The Global Acrylic Adhesives Market is projected to register a CAGR of 6.54%. Key Highlights. Largest Segment by End User Industry - Packaging : Packaging is the dominant end-user industry in the market owing to its widespread usage in pressure-sensitive applications such as labels and tapes.
New York, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Acrylic Adhesives Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381333/?utm_source=GNW
Largest Segment by Technology - Water-borne : Water-borne is the largest technology type in the market owing to its wide range of applications in the packaging and construction industries.
Largest Segment by Region - Europe : Europe, driven mainly by Germany, United Kingdom, France, and Italy, is the largest regional acrylic adhesives consumer owing to its usage in various end-user industries.
Fastest-growing Segment by Region - Europe : With the increasing demand for food and beverage packaging and the building and construction industry, the Europe region is forecast to be the fastest-growing region in the market.
Acrylic Adhesives Market Trends
Packaging is the largest segment by End User Industry.
Acrylic adhesives are widely used in the construction industry because of their applications, such as waterproofing, weather-sealing, cracks sealing, and bonding. The construction industry globally is expected to grow at 3.5% per annum up to 2030. Asia-Pacific and Europe accounted for 67% of the global construction market’s growth in 2021. Thus, construction acrylic adhesives account for the largest share of the global adhesives market by volume.
Adhesives are widely used in the automotive industry because of their applicability to surfaces such as glass, metal, plastic, and painted surfaces. Their features are helpful in the automotive industry, such as extreme weather resistance, durability, and long-lasting. These are used in engines and car gaskets. The electric vehicles segment of the automotive industry is expected to record a 17.75% CAGR globally in the forecast period, 2022-2028, because of the increased demand in growing economies. This is expected to increase demand for automotive acrylic adhesives in the forecast period 2022-2028.
Different adhesives are widely used in electronics and electrical equipment manufacturing. They are used for bonding and sealing sensors and cables. The electronics and household appliances industries are expected to record CAGRs of 2.51% and 5.77%, respectively, which will lead to an increase in demand for acrylic adhesives in the forecast period 2022-2028.
Adhesives are used in the healthcare industry for applications such as assembling medical device parts. The increase in healthcare investments worldwide is expected to lead to an increase in demand for acrylic adhesives in the forecast period 2022-2028.
Europe is the largest segment by Region.
The Asia-Pacific region accounted for the largest share of the demand for acrylic adhesives throughout the entire study period because of the large number of construction and packaging activities, automotive, medical devices, and aerospace production capacities, and other well-established end-user industries in the region. China is the largest construction and automotive market globally and accounted for up to 55% of the demand from the Asia-Pacific region in 2021.
During 2017-19, the demand for acrylic adhesives witnessed steady growth. The rising demand from construction and packaging industries in Europe and North America were major drivers of growth. The decline of the demand from the automotive industry globally restricted the growth of the demand for acrylic adhesives during this period. declined with a CAGR of 2.89% during this period, 2017-19.
In 2020, the demand for acrylic adhesives from all end-user industries declined because of the covid-19 pandemic. In some countries like South Africa, and Brazil among others construction activities were deemed essential and were allowed to operate during the pandemic. Factors like these have cushioned the global impact restricting the decline to 6.69%.
In 2021, due to the relief packages and support schemes in countries like the United States, Australia, and countries in the EU among others, the demand started to recover and this growth trend is expected to continue throughout the forecast period. Increased investments and budget allotments witnessed in countries of Europe, South America, and the Asia Pacific regions are expected to be major driving factors for this growth. The global demand for acrylic adhesives is expected to grow with a CAGR of 4.43% during the forecast period, 2022-2028.
Acrylic Adhesives Market Competitive Analysis
The Global Acrylic Adhesives Market is fragmented, with the top five companies occupying 22.74%. The major players in this market are 3M, AVERY DENNISON CORPORATION, H.B. Fuller Company, Henkel AG & Co. KGaA and Sika AG (sorted alphabetically).
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