Spray Adhesives Market by Chemistry (Epoxy, Polyurethane, Synthetic Rubber, Vinyl Acetate Ethylene), Type (Solvent-Based, Water-Based, Hot Melt), End-Use Industry (Transportation, Construction, Furniture), and Region - Global Forecast to 2022
Spray adhesives market is projected to register a CAGR of 4.6%, in terms of value, between 2017 and 2022.
The spray adhesives market size is expected to reach USD 3.41 billion by 2022 from the estimated USD 2.72 billion in 2017, at a CAGR of 4.6% between 2017 and 2022. Spray adhesives are favored for their advantages such as easy handling, low wastage, and faster application. They are used to bond a variety of substrates, including foam, fabric, metal, wood, and plastics. The growing demand from the automotive, aerospace, construction, and furniture industries is projected to drive the market for spray adhesives during the forecast period.
Hot melt spray adhesives segment is projected to register highest CAGR between 2017 and 2022.
Hot melt adhesives are thermoplastic in nature. The application of hot melt adhesives involves melting and cooling of the adhesive polymers. As hot melt adhesives do not use solvent or water, their curing time is very less. The major types of hot-melt adhesives are vinyl acetate ethylene (VAE), pressure sensitive adhesives, polyolefin, and metallocene. Hot melt spray adhesives can be used for porous and non-porous surfaces.
The high viscosity of hot-melt spray adhesives helps in bonding uneven surfaces by filling the gaps. The major disadvantages of these adhesives include heat sensitivity and low corrosion resistance. The heat sensitivity prevents the use of hot melt spray adhesives in elevated temperature applications. The thick layer of the adhesive hampers the aesthetics of the joint.
Asia-Pacific was the largest market for spray adhesives in 2016.
Asia-Pacific is the largest market for spray adhesives and is expected to remain so till 2022. China is the key market in the region, accounting for more than half of the demand for spray adhesives in Asia-Pacific. China is followed by Japan, India, and South Korea, where consumption is growing at a steady pace. India is emerging as an important hub in the spray adhesives industry as it witnesses new facilities being established.
Increase in the consumption of spray adhesives in automotive, aerospace, construction, furniture, and packaging industries has been observed in the Asia-Pacific region due to continued industrialization and rise in the manufacturing sector in the region. Moreover, growing innovations and developments in spray adhesives are directly affecting the rise in the use of these spray adhesives.
Extensive primary interviews were conducted to determine and verify the market sizes of the various segments and subsegments of the spray adhesives market.
The break-up of primary interviews is given below:
• By Company Type - Tier 1 – 30%, Tier 2 – 43%, and Tier 3 – 27%
• By Designation - C level – 21%, Director level – 23%, and Others – 56%
• By Region - North America – 30%, Europe – 18%, Asia-Pacific– 41%, and RoW- 11%
The key companies operating in the spray adhesives market are Bostik SA (US), H.B. Fuller (US), Henkel (Germany), Kissel+Wolf GmbH (Germany), Quin Global (US), SIKA AG (Switzerland), and 3M (US).
This research report categorizes the spray adhesives market on the basis of type, chemistry, end-use industry, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the spray adhesives market. A detailed analysis of the key industry players has been undertaken to provide insights on the businesses and the products & services offered by them. The report also discusses the key strategies, such as expansions, mergers & acquisitions, new product developments, and agreements, adopted by the leading players to strengthen their positions in the spray adhesives market.
Reasons to Buy the Report
The report is expected to help the market leaders/new entrants in this market in the following ways:
1. This report segments the spray adhesives market comprehensively and provides the closest approximations of the sizes for the overall market and its subsegments across different verticals and regions.
2. The report is expected to help stakeholders understand the pulse of the market and provide them information on key market drivers, such as restraints, challenges, and opportunities, influencing the growth of the spray adhesives market.
3. This report is expected to help stakeholders understand the major competitors in the spray adhesives market and gain insights to enhance their positions. The competitive landscape section includes detailed information on expansions, acquisitions, and new product developments in the market.