market Revenues & Volume, By Acrylic , 2021 - 2031F |
6.1.4 Nigeria Adhesives Market Revenues & Volume, By Epoxy, 2021 - 2031F |
6.1.5 Nigeria Adhesives Market Revenues & Volume, By Polyvinyl Acetate (PVA), 2021 - 2031F |
6.1.6 Nigeria Adhesives Market Revenues & Volume, By Polyurethane (PU), 2021 - 2031F |
6.1.7 Nigeria Adhesives Market Revenues & Volume, By Styrenic Block, 2021 - 2031F |
6.1.8 Nigeria Adhesives Market Revenues & Volume, By Ethyl Vinyl Acetate (EVA), 2021 - 2031F |
6.2 Nigeria Adhesives Market, By Technology |
6.2.1 Overview and Analysis |
6.2.2 Nigeria Adhesives Market Revenues & Volume, By Water-based, 2021 - 2031F |
6.2.3 Nigeria Adhesives Market Revenues & Volume, By Solvent-based, 2021 - 2031F |
6.2.4 Nigeria Adhesives Market Revenues & Volume, By Hot Melt, 2021 - 2031F |
6.2.5 Nigeria Adhesives Market Revenues & Volume, By Pressure Sensitive, 2021 - 2031F |
6.2.6 Nigeria Adhesives Market Revenues & Volume, By Reactive and Others, 2021 - 2031F |
7 Nigeria Adhesives Market Import-Export Trade Statistics |
7.1 Nigeria Adhesives Market Export to Major Countries |
7.2 Nigeria Adhesives Market Imports from Major Countries |
8 Nigeria Adhesives Market Key Performance Indicators |
9 Nigeria Adhesives Market - Opportunity Assessment |
9.1 Nigeria Adhesives Market Opportunity Assessment, By Types, 2021 & 2031F |
9.2 Nigeria Adhesives Market Opportunity Assessment, By Technology, 2021 & 2031F |
10 Nigeria Adhesives Market - Competitive Landscape |
10.1 Nigeria Adhesives Market Revenue Share, By Companies, 2024 |
10.2 Nigeria Adhesives Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |