CHICAGO, July 18, 2023 /PRNewswire/ -- The report "Contact Adhesive Market by Resin Type (Neoprene, Polyurethane, Acrylic, SBC), Technology (Solvent-Based, Water-Based), End-use Industry (Woodworking, Leather & Footwear, Automotive), Region (North America, Europe, APAC, MEA)- Global Forecast to 2028", size is projected to grow from USD 2.8 billion in 2023 to USD 3.5 billion by 2028, at a CAGR of 4.3%. The contact adhesives market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In terms of demand, Asia Pacific is expected to be the market leader over the forecast period. The expansion of the housing and commercial sectors has given the contact adhesives industry a much-needed boost. Growing sectors such as leather and footwear and automotive are propelling the Asia Pacific contact adhesives market forward.
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The solvent-based segment is expected to account for one of the largest shares in 2023.
Adhesives are created utilizing solvents in solvent-based technologies, which evaporate during drying and are often cycled back into the process. Solvent-based adhesives are used in specialized applications such as porous woodworking substrates, where water-based or solvent-free adhesives fail to fulfill technical criteria. Cost, safety, productivity, and compliance with clean air or VOC standards have all contributed to a significant fall in demand for solvent-based adhesives, with the trend turning towards water-based, solvent-less, or reactive alternatives. Solvent-based adhesives are excellent for both porous and non-porous surfaces, and once the liquid has dried, leaving just the bonding agent left, they provide strong adhesion. They also stick to surfaces better than many other types of water-based adhesives.
The neoprene segment is expected to account for the largest share in 2023.
Neoprene-based adhesives are specialty adhesives designed to fulfill the needs of the woodworking industry. Chemical adhesives are used to connect or bind wooden substrates. These adhesives are classified into two types: thermosetting adhesives and thermoplastic adhesives. Heat is required for thermosetting adhesives to cure, whereas thermoplastic adhesives are cured by an irreversible chemical process. Fillers are used to manage the thickness of the adhesive, whilst extenders are used to minimize the quantity of glue needed. The superiority of European countries in manufacturing and commercializing eco-friendly items is assisting in the market utilization of natural adhesives. The government and regulatory organizations in European nations are encouraging the commercialization of natural adhesives in the woodworking sector.
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Asia Pacific is expected to account for one of the largest share in 2023.
Asia Pacific is predicted to be the fastest-growing market in terms of value over the projection period. The region's contact adhesives sector is being driven by a vast and increasing population base, as well as a shift in manufacturing from North America and Europe to Asia Pacific. Asia Pacific is predicted to have the highest CAGR of 5.3% throughout the projection period.
The key players in the contact adhesives market include Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (Bostik SA) (France), 3M (US), Huntsman Corporation (US), Illinois Tool Works Inc. (US), and Pidilite Industries Limited (India).
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