TAGS: Sustainability / Natural Adhesives
Research and Markets (RM) anticipates that the global tackifier market is expected to grow at with a CAGR greater than 4% during the 2021-2026 forecast period. One of the major factors driving the market is the growing urban infrastructure in developing countries. However, emerging tackifier free adhesives market is hindering the growth of the market studied.
Shifting focus towards bio-based tackifiers is expected to provide a major growth opportunity for the market studied. Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period. Among the end-user industries, building & construction is expected to dominate the market studied during the forecast period.
Building & Construction Industry to Dominate the Market
Among the end-user industries, building & construction accounts for the major share of the global tackifiers market currently. Pressure-sensitive and water-borne adhesives are in major demand for various purposes in the building and construction industry for heating, ventilation, air conditioning, concrete, joint cements, manufactured housing, resilient flooring, etc.
These adhesives use significant percentage of tackifiers to improve the tack, peel, and bonding of the surface. The growing construction industry across the world is providing growth prospects to the market studied, which is likely to lead to an increasing demand for tackifiers in the adhesive market. Hence, owing to the above-mentioned factors, building & construction industry is expected to dominate the market studied during the forecast period.
Asia-Pacific to Dominate the Market
Continuous improvement in the economic conditions of the Asia-Pacific region has enhanced the financial status of the consumers, which, in turn, has increased the demand for electronic appliances, buildings, automobiles, and textiles in the region. China is also one of the largest manufacturer & exporter of adhesives to many countries and occupies the major share of the Asia-Pacific tackifier market.
The major adhesive manufacturing companies, such as Henkel AG & Company, KGaA, H B Fuller Company, Ashland, and Evonik Industries AG, have their manufacturing plants in this region, and they are planning to build more manufacturing plants, which likely will increase the production of adhesives. The increase in the production of adhesives and their outputs is expected to drive the consumption of tackifiers.
Thus, the Asia-Pacific region is expected to dominate the tackifier market during the forecast period.
The global tackifier market is moderately consolidated as the market of the market share is divided among a few players. Some of the key players in the market include Arakawa Chemical Industries, Ltd., Eastman Chemical Company, Exxon Mobil Corporation, Arkema Group, and YASUHARA CHEMICAL CO., LTD, among others.
Source: Research and Markets