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Contact Adhesives Market Size Forecast to Reach $7 Billion by 2025

Contact Adhesives Ma

iCrowdNewswire   Jul 16, 2020  11:00 AM ET

Contact Adhesives Market size is forecast to reach $7 billion by 2025, after growing at a CAGR of 5.5% during 2020-2025. The rise in demand for solvent- and water-borne adhesives from residential, commercial, and industrial sector drives the growth of contact adhesives market during the forecast period. Whereas, the growing construction activities and transportation sector across the developed and developing economies also contribute to the growth of global contact adhesive market size over the study period.

Report Coverage

The report: “Contact Adhesives Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Contact Adhesives Industry.

By Technology: Solvent-borne, Water-borne, Others

By Resin System: Epoxy, Polyurethane (PUR), Acrylic, Plastosol, Fluropolymer, Others

By End-Use Industry: Wood Working, Automotive, Leather & Footware, Construction, Packaging, Others

By Geography: North America, South America, Europe, APAC, RoW

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Report Price: $ 4500 (Single User License) 

Technology – Segment Analysis

The solvent-borne segment held the largest share of more than 35% in the Contact Adhesives market in 2019 due to widely used in the various adhesive application include retail consumer (DIY), construction, footwear, and woodwork and joinery. The pressure-sensitive and the specialty of forming a high-performance bond to a broader range of substrates drives the demand for solvent-borne contact adhesives over the forecast period. Whereas, due to stringent environmental regulations across the United States and Europe and the presence of significant amounts of volatile organic compounds (VOCs) in solvent-borne adhesives compared to water-borne contact adhesives, restraint the growth of this segment in the global contact adhesives market during the forecast period.

Polymer System – Segment Analysis

The neoprene segment held the largest share of more than 25% in the Contact Adhesives market in 2019 followed by polyurethane and epoxy type due to its wide use in end-use industries and easy availability. The low temperature and compression set resistance of neoprene makes a great material for construction activities. Besides, neoprene offers various resistant properties like a tear, abrasion, solvent, oil, and aging weather resistant. These benefits of neoprene contact adhesives polymers make suitable for all end-use industries including automotive, aerospace & defense, electronics & transportation.

End-Use Industry – Segment Analysis

The packaging segment is projected to witness substantial growth over the forecast period owing to the increased urbanization and growing consumer preferences for the packaged food. The growth of the e-commerce sector is also contributing to the growth of the packaging segment, which in turn drives the growth of the global contact adhesive industry market over the forecast period. Additionally, the more fast-paced and on-the-go lifestyle of consumer, growing middle-class income, and rise in demand for single-use packaging products with environment friendly further propels the growth of this market. Whereas, more stringent norms and regulations are driven by consumer food safety is also impacting contact adhesive. Furthermore, the growing need to fight with the global food waste battle drives the demand for packaging that keeps the food products fresh for a longer time and can be easily resealed.

Geography – Segment Analysis

Among the regions, in 2019, the APAC region dominated the Contact Adhesives market with a share of more than 35%, followed by North America and Europe. The growing aviation and automotive industries across the region are contributing to the growth of the contact adhesives market in the APAC region. According to OICA, APAC automotive sales witnessed a growth of over 6.52% during 2012-2018, with South East Asian countries having huge potential to grow. Additionally, the growing demand and sales of electric vehicles in China, South Korea, Japan, and India are also driving the growth of APAC region in the global market.

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Drivers – Contact Adhesives Market

The properties of contact adhesives include resistance from thermal expansion, well resistant to corrosion, and weathering conditions, high cohesive strength, the high elastic modulus of a substrate, and environmental resistance especially from UV light, which makes it extensively useful for application in building and construction industry. In building and construction, the contact adhesives used for carpet layment, countertop lamination, drywall lamination, roofing, wall coverings, and resilient flooring among others. Whereas, the growing trend of timber buildings in European countries like Germany and Norway and the robust growth in construction activities in the Middle East region include UAE, Qatar, and Saudi Arabia drives the growth of the contact adhesive share during the forecast period.

Contact adhesives are used in various applications of construction, transportation, industrial, electronic, and consumer, among others. The growing environmental awareness among consumers and stringent environment norms from developed and developing regions drive the demand for contact adhesives with low Volatile organic compounds (VOC) emitting material like water-borne adhesive. Governments globally are focusing on green practices for reducing the impacts of chemicals on human health and the environment. At present, Contact Adhesives are required to meet the inevitably strict environmental standards, as developing countries like China and India are updating instructions to control emissions which will further boost the adoption of Contact Adhesives.

Challenges – Contact Adhesives Market

The growth of electric vehicle is a good sign for an environment as well as for the global market growth. But on the other side, the declining growth of diesel-based vehicles become a challenging factor for the growth of this market. In automotive, the contact adhesive technology is used in car interiors and exteriors, improving the appearance, comfort, and safety of cars. However, the rising shift towards environment-friendly vehicles in the developed and developing nations would hamper the growth of existing diesel engine vehicles and also impact the Contact Adhesives market over the forecast timeframe. Furthermore, due to stringent CO2 emission standards from Europe, North America, and the APAC region, the vehicle manufacturers shifting away from diesel technology in response to tighter NOX emission standards, which in turn hamper the growth of diesel-based vehicles. Additionally, the ban imposed on the sale of diesel vehicles across European countries like the Netherlands, Germany, and France and the emerging Euro-VI and BS-VI norms in Europe and India further hamper the growth of the diesel vehicle market. According to IEA, Norway, the Netherlands and Japan are frontrunners in the electronic vehicles segment. Norway held the share of 46 percent in terms of the global new electric car sales as reported by IEA in 2018. In order to meet zero-emission targets under the “Paris Climate Accord”, in 2017, France government has announced that it will ban diesel and gasoline-powered vehicles completely and switch to electric-powered vehicles by 2040. This ban on diesel vehicles acts as a challenging and restraining factor for the growth of the global contact adhesive market size.

Acquisitions/Technology Launches

Key Takeaways

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Contact Adhesives market. In 2019, the market of Contact Adhesives top 10 companies accounting for xx% of the share. Major players in the Contact Adhesives Market outlook are Henkle Corporation, 3M, H.B. Fuller, Illinois Tool Works, Sika AG, Pidilite Industries, Huntsman International, Royal Adhesives & Sealants, LLC, and Ashland Inc., Permabond LLC., Arkema S.A. (BostiK), among others.

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