Spray Adhesives Market valuation is poised to exceed USD 6.38 billion by 2029, Bolstered by high growth in Transportation and Construction Industry, the market is all set to achieve significant growth rates - Exactitude Consultancy

The growing acceptance of spray adhesives over conventional glues and tapes has increased the research and development activity for spray adhesives in the market. High demand of spray adhesives in the end-use industries is responsible for driving global spray adhesives market.

PUNE, India, Sept. 21, 2022 /PRNewswire/ -- Spray adhesives, also known as sprayable adhesives, are adherents provided in the aerosol form. These adhesives provide good adhesion with fast and aggressive tack. Spraying increases the speed of application with minimum wastage due to controlled spray mechanism. The spray adhesives market in the furniture industry is estimated to witness the fastest growth during the forecast period.

The global Spray adhesives market size stood at USD 3.22 billion in 2021. The market could surge to USD 6.38 billion by 2029 at 4.8% CAGR during the forecast period.

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The demand for spray adhesives has increased owing to growing technological advancements and increasing demand from applications, namely, architectural, appliances, automotive, furniture, agriculture, construction, and earthmoving equipment, general industrial and others.

Partnerships, Collaborations and Agreements

• On February 2021, Henkel Corporation and FREEDM Systems Engineering Research Center announced a new partnership agreement designed to study the impact of materials technology on power electronics applications.
• On June 2021, H.B. Fuller announced a distribution agreement with Jubilant Agri and Consumer Products Ltd., a 100% subsidiary of Jubilant Industries, to address the growing demand for adhesive applications in the B2B woodworking segment. JACPL will now serve as a national channel partner of H.B. Fuller

Growing furniture industry to drive the spray adhesives market

The spray adhesives market in the furniture industry is estimated to witness the fastest growth during the forecast period. The growth of the furniture industry is attributed to the growing construction industry and improving standards of living. New constructions will increase the demand for housing and/or office furniture. This is expected to be observed mainly in developing economies such as China, India, Brazil, and South Africa.  

Asia-Pacific is projected to be the fastest-growing market for spray adhesives during the forecast period

The markets in developing economies such as China and India are experiencing high growth due to increasing purchasing power of the middle class and growing urbanization. The spray adhesives market in India is projected to witness the highest CAGR during the forecast period.

Stakeholders Prioritize Strategic Approaches to Boost Penetration

The market is highly competitive with presence of large number of players with strong production capacities. Strategic activities of key players including, production capacity expansion, new product launches and strategic agreements will differentiate themselves in the longer run.

Major companies involved in the industry include AkzoNobel N.V., PPG Industries, Bostik SA, H.B. Fuller, Henkel, Illinois Tool Works, Kissel+ Wolf GmbH, Quin Global, Sika AG, and 3M.

Key Market Segments: Spray adhesives Market

Spray Adhesives Market by Type, 2022-2029, (USD Million, Kilotons)

• Solvent Based
• Water Based
• Hot Melt

Spray Adhesives Market by Chemistry, 2022-2029, (USD Million, Kilotons)

• Epoxy
• Polyeurethane
• Synthetic Rubber
• Vinyl Acetate Ethylene

Spray Adhesives Market by End Use, 2022-2029, (Usd Million, Kilotons)

• Transportation
• Construction
• Furniture
• Others

Spray Adhesives Market by Region, 2022-2029, (Usd Million, Kilotons)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Key Market Trends

Increasing Demand from Transportation Sector

• Spray adhesives are required for a variety of applications in the transportation sector. These adhesives are majorly used in the interior trim application of vehicles and aircrafts.
• Spray adhesives help in bonding foam, fabric, fiberglass, leather and other materials to the body of the vehicle.
• With the increasing security concerns and increasing commercial use of aircraft as a medium of conveyance, the demand for aircraft has been increasing across the world. With this, various aircraft production orders have been lined up for delivery in the coming years.
• For instance, according to Boeing, by 2029, the deliverables of commercial aircraft are expected to reach about 17,390 units in the Asia Pacific, 9,130 units in North America and about 8,990 units in Europe.
• Hence, with the production of aircraft to deliver the aircraft orders from the defense as well as the aviation industry, the demand for spray adhesives is projected to increase worldwide, during the forecast period.

Spray adhesives Market Dynamics

Drivers

• Increasing penetration of spray adhesives in end-use industries
• The rapid growth of key end-use industries in APAC

Restraints

• The volatility of raw material prices

Opportunities

• Growing demand for low-VOC and eco-friendly adhesives

Challenges

• Meeting environmental standards while maintaining performance

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