Global Contact Adhesives Market - Segmented by Technology, Polymer, End-user and Geography - Growth, Trends and Forecast (2018 - 2023)
The Global Contact Adhesives market is estimated to register a significant CAGR during the forecast period. Asia-Pacific is expected to hold the largest share of the market, owing to the significant growth of leather industry, especially in countries, like China and India.
Accelerating Demand from Automotive Industry is Set to Propel Growth
Over the past few years, contact adhesives have become a significant technology component of automotive applications, as they are continuously replacing traditional bonding or adhesion methods. Unlike traditional manufacturing methods, adhesives offer the advantage of flexibility during the production process of automotive components. In addition, they also aid in reducing the processing and set up time, as they can be applied easily and at a relatively high speed.
Furthermore, it has been observed that during new car assessment programs and crash tests, vehicles bonded with adhesives perform better, when compared to welded vehicles, as they do not affect the substrate used in the automobile assembly. In 2016, the global automotive production reached 94.98 billion units, with a significant increase of 4.5% when compared to 2015. All the above-mentioned factors will help the global market to grow.
Footwear Leather is Expected to Hold the Largest Share of the End-user Segment
Contact adhesives, as they are fluid and flexible in nature and environment-resistant, are used in shoe manufacturing and leatherwork, which is used in making sports equipment, apparel, accessories, amongst others. These are used for bonding all parts of shoes, including outsoles, insoles, uppers, amongst others.
The global footwear industry is experiencing rapid expansion due to demand for new and innovative footwear products, increasing sports activities and increased demand for sports footwear, sports equipment, and apparels (made up of leather). The major market in the footwear industry is held by Asia-Pacific countries, owing to populous countries of the region, China and India. Being home to major brands of the fashion industry, North America, and Europe account for a healthy share of the market, in turn, boosting the growth of the contact adhesives market.
Asia-Pacific is Set to Dominate the Region During the Forecast Period
The Asia-Pacific market accounts for slightly less than 60% of the market. China is the largest market in the region, accounting for more than 50% of the share. The shoe manufacturing industry in China is largest in the world, and has been for a long time. It produced 13.1 billion pairs of shoes in 2016, nearly 6 times that of the second in the same ranking, India. Due to the large domestic market, with the presence of the world’s largest population and major exports in all other countries, China’s shoe manufacturing has been on the rise. The increase in minimum wages and overtime pay throughout China, as well as a stronger currency, are expected to help in increased production. This is expected to directly lead to the growth of the demand for contact adhesives in the country.
Notable Developments in the Market
September 2017: H.B. Fuller Company acquired Royal Adhesives and Sealants
Major Players: Henkel AG & Co. KGaA, H.B. Fuller Co, Bostik (Arkema) and 3M, amongst others.
Reasons to Purchase this Report
How the accelerating demand from automotive industry will drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which technology, polymer, and end-user industry is expected to dominate the market
Which region is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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