Adhesives Market Anticipated to Expand at a CAGR of more than 5% from 2019 to 2027

Key Highlights:

• In terms of value, the global adhesives market was stood around US$ 38 Mn in 2018 and is anticipated to expand at a CAGR of more than 5% from 2019 to 2027
• The water-based adhesives segment held a major share of the market in 2018 owing to the wide application of these adhesives in permanent and temporary adhesion. Additionally, their recyclability and less VOC emissions make them a favorable choice as an environment-friendly solution.
• Based on product, polyurethane was the major product type of adhesives and accounted for more than 30% of the total adhesives usage in 2018.It is projected to exhibit significant growth rate during the forecast period 2019 to 2027
• In terms of application, packaging was the dominant application accounted for more than 30% of the total adhesives market in 2018. It is likely remain dominant application between 2019 and 2027
• Based on region, Asia Pacific held major share in 2018 and is expected to grow at significant rate of closed to 6% compared to other region between 2019 to 2027. Presence of various end-user industries such as packaging, automotive, footwear and leather etc. where adhesives are majorly utilized is the major factor which drives the demand for adhesives in Asia Pacific
• Market share of North America and Europe are projected to decline, due to the regulation against VOC emissions from solvent based adhesives. In order to comply with these regulations, market players are shifting their focus to water based adhesives
• Growing urbanization and the rising number of middle-class consumers is likely to change the usage of adhesives for packaging application for various product

Environmental Regulations against VOC Emissions May Hamper Overall Demand

• VOC (volatile organic compound) emissions that take place during the use of adhesives pose a threat to the environment. Several countries have set guidelines restricting the amount of VOCs emitted during the usage of adhesives in industries, especially for solvent-based adhesives.
• Manufacturing operations are bound by regulations and rules with respect to evaluation, registration, storage, usage, handling, and transportation of certain substances and such as their emissions, effluents, and other wastes. Violation of such regulations is expected to lead to legal compromise future business activities.
• These environmental regulations restrain the demand for adhesives in packaging and printing industries, as the violation of these government regulations is projected to attract heavy penalties and losses. Most market players are shifting from solvent-based adhesives to water-based adhesives.
• This is also major factor which may hamper the overall demand for adhesives during the forecast period 2019 to 2027

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Asia Pacific Expected to be Highly Lucrative Region of Global Adhesives Market

• In terms of volume and value, Asia Pacific held the largest share of the global adhesive market in 2018 across the globe. Increasing consumption of adhesive in automobile, electronics and packaging industry in China and India are likely to fuel the demand for adhesive market over the forecast period. In terms of value, Asia Pacific was estimated to hold for more than 34% share of the global adhesive market in 2018. This trend is anticipated to continue during the forecast period 2019 to 2027
• Apart from Asia Pacific, Europe is expected to grow at moderate rate compared to other region. Europe is expected to grow at CAGR of more than 5.0% between 2019 and 2027.

Global Adhesives Market -Key Developments

• In 2018, Yokohama Rubber develops new technology for Urethane-based adhesives with high strength and excellent elasticity. This technology will be applied to the development of adhesives for automobile body structures, an area expected to see rapid growth worldwide.It can also be applied to various industrial adhesives which includes electronic devices exposed to harsh heat cycles.
• Companies are investing heavily on innovation of adhesives. In December 2019, Henkel as a global leader in adhesives, sealants and functional coatings, has opened its ‘Henkel Adhesives Technical Center’ in Bac Ninh province, in the east of Hanoi, Vietnam. The new high-tech facility is designed to support companies in enhancing their local innovation capabilities. The location is closed to the leading consumer electronics and semiconductor companies which will help company to have close collaboration with leading customers

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Global Adhesives Market: Competition Landscape

• Key players in the Adhesive market include Pidilite Industries Limited, Henkel AG & Company KGaA, 3M Company, H.B Fuller India Adhesive Pvt. Ltd., BASF SE, The Dow Chemicals Company, and Bostik.

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