TAGS: Solvent borne Adhesives
Research and Markets (RM) anticipates that the global market for solvent-borne adhesives is expected to witness a CAGR of more than 5% during the 2021-2026 forecast period. One of the major factors driving the market studied is the increasing demand from the automotive and footwear industry.
Stringent environmental regulations regarding VOC emissions is expected to hinder the growth of the market studied.
Building and construction sector dominated the market and is expected to grow during the forecast period. Recovering European construction sector is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the world with the largest consumption from countries, such as China and India.
Increase Demand from Footwear Industry
The footwear industry makes extensive use of solvent-borne adhesives to produce flexible joints, insole bonding, edge folding, etc. Solvent-borne adhesives facilitate rapid bonding processes and are used for a wide range of assembly operations. Solvent-borne adhesives are used in the application of sport shoes and leather shoes. They are used for bonding the flat soles of running shoes, edge folding, and shoes’ upper bonding, among others.
The ease with which it can be applied makes solvent-borne adhesive extremely attractive to footwear manufacturers. Moreover, properties, like excellent bond strength, resistance to temperature and weather conditions provided by this adhesive, are important requirements for the footwear segment. Growing demand for more comfort, new models, and lifestyle trends are spurring the demand for footwear, globally. Adhesives with good strength and other physical properties, like water resistance, have become indispensable to the footwear industry. The applications are spurring the demand for solvent-borne adhesives in this market segment.
The footwear sector is booming in regions, like Asia-Pacific, and European countries, like Italy, which has subsequently increased the demand for solvent-borne adhesives. Thus, with the increasing global demand for footwear, the demand for solvent-borne adhesives is expected to grow during the forecast period.
Germany to Dominate Market in Europe
The German automotive industry had recorded a turnover of over EUR 400 billion, which is about 20% of the total German industry revenue. In Europe, Germany accounted for ~30% of the total passenger cars manufacturing and 20% of all new car registrations.
The various applications of solvent-borne adhesives in the manufacturing of car seats, fixing cables in the roof liner, to bond door sill protectors, anchor plates, emblems, and other plastic parts, are expected to create the demand for solvent-borne adhesives with the simultaneous growth of the automotive industry.
Moreover, the electronics & telecommunications sector is also growing, with the increase in the use of IT services in almost all industries throughout the country. The market for various electronics, like laptops and computers, has been experiencing a boom. With an increase in use of consumer electronics, the demand for solvent-borne adhesives, which are used for coating and bonding requirements, is expected to rise gradually in the country.
Hence, with the booming housing market and real estate demand, the construction & building industry is expected to grow rapidly, in turn, increasing the market for solvent-borne adhesives in the country.
The global solvent-borne adhesives market is partly consolidated with the top five players accounting for a major chunk of the market. Major recognized players include Sika AG, Arkema Group, H.B. Fuller Co., Henkel AG & Co. KGaA, and Jowat AG, among others.
Source: Research and Markets