The solvent-based adhesives market exhibits high growth potential and is projected to reach a market size of USD 8.5 billion by 2026 from USD 7.6 billion in 2021, at a CAGR of 2.3%. The market growth opportunities solvent-based are increasing due to the strength of solvent-based adhesives. They provide superior shear and peel strength. The growth of the market is supported by the increasing construction and automobile applications and growing demand in the APAC region. Solvent-based adhesives hold advantage in fast-paced industries because they have a short fixing time, substantially decreasing the amount of time waiting for an application to set. In addition, some solvent-based adhesives are not flammable; therefore, it is still effective to use in a flammable environment such as a kitchen or garage.
The key players in the solvent-based adhesives market include Henkel AG (Germany), H.B. Fuller (US), Sika AG (Switzerland), Arkema (France), 3M Company (US), Huntsman Corporation (US), and Illinois Tool Works Inc. (US). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement, to grow in the market. Investment & expansion and merger & acquisition were the key strategies adopted by the major players between 2018 and 2021. This strategy helped companies increasing their global presence, product portfolio, and market shares.
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Henkel is the leading company in the manufacturing of solvent-based adhesives. It has a diversified product portfolio with several investments in product innovation. Its customers can choose from a wide variety of solvent-based adhesive products. It has a strong network for distributing and manufacturing adhesives with more than 185 production sites to meet the changing demands of the solvent-based adhesive industry, worldwide. The company continuously focuses on its organic & inorganic growth. For instance, in 2017, the company acquired Darex Packaging Technologies (US), a supplier of high-performance sealants and coatings for the metal packaging industry around the world. With this acquisition, the company has expanded its market position and strengthened its adhesive technologies business; it also complements the company’s technology portfolio.
The second most active company in the market is H.B. Fuller (US). The company offers a broad range of products in the solvent-based adhesives segment. The company focuses on R&D for new products and innovation. It is one of the leading solvent-based adhesive manufacturers and holds a strong position in the market. It has a presence in diversified geographical markets. The company is continuously focusing on organic and inorganic growth strategies. As a part of inorganic growth, in 2017, the company acquired Royal Solvent-based Adhesives (US), a leading manufacturer of high-value specialty solvent-based adhesives. This acquisition helped the customers with a broader portfolio, along with expanded development and production capabilities.
Solvent Based Adhesives Market by Chemistry (Polyurethane, Acrylic, Chloroprene Rubber, Synthesized Rubber), End-Use Industry (Paper & Packaging, Medical, Automotive, Building & Construction, Woodworking), Region - Global Forecast to 2026
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