Spray Adhesives Market - Forecast(2023 - 2028)

Overview

Spray Adhesives Market size is forecast to reach $3.61 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. One of the reasons for increased consumption of spray adhesives along with strong shear strength, fast drying rates, and high adhesive versatility is the vigorously growing automotive and packaging industries. Increasing demand from the construction industry and the growth of the packaging industry are the main drivers for the market for spray adhesives. Due to the small droplet size of the product, the spray adhesives are quick to dry and therefore easy to use. Spray adhesives used in various applications due to superior performance. It provides heat and moisture resistance which makes it suitable for use in various sectors such as construction, automotive, packaging and so on.

Report Coverage

The “Spray Adhesives Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Spray Adhesives Industry.

Key Takeaways

·         Spray adhesives are used in flooring applications to attach carpets, rubber floor tiles and carpet tiles to the floor. Spray adhesives are used for bonding insulation materials such as fiberglass expanded polystyrene foam and extruded polystyrene foam in isolation applications.

·         Companies are investing in R&D to synthesize wood adhesives that are environmentally friendly and skin-friendly.

·         This is a substitute for hot glue, white glue, tapes, and other adhesives. Spray adhesive used in spray cans or aerosol tins that spray the adhesive in the form of small droplets resulting in better surface absorption and good adhesive properties.

Product Type - Segment Analysis

Hot Melt segment held the largest share in the Spray Adhesives Market in 2018. This fast growth is due to the tightening of environmental standards around spray adhesive VOC content. Hot melt spray adhesives do not use water or solvent as a carrier and therefore their VOC level is much smaller, making them more environmentally friendly.

Chemistry - Segment Analysis

The market is further bifurcated into epoxy, polyurethane, synthetic rubber, and vinyl acetate ethylene by chemistry. Epoxy segment held the largest share in the Spray Adhesives Market in 2018. This is due mainly to its excellent characteristics such as low shrinkage, excellent resistance to chemical and moisture, high fatigue and mechanical strength. Epoxy-based adhesives are widely used to laminate plywood fiberglass and give the structure toughness and strength. The product is an excellent choice for wooden surfaces for coating.

End-Use Industry - Segment Analysis

Transportation sector has been the primary market for Spray Adhesives by growing at a CAGR of 4.23%. The transport sector includes the automotive, aerospace, and marine industries. The use of adhesives allows manufacturers to minimize vehicle weight, and the use of spray adhesives helps to reduce adhesive material costs and wastage. Spray adhesives will produce a smooth coating that covers the entire target area in a short time with reduced adhesive usage. Spray adhesives are used to bind leather, cotton, silk, fiberglass, and other materials including plastic and rubber to the car, aircraft, or ship's metal body. Such adhesives are used when adding automobiles and aircraft to interior trim. During the forecast period, the increasing demand for vehicles from emerging countries such as China, India, and Brazil is expected to fuel the market for spray adhesives. Increasing popularity of electric cars and increasing disposable incomes of the middle-class population are expected to increase demand for vehicles in many countries.

Geography - Segment Analysis

APAC dominated the Spray Adhesives Market share with more than 35%, followed by North America and Europe. The markets in developing economies like China and India are experiencing high growth due to increased middle-class purchasing power and increasing urbanization. For example, China is the market-leading adhesive due to increasing infrastructural activities,  activities in the country that are funded by the government's proposed large infrastructure projects. In addition, due to increasing socio-economic factors in the region, Asia Pacific is expected to see promising gains due to the automotive sector.

Drivers – Spray Adhesives Market

·         Growing furniture industry to drive demand for spray adhesives

It is estimated that the demand for spray adhesives in the furniture industry will see the fastest growth during the prediction era. The growth of the furniture sector is due to the rising construction industry and the improvement of living standards. New buildings may increase housing and/or office furnishing demand. This is projected primarily in developing economies like China, India, Brazil, and South Africa. The major use of spray adhesives is furniture or woodworking. Using a number of adhesives nearly two-thirds of wood products today are completely or partially bound together. This is because the adhesive bonding of wood parts provides many advantages over other joining methods.

 Challenges – Spray Adhesives Market

·         Fluctuating costs of raw materials and threats to health

However, fluctuating prices of raw materials and health hazards due to the emission of VOCs from the production process of spray adhesives are major factors expected to impede the growth of the global market for spray adhesives.

 Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Spray Adhesives Market. In 2018, the market of Spray Adhesives has been consolidated by the top five players accounting for xx% of the share. Major players in the Spray Adhesives Market are Bostil SA, Henkel, Quin Global, H.B.Fuller, UniSeal, Inc., Eastman Chemical Company, 3M, SIKA AG, and Phillips Manufacturing, among others.