TAGS: Solvent borne Adhesives Polyurethane Adhesives Reactive Adhesives Hot-melt Adhesives
Research and Markets (RM) anticipates that the solvent-based adhesives market size is expected to see strong growth in the next few years. It will grow to $18.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
The anticipated growth in the forecast period can be attributed to several factors, including the expansion of the automotive industry, increased construction and infrastructure development, the use of solvent-based adhesives in electronic components, and the growing demand in the renewable energy sector.
Development of Hybrid Adhesives
Major trends expected in the forecast period include the development of hybrid adhesives, adhesives with high-temperature resistance, custom adhesive formulations, and innovations in adhesive packaging.
The solvent-based adhesives market is poised to benefit from the growth in the automobile manufacturing industry in the forecast period. The demand for lightweight automobiles has driven the need for adhesives and sealants as alternatives to welded joints, mechanical fasteners, and gaskets, contributing to weight reduction in vehicles. As the automotive industry increasingly focuses on producing lightweight cars, there is a growing demand for solvent-based adhesives and sealants. This trend is expected to boost the demand for solvent-based adhesives in the coming years.
The primary types of solvent-based adhesives in the market include polyurethane, styrenic block, and ethyl vinyl acetate (EVA). Ethylene vinyl acetate (EVA) is a copolymer composed of ethylene and varying proportions of vinyl acetate. Solvent-based adhesives find application in various industries, including paper and packaging, building and construction, woodworking, automotive and transportation, and other sectors. These adhesives are typically distributed through direct sales and various distribution channels.
Construction Industry to Boost Market Growth
The solvent-based adhesives market research report is one of a series of new reports that provides solvent-based adhesives market statistics, including solvent-based adhesives industry global market size, regional shares, competitors with a solvent-based adhesives market share, detailed solvent-based adhesives market segments, market trends and opportunities, and any further data you may need to thrive in the solvent-based adhesives industry. This solvent-based adhesives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The burgeoning construction industry is anticipated to drive the growth of the solvent-based adhesives market. The construction sector encompasses activities related to planning, designing, assembling, and erecting physical structures and infrastructure. Solvent-based adhesives play a crucial role in this industry by providing robust and durable bonds, high initial tack, versatility, and resistance to factors like temperature, water, and chemicals.
For instance, according to Oxford Economics, a UK-based economic information services company, global construction output is projected to increase by 42%, or $4.5 trillion, to reach $15.2 trillion by 2030. Hence, the expanding construction sector is a key driver behind the growth of the solvent-based adhesives market.
The strict safety regulations governing the manufacture and transportation of adhesive chemicals pose a challenge to the market. Adhesives are known to be highly flammable, toxic, and hazardous under extreme conditions of temperature and pressure. Companies in this industry are required to invest in equipment, technologies, and processes to control toxic levels and prevent chemical contamination. Compliance with these regulations results in increased operational costs for companies, limiting their capacity for business expansion.
Highest Growth in Asia Pacific Region
Major companies operating in the solvent-based adhesives market are focusing on innovative products such as the Pearl Bond adhesive to boost their market revenues. The Pearl Bond adhesive represents a range of crystalline thermoplastic polyurethane (TPU) adhesives designed for the production of reactive hot melt adhesives (HMAs) and hot melt adhesives (HMAs).
For example, in April 2023, Pearl Polyurethane Systems LLC, a UAE-based company specializing in PU-based adhesives, including solvent-based adhesives, launched the Pearl Bond adhesive. This adhesive line finds applications in various fields, including footwear uppers, vehicle interior trim, and other textile substrates. It offers exceptional resistance to microbial attack, making it a durable and long-lasting solution for various applications. Moreover, it presents a cost-effective formulation that delivers outstanding bonding solutions for hot melt adhesives.
In February 2022, Celanese Corporation, a US-based chemical company, completed the acquisition of DuPont de Nemours Inc. for $11 billion. This strategic acquisition significantly expanded the engineered materials (EM) product portfolio by introducing new polymers, renowned market brands, advanced product technology, and backward integration in crucial polymers.
Furthermore, the acquisition is expected to lead to substantial growth in free cash flow and a rapid reduction of total debt, bringing it below 3.0x EBITDA. DuPont de Nemours Inc., a US-based company involved in the production of a wide range of chemical products, including solvent-based adhesives, was a valuable addition through this acquisition.
Asia-Pacific was the largest region in the solvent-based adhesives market in 2023. North America was the second-largest region in the solvent-based adhesives market report. The regions covered in the solvent-based adhesives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Source: Research and Markets