TAGS: Solvent borne Adhesives
Zion Market Research (ZMR) anticipates that global solvent based adhesives market size which was worth around USD 7.79 billion in 2022 and is predicted to grow to around USD 13.06 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.84% between 2023 and 2030.
Strong Adhesive Properties to Propel Market Growth
The global solvent-based adhesives market is projected to grow owing to the presence of strong adhesive properties of such compounds. They provide unmatched adhesion to a wide range of materials and hence is a desirable product in several fast-growing industries such as automotive, construction, packaging, and electronics. These industries require durable and strong bonds. Furthermore, solvent-based adhesives are extremely versatile in terms of formulations. This allows them to be tailored to specific requirements and applications.
They can create bonds between a variety of materials ranging from metals to wood. As the end-user verticals are registering a high growth rate, the industry stakeholders are expected to come across an increased demand in the market. For instance, in the automotive sector, solvent-based adhesives are used during processes such as interior-trim assembly, exterior body bonding, noise & vibration damping, glass installation, and structural bonding.
Health & Safety Concerns to Restrict Market Expansion
The global solvent-based adhesive market is plagued by growing concerns over health & safety considerations since long-term exposure to intense solvent-based adhesives can pose severe health-related threats to the workers as well as the end-users. Skin contact or inhalation of the compound can lead to respiratory conditions, skin irritation, and other issues.
With the growing awareness rate along with changing preference for compounds with lower toxicity, the industry players may register a certain loss of revenue.
Technological Advancements to Create Several Growth Opportunities
The global solvent-based adhesive industry is expected to witness certain growth opportunities owing to several technological advancements in the field. The industry has registered higher investments directed toward research & development to improve the sustainability, performance, and safety profile of the compound.
There are several advancements associated with the manufacturing of low-volatile organic compounds (VOCs) and ultra-low VOC solvent-based adhesives. The research programs are working toward ensuring that these compounds meet the regulatory requirements while addressing environmental concerns.
Shift Toward Alternate Technologies to Challenge Market Expansion
The global sales volume of the solvent-based adhesive industry may be limited owing to the growing shift toward alternate technologies such as water-based adhesives, hot-melt adhesives, and solvent-free adhesives.
These substitutes offer reduced environmental impact and improved sustainability profiles. The growing preference for greener adhesives could pose severe challenges and manufacturers may have to explore product diversification.
Recent Developments
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In August 2022, Brilliant Polymers, a Mumbai-based industry player and the country’s largest manufacturer of lamination adhesives used in flexible packaging, announced the expansion of its production facility located in Ambernath. The factory will double its production capacity with this move and reach 45,600 metric tons guided by a total investment of more than INR 100 crore
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In June 2020, Bostik, a leading manufacturer and seller of sealants and adhesives, launched the HERBERTS™ 700 product series. The products associated with this range will provide high-performance, flexible, and sustainable lamination solutions for medical, industrial, and food packaging markets of Asia-Pacific
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In September 2022, Covestro launched an innovative and sustainable adhesive solution during the 25th China adhesive and tape industry conference
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In May 2023, Brilliant Polymers announced the launch of a new range of products at the Interpack 2023 which was held at Dusseldorf. The lines include GLYMO-free high-performance solvent-based adhesive which is best suited for retort applications and Brilliant Max Cure, a fast-curing solvent-free adhesive.
Asia-Pacific to Hold Dominance During Forecast Period
The global solvent-based adhesives market is expected to witness the highest growth in Asia-Pacific led by countries such as China and India. Asia-Pacific is a leading producer and distributor of several adhesives including solvent-based. It is home to some of the largest companies operating in the chemical & materials sector and has continued to hold its dominance even during tough political and economic hardships. Apart from the revenue earned from large export values, the regional countries have wide-scale in-house applications of solvent-based adhesives.
Factors such as rapid industrialization, infrastructure development, and automotive production in economies like India, China, South Korea, Japan, and other nations have contributed to regional growth. North America may grow at a steady CAGR led by an established manufacturing base and robust demand for adhesive products.
Source: Zion Market Research (ZMR)