The global acrylic adhesives market is growing with the instantaneous pace; mainly due to the increasing construction industries, automobile production, and changing lifestyles. According to a recent study report published by the Market Research Future, the global market of acrylic adhesives is booming and expected to gain prominence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for acrylic adhesives is driven by the region Asia Pacific, owing to growing consumption of the product in various end-use industries such as automotive & transportation, paper & packaging, electrical & electronics, construction, and others. These materials are used to reduce stress concentrations and impart corrosion resistance, cost-effective nature, aesthetic appearance to the final product. Additionally, stringent rules and regulations set by the regulatory bodies to follow bio-compatible products is set to drive the market during the forecast period.
Increasing demand for the product in applications such as asphaltic tapes, rubber & butyl adhesive tapes, acrylic adhesive tapes, and others signifies the growth of construction industries. Moreover, growing consumption of product due to unique features offered by the product such as thermal, chemical along with UV resistance provide a boost to the acrylic adhesives market growth.
On the other hand, extensive use of water-based products in major industries is projected to propel the market growth during the forecast period.
Acrylic adhesives are used in various end-use industries such as automotive & transportation, paper & packaging, construction, electrical & electronics, and others. They are utilized to reduce the cost of buildings by developing an air-tight structure in the premises. The growing demand of these materials has prompted the manufacturers and investors to shift their focus from solvent-borne to water-based products in end-use applications. Additionally, the growing research & development activities and innovations of the product in the established companies have resulted into a remarkable growth in the market during the forecast period.
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Acrylic Adhesives Market- Competitive Landscape:
The acrylic adhesives market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Acrylic adhesives market is set to grow at a higher CAGR which is likely to attract many entrants to the market resulting into healthy competition in the future. Manufacturers operating in the acrylic adhesives market are struggling to respond to an increase in demand for the product from automotive & transportation, paper & packaging, construction, and other sectors attributed to expanding production capacity and infrastructure development in major sectors. They ensure to deliver the best quality products based on innovative technologies, solutions and best practices.
Industry/ Innovation/ Related News:
May 18, 2015 – Toyochem Co., Ltd (Japan), one of the leading producers of acrylic adhesives, declared that the company has launched Oribain® EXK14-346 series of water-based acrylic pressure-sensitive adhesives (PSAs) for medical applications such as heat wraps, and medicated patches. This product was known for bio-compatible nature, user-friendly, and other features. One of the sources of the company also announced that the product can be utilized in end-use industries such as automobiles, home appliances, electronics, and others. Therefore, these factors are expected to drive the market over the assessment period.
January 17, 2016 – Toyochem Co., Ltd (Japan), one of the prominent manufacturers of acrylic adhesives, declared that the company has completed the agreement to acquire the rights of one-component, solvent- based acrylic pressure sensitive adhesive (PSA) technologies from Rohm and Hass Chemicals LLC of Philadelphia, a part of the Dow Chemical Company. The global rights of formulation, manufacturing process along with the customer information to 11 solvent acrylic PSA products are covered under this agreement. One of the sources of the company also announced that the product can be utilized in a wide range of applications. Therefore, these factors are expected to drive the market over the assessment period.
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Key Players and Competition Analysis
H.B. Fuller (U.S.), Henkel AG & Co. KGaA (Germany), Bostik S.A. (France), Sika AG (Switzerland), Eastman Chemical Company (U.S.), 3M (U.S.), AVERY DENNISON CORPORATION. (U.S.), Pidilite Industries Limited (India), Royal Adhesives & Sealants (U.S.), and Huntsman International LLC. (U.S.), among others are some of the prominent players at the forefront of competition in the Global Acrylic Adhesives Market and are profiled in MRFR Analysis.
Acrylic Adhesives Market - Regional Analysis:
Geographically, Asia Pacific is leading the global acrylic adhesives market. China holds the major portion due to rapid urbanization coupled with growing demand for the product in the region. Increasing consumption of acrylic adhesives in packaging applications such as glass, aluminium cans, metal foils, high barrier plastics, and others has boosted the market demand in Japan, and India. North America has witnessed a significant growth in the market owing to rapid consumption of water-based products in end-use industries. A notable growth has been received by the European region due to implementation of strict rules and regulations to adopt eco-friendly products instead of solvent-based materials in major sectors. Additionally, the market is growing significantly in the Middle East & Africa and Latin America regions, due to rising manufacturers’ preference to adopt lightweight products in the major industries.
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