Global Water Borne Adhesives Market - Segmented by Resin Type, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global water borne adhesives market is expected to grow at a moderate rate during the forecast period, 2018 to 2023. Asia-Pacific dominated the global market, accounting for around 40% of the market share, followed by North America and Europe in 2017.
Increasing Demand from Packaging Industry is Driving the Market
Water borne adhesives have been extensively used in various end-user industries, including paper, board, packaging, automotive, electrical and electronics, building and construction, woodworking & joinery, transportation, and healthcare. Paper, board, and packaging industry dominated the market and accounted for the largest market share in 2017 (in terms of revenue). Water borne adhesives, due to their properties, such as good initial adhesion, high solid content, low-toxicity, and eco-friendly nature, are highly used in the packaging industry for label applications, packaging tapes, flexible laminations, and food & beverage packaging. Along with this, the growth of the packaging industry also depends on the increasing demand for e-commerce globally. Furthermore, the growth of the consumer packaging industry was 1.9% in 2016. Hence, the growth of the packaging industry is expected to drive the demand for water borne adhesives over the forecast period.
Acrylics Type Dominates the Market
Acrylic resins are thermoplastic resins produced by the polymerization of methacrylic acid esters (methacrylates) or acrylic acid esters (acrylates). Acrylic resins feature excellent transparency and durability. They are fast setting and oxidation-resistant adhesives, which can be found as both water and solvent-based. Owing to their high strength, acrylic adhesives are commonly used for industries, such as building & construction, healthcare, food & beverage, electronic production, and automotive manufacturing.
The global market for acrylic-based water borne adhesives is primarily driven by its growing demand in the automotive industry. Acrylic adhesive offers advantages over other adhesives, since it works efficiently even on contaminated surfaces, and does not affect the aesthetics of the surface. However, the environmental and health hazards associated with acrylic adhesives have led to stringent environmental regulations in the industry, which has been a major factor hampering the growth of the acrylic adhesives market.
Asia-Pacific is Dominating the Market
In terms of consumption, in 2016 (in terms of volume), Asia-Pacific dominated the water borne adhesives market. China is currently leading the market in terms of consumption of water-based adhesives, followed by India. With the improvement in the financial status of the consumers, the purchasing power of the middle class consumers has increased, which, in turn, is accelerating the demand for automobiles and buildings in the Asia-Pacific region. This, in turn, is making these countries a region of immense potential and opportunities.
The major water-based adhesive manufacturing companies, such as Henkel Ag & Co. KGaA, H.B. Fuller, Ashland Inc. and others, have their manufacturing plants in China. Moreover, water borne adhesives, due to their resistance to heat and chemicals, are highly used in the packaging industry for food packaging, flexible laminations, and packaging tapes. The packaging industry has been growing due to the rising purchasing power and demand of consumers, as well as growing demand for packaged foods and beverages in the recent years. Furthermore, shifting consumer focus toward flexible packaging will likely offer numerous opportunities in the growth of the Asia-Pacific water-based adhesives market. Hence, with the growing demand from end-user industries, the market for water borne adhesives in the region is expected to grow at a high rate over the forecast period.
Notable Developments in the Market
September, 2017: DowDuPont chemicals launched its water-based acrylic adhesive ROBOND INVISU PS-7910 for filmic label end-uses.
September 2017: 3M launched its Fast Tack water based adhesive 1000NF which is fast bonding, heat resistance.
Major players of the market include 3M, DowDupont, Henkel AG & Co. KGaA, H.B. Fuller Co., Jowat AG and Sika AG etc.
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