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Solvent Borne Adhesives Market - Forecast(2023 - 2028)
Solvent Borne Adhesives Market Overview
Solvent
Borne Adhesives Market size is
forecast to reach $6.1 billion by 2026, after growing at a CAGR of 4.4% during
2021-2026 due to increasing usage for various applications such as wall
covering, industrial coatings, packaging, and so on. Solvent-borne adhesives are mixtures of
solvents and thermoplastic or slightly crosslinking polymers such as chloroprene,
polyurethane, acrylic, silicone, and synthetic rubbers. Thus, the
increasing use of solvent-borne adhesive such as chloroprene rubber in the
footwear industry used for bonding leather and the automotive industry for
power transmission belt is anticipated to create new opportunities for the
growth of the solvent-borne adhesives industry.
Furthermore, stringent regulations regarding volatile organic compound (VOC) emission
resulting in
a shifting trend from solvent-based adhesives to water-based adhesives, which
may hinder the growth of the market over the forecast period.
Impact of COVID-19
Due
to the nationwide lockdown, the automotive, packaging, and building &
construction industries were set at pause. Also, an insufficient supply of raw
materials owing to the supply chain disruptions decreased the production of adhesives,
which harmed the market growth.
Report Coverage
The: “Solvent Borne Adhesives Market Report – Forecast (2021-2026)”, by
IndustryARC, covers an in-depth analysis of the following segments of the solvent-borne
adhesives industry.
By Resin Type: Styrenic Block Copolymers, Natural
Rubber, Styrene-Butadiene Rubber, Acrylic Polymers/ polyacrylate (Ethyl
Acrylate, Butyl Acrylate, Ethylhexyl Acrylate), Chloroprene Rubber,
Polyurethane, Silicon, and Others
By End-Use Industry: Building &
Construction (Wall Covering, Interior Decoration, Industrial Coatings,
Prefabricated Houses, Others) Packaging (Food Packaging, Personal Hygiene &
Medical Products, Others), Transportation {Automotive (Light Weight Commercial
Vehicles, Heavy Duty Commercial Vehicles, Passenger Vehicles), Aerospace,
Railways, Others}, Electrical & Electronics (Electronic Devices, Microwave,
Semiconductors, Printed Circuit Boards, Others), Footwear Industry, Wood
Industry, and Others
By Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and
Rest of Europe), APAC (China, Japan, India, South Korea, Australia, Taiwan,
Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil,
Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East
and Africa).
Key Takeaways
- Rising demand for solvent-borne adhesive
from the automotive sector in the Europe region is estimated to drive the
growth of the market. According to the European Automobile Manufacturer
Association (ACEA), the automotive sector is a major investor in R&D in
Europe, which has increased by 6.7% to reach €57.4 billion (US$ 64.25 billion) annually
as of 2019.
- The footwear industry makes extensive use of solvent-borne adhesives to produce flexible joints and shole bonding. Thus, with the increasing global demand for footwear, the demand for solvent-borne adhesives is expected to grow during the forecast period.
- Additionally, due to having sufficient flexibility, end-use industries such as building & construction, packaging sector, automotive, footwear, and so on are expected to drive the demand for solvent-borne adhesives market.
Figure: Europe Solvent Borne Adhesives Market Revenue, 2021-2026 (US$ Billion)
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Solvent Borne Adhesives Market Segment
Analysis – By Resin Type
Chloroprene
rubber held the largest share in the global solvent-borne adhesives market in
2020. Chloroprene rubber can stand at low temperatures at
the range of -12°C to -46 C° and at the range of high temperature Up to 121 C°,
which makes it very
useful for the automotive world. Chloroprene rubber is widely used in various
constructional application such as window gaskets & seals, highways &
bridges seals, deviator pads, and so on due to excellent abrasion resistance
and tear resistance. Thus, owing to such properties the demand for solvent-borne
adhesive resin types is anticipated to increase over the forecast period.
Solvent Borne Adhesives Market Segment Analysis – By End-Use Industry
Building
& construction sector held the largest share in the global solvent-borne
adhesives market in 2020 and is projected to grow at a CAGR of 4.6% during the
forecast period 2021-2026. Solvent-borne adhesives or a mixture of crosslinking
polymer used as decorative
materials for wood panels, PVC tiles, and concrete which is further used in constructional applications.
