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
Updated on : September 15, 2023
Contact Adhesives Market
The global contact adhesives market is valued at USD 2.8 billion in 2023 and is projected to reach USD 3.5 billion by 2028, growing at 4.3% cagr during the forecast period. The market is expected to be driven by the growth in emerging economies. Because of the expansion of the building sector in these countries, there is a need for contact adhesives in growing economies such as Brazil, China, India, and Malaysia; renovations also play an important part in the market for contact adhesives. With urbanization and increased knowledge of the benefits of contact adhesives, the contact adhesives market in these nations is expected to rise faster than in established regions. The contact adhesives market is being driven by expanding economies and rising demand for environmentally friendly goods. The growing usage of contact adhesives in the woodworking sector is likely to open up new market prospects.
Attractive Opportunities in the Contact Adhesives Market
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Contact Adhesives Market Dynamics
Driver: The contact adhesives market in Asia Pacific, South America, and the Middle East, and Africa is expanding due to rising population, increased awareness of adhesive products, and favorable economic conditions. Contact adhesive product adoption is increasing in emerging nations, and this trend is projected to continue over the projection period. The growing knowledge of the benefits of adhesives in the woodworking, automotive, leather & footwear, and construction sectors will give opportunities for growth in these markets. Furthermore, the need for furniture, wood flooring, and windows and doors is increasing, which will boost the contact adhesives market. The Asia Pacific contact adhesives market is primarily driven by China and India, which are seeing significant expansion due to their large populations and high demand for furniture, hardwood flooring, cabinets, and other wood items. These contact adhesives are used in the woodworking industry to maintain antique furniture, flooring, and windows and doors. Flexible environmental rules, as well as cheap labor and production costs, are boosting the Asia Pacific, Middle East & Africa, and South America contact adhesives markets.
Restraints: Environmental rules govern the manufacture of chemical and petroleum-based goods in Europe and North America. The manufacture of solvent-based goods in these regions is governed by organizations such as the Epoxy Resin Committee (ERC) and the European Commission (EC). This has an impact on manufacturing capacity in Europe and North America. Environmental laws are driving manufacturers to work on manufacturing environmentally friendly adhesives. Control of Substances Hazardous to Health (COSHH), the European Union (EU), Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH), the Globally Harmonized System (GHS), and the Environmental Protection Agency (EPA) in Europe and North America also regulate the chemical industry. To limit VOC emissions, manufacturers in Europe and North America must follow laws governing the manufacturing and use of plastic adhesives in various applications. To establish compliance, manufacturers must shoulder an additional weight of labeling, documentation, and additional costs for external testing. Plastic glue makers must follow the norms and changing requirements in order to commercialize their goods. Manufacturers are restrained as a result of this.
Opportunity: Emerging economies are spending heavily on large-scale infrastructure projects. These economies' marketplaces are growing faster than those in North America and Europe. This is due to major corporations spending extensively in these locations, where there is a huge opportunity. Asia Pacific, particularly China, and India, offers tremendous development potential for contact adhesives makers. In various Asia Pacific nations, rapid urbanization, a stable economy, and a booming building industry have boosted demand for contact adhesives. More residential structures are being built in the region to fulfill the demands of the region's rising population in major cities such as Jakarta, Malaysia, Thailand, and Vietnam.
Challenges: Stringent regulatory requirements drive the adhesives business. Manufacturers of contact adhesives must adhere to VOC regulations at the municipal, state, national, and international levels. As a result, many contact adhesive providers will have to invest considerably in order to redesign their processes in order to comply with the new rules.
To acquire commercial acceptance, each new low-VOC glue must meet the performance requirements specified by ASTM International in the United States. The ASTM Technical Committee D14 on Adhesives defines standard criteria for adhesives and materials used in adhesive compounding, as well as conducts adhesive and adhesion research, including elucidation of the nature of adhesion.
Contact Adhesives Market Ecosystem
Based on technology, the water-based segment is estimated to account for the highest CAGR in the contact adhesives market
Water-based adhesives are the most common type of glue. These are poly (vinyl acetate) emulsions, which are a stable suspension of poly (vinyl acetate) particles in water. Water-based adhesives often comprise water-soluble protective colloids such as poly (vinyl alcohol) or 2-hydroxyethyl cellulose ether and can be further compounded with plasticizers, fillers, solvents, deformers, and preservatives. They have a good combination of heat and cold resistance and have a low odor, color, and toxicity. The equipment required to apply them is easy to use and affordable. Furthermore, they are cost-effective and quite stable. Water-based contact adhesives are environmentally benign and are increasingly being employed in a variety of sectors.
Based on resin type, the acrylic segment is estimated to account for one of the highest CAGR in the contact adhesives market
Acrylic-based contact adhesives are created by polymerizing acrylate and methyl methacrylate monomers. They compete with epoxies because they may operate on filthy or poorly prepared surfaces and provide high strength when cured. They are divided into two types: one-component adhesives and two-component adhesives. These adhesives are utilized in many sectors, including construction, automotive, woodworking, bookbinding, leather & footwear, and others. Acrylic-based contact adhesives provide qualities such as sunlight resistance, temperature fluctuation stability, and water and humidity resistance. Acrylic-based contact adhesives, particularly acrylic polymer emulation, are in high demand because of their numerous uses in a wide range of industries. The increased need for better performance, durability, and ease-of-use goods are driving the expansion of the acrylic-based contact adhesives market.
