Contact Adhesive Market

Updated on : December 17, 2024

Contact Adhesives Market

The global contact adhesives market was valued at USD 2.8 billion in 2023 and is projected to reach USD 3.5 billion by 2028, growing at 4.3% cagr from 2023 to 2028. 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.

Read More: Contact Adhesive Companies

Contact Adhesives Market Report Scope

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

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