TAGS: Sustainability / Natural Adhesives Hot-melt Adhesives Waterborne Adhesives Polyurethane Adhesives
Research and Markets (RM) anticipates that the low-VOC adhesive market which was valued at USD 49.03 bn in 2021 is expected to reach USD 70.31 bn by 2027, growing at a CAGR of 6.19% during the forecast period.
Increasing the adoption of low VOC adhesives in emerging economies such as China, India, and Brazil in their numerous industries boosts the market growth. The declining usage of solvent-based products is creating an opportunity for hot melt, reactive, and water-based adhesives. This is positively impacting the global low VOC adhesive market.
The flexibility and excellent adhesion properties with any substrate make low VOC adhesives suitable for any industry. Currently, the regulations in most countries to limit VOC emissions in adhesives will positively impact the industry.
Increasing Demand from Packaging Industry
Increasing demand from the packaging industry will drive the Low VOC adhesive market growth. Water-based and hot melt adhesives are mainly preferred in the paper and packaging industry.
There is an increasing demand for improved air quality, increased awareness about the health risk, and to save the environment from the depletion of the ozone layer. This has led to the incorporation of low VOC products in the building & construction industry, gaining traction worldwide, thus increasing product sales.
There has been an increasing adoption of polyurethane-based hot melt adhesives in bookbinding, product packaging, and footwear manufacturing. The fact that polyurethane-based products are stronger than water-based and hot melt products is driving the segment growth.
Factors Contributing to Growth of Market
The following factors are likely to contribute to the growth of the low VOC adhesive market:
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Increasing demand from the packaging industry
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New construction and home improvement activity
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Increasing adoption of polyurethane-based hot melt adhesives
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High demand for lightweight vehicles
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Environmental regulation boosting the demand for low-VOC adhesives
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High growth potential in emerging economies
Water-based type held the largest Low-VOC adhesive market share based on technology. This is attributed to its properties of being lightweight, less usage while forming a bond, and the absence of volatile organic compounds in the product.
Pressure-sensitive adhesives are the most used product amongst consumer goods because they are suitable for bonding various substrates such as paper, plastic, metal, wood, and glass.
The paper & packaging industry is one of the largest consumers of low VOC adhesives.
Highest Growth in APAC Region
APAC: APAC is the largest and the fastest-growing region in the low VOC adhesive industry. Higher domestic demand and the availability of low-cost labor make this region the most attractive market for low VOC producers. China has been the leading market in APAC, whereas India is projected to be the fastest-growing market in terms of value from 2021 to 2027.
North America: The demand for low-VOC specialty adhesives in North America is driven by stringent regulations concerning the use of toxic chemical formulations in chemically curing adhesives. The construction industry's recovery in North America after the economic slowdown also enhances opportunities in the market.
The key players in the industry are 3M Company, Sika, B Fuller, Henkel, and Arkema. Several players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in the APAC region, to gain more market share.
Manufacturers should focus on simplifying the application of low-VOC adhesives, such as easier application with a glue gun or in cartridges.
Source: Research and Markets