The Acrylic Adhesives Market is poised for a surge, reaching a projected value of $22.79 billion by 2031. This substantial growth, according to a report by SNS Insider, is fueled by a CAGR forecast of 5.95%. This marks a significant leap from $14.35 billion in 2023.
The Acrylic Adhesives Market is on the increase, driven by a powerful combination of factors. The booming construction industry in Asia-Pacific and the Middle East creates a massive demand for acrylic adhesives used in waterproofing, weather-sealing, and bonding applications. Asia-Pacific alone accounted for a huge 67% of global construction market growth. Additionally, the ever-expanding packaging sector, fueled by the e-commerce surge and consumer preference for packaged goods, is a major consumer of acrylic adhesives. From cigarette filters and labels to envelopes and corrugated boards, acrylic adhesives play a vital role in securing and protecting a wide range of products.
This trend is further amplified by the electric vehicle segment globally, as these vehicles rely heavily on durable and weather-resistant adhesives for engine and car part assembly. While other industries like electronics, appliances and healthcare are also expected to witness steady growth the combined forces of construction and packaging remain the primary drivers propelling the Acrylic Adhesives Market forward.
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Some of the Key Players Included are:
3M, Avery Dennison Corporation, Henkel AG & Co. KGaA, Sika AG, Eastman Chemical Company, Royal Adhesives & Sealants, TOAGOSEI CO., LTD, Permabond LLC, B. Fuller Company, Pidilite Industries Limited, Bostik, Huntsman International LLC, Tonsan Adhesive Inc, and Other players.
Segment Analysis
By Application:
The Acrylic Adhesives Market flourishes on its diverse applications across numerous industries. The paper and packaging industry dominated the acrylic adhesives market in 2023, accounting for over 50% of its total revenue. In construction acrylic adhesives excel in waterproofing, weather-sealing, and crack-sealing. This makes them ideal for a various of building tasks, from structural bonding to adhering windows and doors. The automotive industry leverages their durability and weather resistance to create long-lasting bonds in engines, car parts, and gaskets. This is especially important as the electric vehicle segment experiences a boom.
Electronics appliances, and healthcare also benefit from acrylic adhesives' versatility. In the electronics and electrical equipment manufacturing sector, they securely bond and seal sensors and cables. Similarly, the rising demand for household appliances translates to an increased need for acrylic adhesives in assembling these appliances. Even the healthcare industry relies on acrylic adhesives for assembling medical device parts, further solidifying the market's growth potential as healthcare investments worldwide continue to rise.
By Technology
l Solvent-Based
l Water-Based
l Reactive
l Others
By Type
l Acrylic Polymer Emulsion
l Methacrylic
l Cyanoacrylic
l UV Curable Acrylic
By Application
l Paper & Packaging
l Medical
l Construction
l Transportation
l Woodworking
l Consumer
l Electronics
l Others
Recent Developments
· Bostik, a leader in adhesives, made a sustainability splash in August 2023 with the industry's first all-temperature, wash-off label adhesive. This innovation, called Flexcryl™ ClearCycle 1000, aids PET bottle recycling by ensuring clean separation of labels during processing.
Asia-Pacific Emerges as the Growth Engine for Acrylic Adhesives Market
The Asia-Pacific region is leader in acrylic adhesive demand due to its booming construction, packaging, automotive, medical device, and aerospace industries. China, the global leader in construction and automotive markets, consumed a 55% of the region's demand. The pandemic further impacted demand across all sectors in 2020, with a decline cushioned to 6.69% by essential construction activities in some countries. Fortunately, a recovery began in 2021 due to government support schemes, and this upward trend is expected to continue through the forecast period. Increased investments in infrastructure projects across Europe, South America, and Asia Pacific are anticipated to be major drivers of this growth.
Key Takeaways
· The surge in e-commerce and consumer preference for packaged goods is fueling growth in the packaging sector, a significant consumer of acrylic adhesives.
· Asia-Pacific leads the global market due to its booming industries and China's dominance in construction and automotive sectors.
· The growing adoption of 3D printing and additive manufacturing processes is creating new opportunities for acrylic adhesives in bonding diverse materials for complex structures.
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