The North American market is projected to contribute one of the largest shares of the contact adhesives market.
The technical improvements in the construction industry drive the North American market for contact adhesives. The United States is expected to be the largest consumer of contact adhesive goods, with the greatest market share in terms of both value and volume among all North American nations. Mexico, despite its modest size, has shown encouraging demand, which is projected to continue in the future. The contact adhesives market in the United States is expected to rise at a rapid 3.1% CAGR during the forecast period.
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Contact Adhesives Market Players
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) are the key players operating in the global market.
Contact Adhesives Market Report Scope
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 2.8 billion |
|
Revenue Forecast in 2028 |
USD 3.5 billion |
|
CAGR |
4.3% |
|
Market size available for years |
2019-2028 |
|
Base year considered |
2022 |
|
Forecast Period |
2023-2028 |
|
Forecast Units |
Value (USD Billion) |
|
Segments Covered |
By Technology, By Resin Type, By End-Use Industry, and By Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Companies covered |
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) |
Based on technology, the contact adhesives market has been segmented as follows:
- Water-Based
- Solvent-Based
Based on resin types, the contact adhesives market has been segmented as follows:
- Neoprene
- Polyurethane
- Acrylic
- SBC
- Others
Based on the end-use industry, the contact adhesives market has been segmented as follows:
- Construction
- Automotive
- Woodworking
- Leather & Footwear
- Others
Based on the region, the contact adhesives market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Frequently Asked Questions (FAQ):
What is the current competitive landscape in the contact adhesives market in terms of new applications, production, and sales?
Various major, medium-sized, and small-scale business firms operate in the industry on a global basis. Numerous companies are always inventing and producing new items, as well as moving into developing regions where demand is increasing, resulting in increased sales.
Which countries contribute more to the contact adhesives market?
US, UK, Canada, and Germany are major countries considered in the report.
What is the total CAGR expected to be recorded for the contact adhesives market during 2023-2028?
The CAGR is expected to record 4.3% from 2023-2028
Does this report cover the different resin type of the contact adhesives market?
Yes, the report covers the different resin type of contact adhesives.
Does this report cover the different technology of contact adhesives?
Yes, the report covers different technology of contact adhesives.
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The study involved four major activities in estimating the current size of the contact adhesives market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include financial statements of companies offering contact adhesives information from various trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the contact adhesives market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the contact adhesives market scenario through secondary research. Several primary interviews were conducted with market experts from both, the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Primary data was collected through questionnaires, emails, and telephonic interview. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors, from business development, marketing, product development/innovation teams, and related key executives from contact adhesives vendors; raw material suppliers; distributors; and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data of revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, resin type, end-use industry, and region. Stakeholders from the demand side, such as CIOs, CTOs, and CSOs, and installation teams of the customer/end users who are using contact adhesives were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of contact adhesives and future outlook of their business which will affect the overall market.
The Breakup of Primary Research:
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|
Company Name |
DESIGNATION |
|
Sika AG |
Director |
|
Huntsman Corporation |
Project Manager |
|
Henkel AG & KGaA |
Individual Industry Expert |
|
H.B Fuller |
Director |
Market Size Estimation
The research methodology used to estimate the size of the contact adhesives market includes the following details. The market sizing of the market was undertaken from the demand side. The market was upsized based on procurements and modernizations in the end-use industries at a regional level. Such procurements provide information on the demand aspects of contact adhesives.
Global Contact Adhesives Market Size: Bottom-Up Approach
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Global Contact Adhesives Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
Contact adhesive provides adhesion to wood products, fabric, canvas, and leather. These are low viscosity light-colored adhesives usually taking a longer cure and set time. Contact adhesives are preferred because of their ability to bond wood and fabric substrates, resist vibration, and distribute stresses over a wide area. With the growth of the housing sector, the contact adhesives market has witnessed prominent growth.
Key Stakeholders
- End User
- Raw Material Suppliers
- Senior Management
- Procurement Department
Report Objectives
- To define, describe, segment, and forecast the size of the contact adhesives market based on technology, resin type, end-use industry, and region.
- To forecast the market size of segments with respect to various regions, including North America, Europe, Asia Pacific, South America, Middle East & Africa, along with major countries in each region
- To identify and analyze key drivers, restraints, opportunities, and challenges influencing the growth of the contact adhesives market
- To analyze technological advancements and product launches in the market
- To strategically analyze micro markets, with respect to their growth trends, prospects, and their contribution to the market
- To identify financial positions, key products, and key developments of leading companies in the market
- To provide a detailed competitive landscape of the market, along with market share analysis
- To provide a comprehensive analysis of business and corporate strategies adopted by the key players in the market
- To strategically profile key players in the market and comprehensively analyze their core competencies
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the contact adhesives market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the contact adhesives Market
Growth opportunities and latent adjacency in Contact Adhesive Market