Spray Adhesives Market Size By Technology (Solvent Based, Water Based, Hot Melt), By Resin (Epoxy, Polyurethane, Synthetic Rubber), By End-user (Building & Construction, Packaging, Footwear, Transportation, Hygiene), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019-2025
Published Date: Aug 2019 | Report ID: GMI4311 | Authors: Kiran Pulidindi, Hemant Pandey
Spray Adhesives Market size exceeded USD 7 billion in 2018 and will witness a CAGR of more than 4.5% between 2019 and 2025.
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Rapidly growing building & construction industry especially in emerging nations is the major driver uplifting the spray adhesives market demand worldwide. The product is used to glue drywalls, plasters, fiberglass and insert ceilings. Furthermore, EPS foams, pipe insulation, roofing membranes and carpet tile installation are few other products used in the construction industry. This category of adhesives is generally utilized in droplets form and has proven to be an excellent substitute for tape glues, white glues and hit glues owing to its superior properties such as excellent heat & moisture resistance, strong bond, etc. These adhesives wet the base of joining surface and then transfer loads consistently between blended surface in order to improve grounded holding.
Increasing economic growth in countries such as Indonesia, Malaysia, Philippines and Thailand are anticipated to trigger the market growth as a result of growing investment in infrastructure sector. In Indonesia, growth is expected to arise from improving investment, climate, enhanced fiscal stability coupled with upgrades in credit ratings. Many countries are focusing on improving their construction sector by introducing several beneficial activities by the government. For instance, Indian government established Construction Industry Development Council (CIDC) with the help of planning commission, with the aim to advice the regional government on policy formulations in the sector. Also, the council is contributing in enhancing the networking with the international organizations for better growth opportunities in the sector. These trends are expected to positively influence the market share by 2025.
Despite being used across various end user industries, market growth can be restrained by raw materials price volatility. Epoxy resin-based adhesives are commonly used in the industry and its prices are very volatile as it is a petroleum derivative. Apart from facing price volatility issues, high VOC emissions caused by solvent based adhesives is also creating hurdles in the market growth.
Industry based on technology into solvent based, water based and hot melt. Solvent based spray adhesives market size in terms of volume was estimated over USD 600 million in 2018, likely to witness gains of more than 3.5% in the forecast time frame. This category of adhesives is used to glue materials by ingredients which are polymer based within the solvent. It is generally used in the building & construction, transportation and electronics industry. However, high VOC emissions produced by solvent based adhesives may led to moderate growth rate in the coming years. Water based adhesives are increasingly being adopted in order to minimize VOC emissions and are cost effective nature.
|Base Year:||2018||Market Size in 2018:||7 Billion (USD)|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2025|
|Forecast Period 2019 to 2025 CAGR:||4.5%||2025 Value Projection:||9 Billion (USD)|
|Pages:||257||Tables, Charts & Figures:||386|
|Geographies covered (23):||U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Turkey, China, India, Japan, Australia, Thailand, South Korea, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait|
|Segments covered:||Technology, Resin, End-user and Region|
|Companies covered (15):||Avery Dennison Corporation., H. B. Fuller., Arkema Group., The , M Company, Henkel AG & Co. KGaA, Sika AG, DowDuPont, Inc. (Dow Corning), Mapei SpA, Beardow Adams Ltd, BASF SE, Eastman Chemical Company, Casa Adhesive, Inc, Chemique Adhesives & Sealants Ltd, Phillips Manufacturing Co, Spray-Lock Inc,|
|Pitfalls & Challenges:||
Epoxy based resins attained the largest market share which constituted share of around 45% of the worldwide spray adhesives market share in 2018. This is mainly attributed to its excellent features such as low shrinkage, excellent chemical and moisture resistance, strong fatigue and mechanical strength. Epoxy based adhesives are commonly used in laminating fiberglass with plywood and it imparts durability and strength to the structure. The product is an excellent choice to be used in coating wooden surfaces.
By End User
Spray adhesives are used across several end-user industries including building & construction, packaging, transportation, footwear, hygiene and many others. Transportation and building & construction constitutes a major chunk of the overall industry share which is followed by packaging and footwear. In transportation, the product is used in aerospace and aircrafts, automotive module sealings and in liquid gasket sealants, rail, vehicle assembly, etc. Furthermore, it offers excellent bond strength, durability, vibration resistance, thermal cycling and electrical conductivity and exposure to a variety of chemicals. On the other hand, in footwear industry, it is used for shoe manufacturing and repairing purposes. The product is used to glue several materials utilized in the shoe manufacturing process at various stages such as modelling, lasting, finishing, assembling, etc.
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Asia Pacific attained the highest share which accounted for over 35% of the total spray adhesives market size in 2018. This is mainly attributed to strong growth in the construction sector from emerging economies such as India, China, Indonesia and Malaysia. For instance, China is leading adhesives market due to growing infrastructural; activities in the country which is supported by large infrastructure projects being proposed by the government. Moreover, Asia Pacific is expected to witness promising gains due to automotive sector, owing to rising socio-economic factors in the region.
Europe market share over 25% of the global market size in 2018. UK registered itself as the second largest automobile market in Europe. As per Eurostat and OICA, UK accounts for the largest automobile producing country in Europe. Furthermore, growing investment in research and development activities in the automotive sector will also contribute significantly to the spray adhesives demand in the coming years.
Competitive Market Share
The spray adhesive market is highly competitive due to the presence of various established brands. Product expansion, mergers and acquisitions, sustainability development are few factors responsible in maintaining the market competitiveness. Few key players are BASF SE, H.B Fuller Company, Sika AG, Henkel AG & Co. KGaA and 3M Company.
Spray adhesives industry is majorly impacted by the growth of its end user industries such as construction, automotive, footwear, etc. Water based and hot melt adhesives have been witnessing a high growth rate as a result of having low VOC emissions and cost effectiveness. Building & construction has emerged as the major end user which is subjected to increase in the projected time period due to growing investment in infrastructure activities especially in the emerging economies.
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