TAGS: Hot-melt Adhesives
Maximize Market Research anticipates that the global tackifier market which was valued at 3.41 billion USD in 2019 is expected to reach 5.00 billion USD by 2027, at a CAGR of 4.9 percent during the forecast period.
Growing demand for adhesives from end-use industries, product advancements in the tire industry, and growing demand from the packaging industry are the major driving factor for the market. The market is also driven by increasing urban infrastructure in the developing countries and high demand for hot melt adhesives in the market. Limited feedstock supply and volatility of raw material prices and increasing market penetration of limonene acts as a restraining factor for the growth of the tackifiers market in the forecast period.
Synthetic Tackifiers Accounted for Largest Market Share
Tackifiers are chemical composite that are mostly used in creating adhesives and signifies the most important part of the hot-melt and demands sensitive adhesives. They are utilized in a numerous application, for instance assembly adhesives, bookbinding adhesives, tapes and labels, leather, a variety of construction adhesives, and adhesives mainly used for footwear, and rubber articles. They are usually made from naturally happening materials or formed synthetically. The main raw material used in making tackifiers are petroleum resins, rosin resins, and terpene resins. Petroleum resins are by far used raw material, C9 aromatic resins, and C5 aromatic aliphatic resins, and C5/aromatic resins are the most important resins used for this reason. Rosin resin is the oldest resin used in adhesive built-up and is acquired from coniferous and pine trees.
Based on type, the synthetic tackifiers segment accounted for a larger share of the overall market. Synthetic tackifiers are usually used to maintain the balance between adhesion and cohesion and increase the high temperature adhesion properties of the material. Synthetic tackifiers have good resistance towards aging and cohesion. Polymer and plastics industry displays a major growth, owing to which synthetic tackifiers market is expected witness healthy growth in forecast period.
Biodegradable Packaging Materials to Boost Tackifier Demand
Based on end user industry, packaging is the largest end-use industry for tackifiers and expects to be the dominant through the forecast period. Packaging industry dominates the global market, accounting for about 50 percent of the market. Rising demand for biodegradable packaging materials is likely to boost the demand for tackifiers in the packaging industry.
Based on application, pressure sensitive adhesives (PSA) expected to contribute the highest share to the tackifier market. Depending upon the application, tackifiers are widely used in PSA for the manufacturing of tapes, labels, and graphics industries. These tapes, labels are usually used in the packaging, medical, food packaging which help to grow the market in the forecast period.
Asia Pacific is estimated to be the dominant region in the tackifier market over the forecast period. The countries in the region have more demand due to the adhesives. Increased demand encourages key players to invest in the tackifier market in Asia Pacific region. Growing improvement in the economic conditions of the region has enhanced the financial status of the consumer, which in turn, has increased the demand of packaging in the food and beverages and medical sector.
Source: Maximize Market Research