Adhesives Market Growth Underpinned by Extensive Use in Key Sectors, Says Fact.MR
Market players are focusing on manufacturing products in compliance with the recent environmental regulations, pushing them to innovate and improve their present technologies.
"The global adhesives market will foresee a swell in the manufacturing of eco-friendly adhesives containing minimal or zero VOC's on the back of altering consumer preferences. Market competition will get aggressive with a major trigger to come from emerging nations in the APAC and the MEA." says the Fact.MR report.
Adhesives Market - Key Takeaways
• Asia Pacific spearheads the global adhesives market due to expanding automotive production in China and India.
• Water-based adhesives are set to emerge as a lucrative type category in the coming years.
• The construction segment to reflect an upward growth trajectory throughout the forecast period.
• The ethylene vinyl acetate (EVA) category will hold the highest share of the global market.
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Adhesives Market - Driving Factors
• Growing application in the construction sector is anticipated to fuel market expansion.
• A shift in consumers' preference for flexible and low-cost packaging solutions is likely to spur the application of adhesives in the industry.
• The surging requirement for eco-friendly adhesives is projected to generate growth prospects of adhesives across manufacturing industries.
Adhesives Market - Constraints
• Fluctuating petrochemicals prices which is utilized in the production of adhesives will limit the market growth.
• Strict government regulations regarding the manufacturing of chemical and petro-based products can act as a constraint in the market.
Anticipated Market Impact by COVID-19 Outbreak
The global adhesives market has been not immune to the impacts of COVID-19 pandemic. The production has faced a drop as a result of a lack of raw materials supply. The transportation and travel delays have disrupted the supply chain hampering the day-to-day operations. Fluctuating currencies and export tax is furthermore contributing to the slowdown of the market.
Major companies operating in the adhesives market are 3M, Henkel AG Co. KGaA, DuPont de Nemours, Inc., H.B. Fuller Company, Bostik, Avery Dennison Corporation, Huntsman International LLC, Illinois Tool Works Inc., Akzo Nobel N.V., RPM International Inc, Ashland, Mapei S.p.A., KCC Corporation..