Global Flock Adhesives Market - Segmented by Resin Type, Application and Geography - Growth, Trends and Forecast (2018-2023)
The flock adhesives market is expected to grow at a CAGR of 6.3% during the forecasted period, 2018-2023. The market is driven by many factors, growing demand from automotive sector along with rising demand of coated fabrics & finished products.
Growing Demand from Automotive Industry
Flock adhesives find major application in interiors of automobiles. They play an important role in providing aesthetic appeal along with improving the performance of automotive. In automobiles, flock adhesives are used in various interior applications such as laminating, bonding, and assembling components in addition to door and window sealing applications. It is also widely suitable for spraying, brush and most other methods. In addition, the use of flock adhesives also reduces the weight of the vehicle, which in turn improves fuel efficiency and limits pollutants. According to Energy Efficiency and Renewable Energy, a 10% reduction in vehicle weight can result in a 6%-8% fuel economy improvement. With growing demand for light weight vehicles, companies are increasingly incorporating light weight products during automobile manufacturing thereby providing opportunities for the studied market.
Textiles, a Potential Sector
Based on the application, automotive is the dominant sector, however, textile is expected to lead the growth of the market. Flock adhesives are used in textile industry especially for flocking of suede fabrics. Jackets, shoes, leathers, shoes, shirts, purses, and furniture are the most common areas where flock adhesives are used. Growing textile industry at a good pace in Asia-Pacific countries like India, China is expected to drive the demand for flock adhesives in textile sector.
Asia-Pacific the Dominant Market Share
China is the largest manufacturer of flock adhesives in Asia-Pacific region. The demand is expected to increase because of growing automotive, and textile industries. Automotive industry is one the major industries in China. According to Volkswagen, China's passenger car market is expected to rise around 4 percent in 2018. In addition, various government activities is expected to increase the automotive industry during the forecasted period.
Major Players: BASF SE, AAA Plastics, Inc., Ag Polymers, AMETEK Westchester Plastics, Aquafil USA Inc., Arc Resin Corporation, Asahi Kasei Corp., DowDupont, DSM Company, and Solvay amongst others.
Reason to Purchase this Report
To understand the impact of growing demand from automotive on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating resin type and application in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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