Also, polyacrylates are widely used in construction to provide a bond between
decorative floor coverings and ceramic tiles adhesives. Thus, the rising
consumption of adhesives from the construction sector is expected to drive
market growth. According to the US Census Bureau, new housing unit construction was
11,471 thousand units in 2019 in the United States, which reached 3,642 units
in 2020. Moreover, according to the Federal National
Mortgage Association, housing starts were expected to jump with 1 million new
homes in 2021. Additionally, according to the Indian Brand Equity
Foundation (IBEF), the real estate market of India is expected to grow USD 1
trillion by 2030. Hence, with the rising use of polyacrylates owing
to their alluring properties, the market is also anticipated to rise in the
forecast period.
Solvent Borne Adhesives Market Segment Analysis – By Geography
Europe
held the largest share with 30% in the global solvent-borne adhesive market in 2020.
The demand for solvent-borne adhesive is
driven mostly by the increasing production of automotive in economies, such as
Germany, Italy, Spain, and others. These
adhesives are used for joints of vehicle parts and gaskets. It helps to reduce
the weight of automotive vehicles. Thus, the rising demand for lightweight
vehicles is expected to increase the demand for solvent-borne adhesives during
the forecast period. According to the European Automobile Manufacturers
Association (ACEA), automobile manufacturers operate some 226 vehicle
assembly and production plants in the European Union. According to the International Organization of Motor Vehicle
Production (OICA), automotive production in Spain (passenger cars and
commercial vehicles) increased by 2822355 units in 2019 compared to 2819565 in
2018. Thus, the rising production of automotive is
anticipated to grow the solvent-borne adhesives market.
Solvent Borne Adhesives Market Drivers
Increasing Demand from Footwear Industry
Solvent-borne adhesives are used in the footwear industry due to various properties such as excellent bond strength and resistance to temperature. These are used for sports shoes and leather shoes, thus growing demand for more comfort, and trending lifestyle are accelerating the demand for footwear. According to the Council on leather Exports (CLC), India is the second-largest global producer of footwear after China, accounting for 11.63% of global footwear production of 17.7 billion pairs. Furthermore, according to the International Trade Center (ITC), exportation growth in the quantity of footwear (with outer shole of rubber, plastic, and leather composition) was 73% in 2017-2018 in China. Thus, with the increasing global demand for footwear, the demand for solvent-borne adhesives is also expected to grow during the forecast period.
Increasing Consumption of Solvent Borne Adhesive
Crosslinking polymers, chloroprene
rubber, polyacrylate, and others adhesives are used in the packaging industry
due to their high tensile strength and extreme versatility. Due to environmental, health,
and safety concerns, chloroprene rubber is highly demanded from emerging economies,
such as China and India. Thus, the increasing packaging industry is estimated
to grow the consumption of these resins. According India Brand Equity
Foundation (IBEF), packaged food market in
India is expected to double to US$ 70 billion by 2025. In India, the fast-moving
consumer goods (FMCG) market has grown at 9-10% in 2020. Thus, such
aforementioned factors are expected to drive the solvent-borne adhesives market
near future.
Solvent Borne Adhesives Market Challenges
Stringent Environmental Regulations Regarding Volatile Organic Compound (VOC) Emissions
Solvent-based adhesives contain
significant amounts of volatile organic compounds (VOCs), which is harmful to
the environment. The New England states have adopted regulations that require
many facilities to reduce VOC emissions. These emissions can be reduced by changing
processes or by installing air pollution control equipment. Adhesives are
highly inflammable, toxic, and hazardous when exposed to extreme temperatures
and pressures. These regulations increase operating costs for manufactures, which
limiting investments for business growth. Thus as a concern, the regulation has
limited the demand for solvent borne adhesive.
Solvent Borne Adhesives Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the solvent borne adhesives market. Major players in the solvent borne adhesives market top 10 companies are:
- 3M
- Alfa International Corporation
- Arkema Group (Bostik SA)
- Ashland Inc.
- Avery Dennison Corp.
- Benson Polymers Ltd.
- Everad Adhesives SAS
- DuPont
- H.B. Fuller Company
- Henkel AG and Co., KGaA
- Huntsman Corp.
- Jowat AG
- LORD Corp.
- Sika AG, and among others.
Acquisitions/Technology Launches
- In November 2020, Pidilite Industries, an Indian adhesives manufacturing company acquired Huntsman Corporation for US$ 28558.8 million. This acquisition will add a strong portfolio of Pidilite Industries adhesives and sealants and will complement Pidilite Industries' retail portfolio.
- In November 2020, H.B. Fuller has launched Full-Care 5885 to meet the industry’s growing demand for natural-based hygiene articles. This adhesive offers great value by combining high-performance 100% cotton bonding at a low cost in use.
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