Contact Adhesives Market Worth 4.97 Billion USD by 2022
PUNE, India, January 30, 2018 /PRNewswire/ --
The report "Contact Adhesive Market by Resin Type (Neoprene, Polyurethane, Acrylic, SBC), Technology (Solvent-Based, Water-Based), End-use Industry (Woodworking, Leather & Footwear, Automotive, Construction) - Global Forecast to 2022" published by MarketsandMarkets™, the market is projected to grow from USD 3.87 Billion in 2017 to USD 4.97 Billion by 2022, at a CAGR of 5.15% between 2017 and 2022. Technological advancements are expected to fuel the demand for contact adhesives in mature markets such as North America and Europe. Properties such as less cure time, strong bond, and better adhesion to a variety of substrates in contact adhesive products are expected to drive the growth of the market in the near future. The Contact Adhesives Market is slowly shifting from traditional solvent-based adhesives to water-based adhesives, driven by the requirement of environmental compliance for various end-use industries.
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Browse 86 market data Tables and 39 Figures spread through 131 Pages and in-depth TOC on "Contact Adhesive Market"
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Based on end-use industry, woodworking is projected to lead the Contact Adhesives Market during the forecast period.
Woodworking is estimated to be the largest application segment of the Contact Adhesives Market in 2017. Contact adhesives are used extensively in the woodworking end-use industry as they can easily bond wooden and porous substrates to improve performance and develop lightweight designs using multi-materials. There is an increasing focus on developing lightweight components to improve aesthetic appeal. Other end-use industries of contact adhesives include construction, automotive, and leather & footwear, among others.
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Based on formulation technology, the solvent-based adhesives segment is projected to lead the Contact Adhesives Market during the forecast period.
The solvent-based adhesives segment is estimated to be the largest formulation technology segment of the Contact Adhesives Market in 2017, in terms of both value and volume. Solvent-based is the most broadly-used technology in the formulation of contact adhesives as these adhesives possess unique characteristics, such as temperature, humidity, and discoloration resistance.
Asia Pacific is expected to lead the Contact Adhesives Market during the forecast period.
Asia Pacific is expected to be the largest Contact Adhesives Market during the forecast period. The increasing population, along with the high demand from the automotive and woodworking end-use industries, is expected to fuel the growth of the Asia Pacific Contact Adhesives Market. Countries such as China, Japan, and India are expected to be the major markets for contact adhesives in Asia Pacific, with China estimated to be the largest market in terms of consumption.
Key companies operational in the market include Henkel (Germany), 3M (US), Bostik (France), H.B. Fuller (US), Illinois Tool Works (US), Sika (Switzerland), and Pidilite Industries (India).
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