Elastic Adhesive Market Worth 20.07 Billion USD by 2022
PUNE, India, March 21, 2018 /PRNewswire/ --
The report "Elastic Adhesive Market by Resin Type (Polyurethane, Silicone, SMP), End-Use Industry (Construction, Industrial, Automotive & Transportation), Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Global Forecast to 2022" published by MarketsandMarkets™, the Elastic Adhesive Market is projected to grow from USD 14.53 Billion in 2017 to USD 20.07 Billion by 2022, at a CAGR of 6.68% between 2017 and 2022. The scope of the report includes elastic bonding adhesives and sealants. The growing use of superior adhesives and sealants in glazing and flooring applications and in vehicles is expected to fuel the growth of the Elastic Adhesive Market across the globe.
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Elastic adhesives are the materials, which exhibit strong elasticity like rubber and offer a number of adhesive properties. After being cured, these adhesives form a strong and flexible rubber-like elastic bond. They have low contraction or distortion when undergoing curing treatment, and absorb external stress caused by vibrations and shock. The major end-use industries for elastic adhesives include construction, industrial, and automotive & transportation.
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Based on end-use industry, the construction segment is projected to lead the Elastic Adhesive Market during the forecast period.
The construction segment is expected to lead the Elastic Adhesive Market in 2017. Elastic adhesives are used in a myriad of applications such as flooring, tiling, glazing, waterproofing, carpet laying, wall covering, insulating, and roofing. They are also used in the civil sector. Adhesives are important in construction applications as they are used to bond, renovate, and maintain & repair residential and commercial buildings. The materials being used in the modular constructions such as plastics, composites, and acrylics, among others require extensive finish work. These cannot be bonded together using the traditional techniques as these materials cannot withstand the heat of welding. Moreover, the use of bolts hampers aesthetics. These materials cannot be bonded with other techniques as well. Hence, elastic adhesives play an important role to ensure a strong bond and excellent stress recovery of substrates so that they retain their shape after being pulled or bent.
Based on resin type, the polyurethane segment is projected to lead the Elastic Adhesive Market, in terms of both value and volume during the forecast period.
The polyurethane segment is expected to lead the Elastic Adhesive Market in 2017, in terms of both value and volume. Due to their high elongation properties and strong bonding, polyurethane elastic adhesives are used in bonding windscreens and windows of passenger cars, trucks, tractors, and special vehicles. They are also used for bonding fiberglass-reinforced plastic elements such as roofs and side and frontal panels of automobiles. Polyurethane elastic adhesives have the edge over silicone elastic adhesives as they can be easily painted and offer a fissure-free coated surface for a long period of time. Formulation and stringent implementation of various environmental regulations pose a challenge to the growth of the polyurethane segment of the Elastic Adhesive Market. However, Silane Modified Polymers (SMP) resin types are eco-friendly and offer better adhesion characteristics than polyurethane resin types.
The Asia Pacific region is projected to lead the Elastic Adhesive Market from 2017 to 2022.
The Asia Pacific region is projected to be the largest market for elastic adhesives during the forecast period. The growth of the Asia Pacific Elastic Adhesive Market can be attributed to the rising demand for economic, commercial, and infrastructural activities in emerging economies such as China, India, Thailand, Indonesia, Bangladesh, and Vietnam, among others. The manufacturers of elastic adhesives are targeting this region as it has the largest construction industry in the world that accounted for approximately 40% of the global construction spending in 2016. The global vehicle production is projected to grow to approximately 105 million units by 2020. Of this, the Asia Pacific region is expected to account for approximately 43.1 million units of vehicles. The vehicle production in the Asia Pacific region is expected to grow from 26.8 million units in 2013 to 43.1 million units by 2020. This growth in the vehicle production of the Asia Pacific region can be attributed to the shift of base of automotive manufacturers to developing markets.
The key companies operating in the Elastic Adhesive Market include Henkel (Germany), 3M (US), Arkema (France), Weicon (Germany), Wacker Chemie (Germany), and Sika (Switzerland), among others.
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