Dublin, Aug. 20, 2021 (GLOBE NEWSWIRE) -- The "Acrylic Adhesives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Acrylic Adhesives Market is projected to register a CAGR of around 5% during the forecast period (2021-2026).
The acrylic adhesives market was hampered by the COVID-19 pandemic. Due to nationwide lockdowns and strict social distancing measures the pandemic caused disruption in the construction industry. Furthermore, over 81 million people lost their jobs in Asia-Pacific during the COVID-19 pandemic. However, this pandemic has provided opportunities for the packaging industry as many countries have been shut down due to this deadly virus, it has been critical to stock up on essential supplies such as medicines, dairy products, food, sanitizers, face masks, disinfectants, and many others. The consumers and customers around the world prefer packed products rather than initially available and sold lose products such as fruits, vegetables, etc. As a result of the pandemic, demand for the packaging industry has increased.
Over the medium term, the major factors driving the growth of the acrylic adhesives market are the rapidly growing construction industry in the Asia-Pacific and the Middle Eastern regions, and increasing usage in the packaging industry.
On the flip side, strict VOC regulations in North America and Europe serve as one of the major stumbling blocks in the growth of the market studied.
The water-based acrylic adhesives segment dominated the market. It is anticipated to grow during the forecast period, owing to its eco-friendly and low-toxic nature, high solid content, and high initial adhesion properties.
The adoption of bio-based products may provide opportunities for the market studied, during the forecast period. Asia-Pacific dominated the global market, with high growth in demand from the construction, transportation, furniture, and packaging industries.
Key Market Trends
Packaging Segment to Dominate the Market Demand
Packaging is one of the largest end users of acrylic adhesives. Some of the applications include bags, cigarettes and filters, cartons' side seams and closures, composite containers and tubes, disposables, envelopes, flexible packaging, labels/signs/decals, specialty packaging, and corrugated boards, among others.
The Asia-Pacific region has been witnessing the fastest growth in the global packaging industry, with countries such as China and India leading the market. The packaging industry in China is expected to witness tremendous growth, and it may record a CAGR of nearly 6.8% to reach CNY 2 trillion by 2025. This positive momentum in the packaging industry is expected to ignite the market demand.
In India, packaging is one of the fastest-growing industries, with an annual growth rate of 15%-20%. It is becoming a preferred hub for the global packaging industry. Currently, packaging is the fifth-largest sector of the country's economy. The sector has witnessed steady growth over the past several years, and it is expected to expand, particularly in the export market.
As per the data given by the Trade and Commerce Association, the packaging industry is estimated to show promptness in the country in the future due to its growing population and income levels. Thus, supportive demand for paper packaging is likely to be expected in the high growth zones of the country.
Moreover, with the increasing use of single-use packages in the region, the food and beverage industry's packaging demand is always on a higher side, which is subsequently driving the packaging market.
The packaging industry in North America and Europe is mature and is has been witnessing moderate growth in the Middle East & African region. However, owing to the growth of the e-commerce business in these regions, the packaging industry is also witnessing growth in these regions, further driving the demand for raw materials, like adhesives and others.
Thus, such trends in the global packaging industry are expected to drive the demand for acrylic adhesives during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the global market share. Factors, such as strong growth in construction activities, increasing packaging demand from the expanding e-commerce business platform, increasing output in the food and beverage industry, have been driving the demand for acrylic adhesives in the region.
Countries, such as China and India, lead the market demand for acrylic adhesives, due to high packaging requirements.
China and India hold the potential to grow at a faster rate in the e-commerce packaging market, as internet usage in these countries continues to expand at a tremendous rate. The demand for food and beverage products is also supporting the growth of the paper packaging and rigid packaging sectors in these countries, at a steady rate.
Moreover, the construction sector in these countries is expected to grow at a noticeable rate, owing to various planned projects planned for construction, during the forecast period.
Currently, there are several airport construction projects, either in the development or planning stage, in China. These include Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next decade.
In India, the government's target of investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost industrial construction in the country.
Smart cities mission is another major project undertaken by the government which will construct more than 100 smart cities all over the country to achieve rapid urbanization in the country. In 2018-2019 budget, INR 6,450 crores has been allocated to the smart city mission against Rs 6,169 crore in 2018-2019 budget, an increase of 4.5%.
India has also been witnessing significant interest from international investors in the construction space. Foreign Direct Investment (FDI) in Construction Development sector (townships, housing, built up infrastructure and construction development projects) stood at USD 25.66 billion during April 2000 to March 2020, according to Department for Promotion of Industry and Internal Trade (DPIIT).
The Indonesian government planned to invest about USD 450 billion in the construction sector, by 2021, which is expected to drive residential construction in the country.
Additionally, construction is growing at a noticeable rate in countries, such as Indonesia, Thailand, and Singapore.
Hence, all such favorable market trends in the region are expected to drive the growth of the acrylic adhesives market, during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rapidly Growing Construction Industry in Asia-Pacific and Middle-East
4.1.2 Increasing Usage in Packaging Industry
4.2.1 Strict VOC Regulations in North America and Europe
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 Arkema (Bostik)
6.4.4 AVERY DENNISON CORPORATION
6.4.6 Franklin International
6.4.7 H.B. Fuller Company
6.4.8 Henkel AG & Co. KGaA
6.4.9 Hexcel Corporation
6.4.10 Huntsman International LLC
6.4.11 ITW (Illinois Tool Works Inc.)
6.4.13 MAPEI Inc.
6.4.14 Parker Hannifin Corp
6.4.15 Permabond LLC
6.4.16 Pidilite Industries Ltd.
6.4.17 RPM International Inc.
6.4.18 Sika AG
6.4.19 Toagosei Co. Ltd
6.4.20 Wacker Chemie AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Adoption of Bio-based Products
For more information about this report visit https://www.researchandmarkets.com/r/5afvgj
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900