28 November 2019
The Acrylic Adhesives Market Report 2020-2030: Forecasts by Technology (Water-based, Solvent-based, Reactive, and Other Technologies), End-user Industry (Packaging, Building and Construction, Transportation, Appliances, Electrical and Electronics, Sporting Goods, Woodworking, and Other End-user Industries), by region and analysis of leading companies operating in this industry.
The global acrylic adhesives market size is estimated to exceed USD 8.5 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 5.9 percent. Some of the main factors driving market growth are robust R&D programs and relentless developments. Acrylic adhesives deliver characteristics such as high performance and ability to be used across a range of end-use industries, including construction, packaging, and pharmaceutical. Even on oil surfaces, acrylic adhesives have high efficiency and high performance requirements under broad temperature ranges. Major end-user industries for acrylic adhesives therefore include, among many others, automotive, manufacturing, furniture and packaging.
Due to their use in the manufacture of various products, such as tags, tapes, cartons and cases, the packaging industry dominated the market for acrylic adhesives. With countries such as China and India leading the market, the Asia-Pacific region has seen the fastest growth in the global packaging industry. Factors, such as online food deliveries, e-commerce, and development and innovation in the packaging industry, have been driving the growth of the packaging industry in the region. Therefore, similar trends in the global packaging market are projected to accelerate the demand for acrylic adhesives in the forthcoming years.
Acrylic adhesive demand is driven primarily by the comparative advantage of acrylic compared to other adhesives. In addition, high growth in the automotive industry is expected during the forecast period to drive demand for acrylic adhesives. Therefore, demand for acrylic adhesives is highly dependent on consumer markets; macroeconomic factors such as growth in GDP are also a major growth driver for the market for acrylic adhesives.
Asia Pacific dominates the global market for acrylic adhesives, and for the foreseeable future the trend is expected to continue. The demand for acrylic adhesives in Asia Pacific is expected to be driven by rising industrial production and strong GDP growth in emerging economies in India and China. During the forecast period, Asia Pacific is projected to be the fastest growing region on the acrylic adhesive market. In North America and Europe, demand for acrylic adhesives is expected to grow at a sluggish pace mainly due to the region's strict regulations and market saturation in several end-user industries. Furthermore, South America and Africa's developing economies are expected to offer enormous benefits.
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