Markets and Markets (M&M) anticipates that the market size for low-volatile organic compound (VOC) adhesives is projected to grow from USD 49.5 billion in 2021 to USD 63.3 billion in 2026, at a CAGR of 5.0%, during the forecast period. Growing demand for low-VOC adhesives from construction and woodworking industries and environmental regulations in North America & Europe are the key driving factors for the market.
Transportation is the Fastest-growing Segment
Transportation is the fastest-growing segment of the overall low-VOC adhesives market. In the automotive industry, low-VOC adhesives help automotive manufacturers to reduce vehicle weight as well as offer additional stiffness and rigidity to the vehicle without affecting riding comfort. They also increase the longevity of the vehicle.
Adhesives provide car manufacturers with the option of using thinner metal panels to build cars with lighter bodies which results in lower fuel consumption and reduced CO
2 emission. The increasing need to bond different lightweight materials without compromising on bonding strength and reduction in CO
2 emissions are expected to drive the growth of the low-VOC adhesives market in the transportation end-use industry during the forecast period.
Highest Growth in APAC Region
APAC accounts for the largest share of the low-VOC adhesives market in the region. The low-VOC adhesives market in the region is characterized by low production cost and the presence of a large number of players that serve the emerging local markets such as China, India, South Korea, Vietnam, Indonesia and a few smaller Southeast Asian countries.
The use of low-VOC adhesives in the transportation end-use industry is likely to be driven by increasing government regulations in the region for indoor air quality in passenger vehicles and stringent automotive OEM standards.
Source: Markets and Markets