Adhesive Resin Market Demand, Size, Share, Scope & Forecast To 2031
COVID-19 Impact on Adhesive Resin Market
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On January 30, 2020, the
International Health Regulations Emergency Committee of the World Health
Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a
public health emergency of international concern. Originating in China, the
virus has spread to at least 214 countries and territories around the world.
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Several governments and private
sector businesses are operating at a limited capacity or have ceased operations
completely due to recent events surrounding the COVID-19 pandemic
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Manufacture of various consumer goods
and other products across the globe came to a halt due to the unavailability of
raw materials, shortage of labor, etc. This is expected to hamper the adhesive
resin market.
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Key Drivers and Restraints of Adhesive Resin Market
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Adhesive resin is primarily employed
in the building & construction industry. It is applied as contact adhesive,
flooring adhesive, and sealant in the building & construction industry.
Adhesive resin provides various positive characteristics such as wettability,
adhesion strength, thermal property, chemical resistance, and environmental
resistance. Increase in demand for adhesive resin in various building &
construction activities is expected to fuel the global adhesive resin market
in the next few years.
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Rise in demand for adhesive resin in
the automotive industry is also expected to create significant opportunities
for the adhesive resin market in the near future. High demand for lightweight
and low carbon emitting vehicles and rise in demand for low VOC (volatile
organic compounds) are likely to boost the demand for green and sustainable
adhesive resins. This is anticipated to create lucrative opportunities for the
adhesive resin market.
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Fluctuation in raw material prices is
a major factor that is estimated to hamper the adhesive resin market
Adhesive Resin: Resin Segment
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In terms of resin, the global
adhesive resin market can be divided into polyacrylic ester (PAE), polyvinyl
acetate (PVA), vinyl acetate ethylene (VAE), synthetic rubber (SBS, CR &
SIS), polyamide, ethylene vinyl acetate (EVA), polyurethane, epoxy, and others
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The epoxy segment is projected to
hold major share of the global adhesive resin market during the forecast period
due to improved functionalities such as corrosion protection and mechanical
strength. Epoxies are widely used structural adhesives owing to their ability
to adhere to a wide variety of materials, high strength, resistance to
chemicals and environments, and ability to resist creep under sustained load.
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The polyacrylic ester (PAE) segment
is projected to follow the epoxy segment during the forecast period. PAE has
excellent water resistance, good impact strength, and exceptional bonding
properties. High demand for polyacrylic ester (PAE) resin in the building &
construction industry is driving the global adhesive resin market.
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Asia Pacific to Hold Leading Share of Adhesive Resin Market
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In terms of region, the adhesive
resin market can be segregated into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa
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Asia Pacific is expected to hold
major share of the global adhesive resin market, followed by Europe and North
America, during the forecast period. This can be ascribed to the growth of
end-user industries such as automotive, construction, packaging, and consumer
goods in developing countries such as China, Japan, South Korea, and India in
Asia Pacific. Advancement of emerging technologies is also estimated to fuel
the market in developing countries of Asia Pacific during the forecast period.
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Demand for adhesive resin in the
automotive industry in North America and Europe is projected to rise at a rapid
pace in the near future
Key Manufacturers Operating in Adhesive Resin Market
The
adhesive resin market was consolidated in 2020. Major players have prominent
presence in developed and developing countries. Key manufacturers operating in
the global adhesive resin market include:
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ExxonMobil Chemical
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Eastman Chemical Company
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Dow Chemical
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Lawter
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Mitsubishi Chemical Corporation
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Georgia-Pacific Chemicals
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Yparex B.V.
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Evonik Industries AG
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DuPont de Nemours, Inc.
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Ashland Inc.
Adhesive Resin: Research Scope
Adhesive Resin Market, by Resin
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Polyacrylic Ester (PAE)
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Polyvinyl Acetate (PVA)
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Vinyl Acetate Ethylene (VAE)
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Synthetic Rubber (SBS, CR & SIS)
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Polyamide
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Ethylene Vinyl Acetate (EVA)
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Polyurethane
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Epoxy
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Others
Adhesive Resin Market, by End-use
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Paper & Packaging
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Building & Construction
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Transportation
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Consumer Electronics
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Leather
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Automotive
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Others
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Adhesive Resin: End-use Segment
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Based on end-use, the global adhesive
resin market can be segmented into paper & packaging, building &
construction, transportation, consumer electronics, leather, automotive, and
others
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The building & construction
segment is projected to gain higher share of the global market during the
forecast period. High-performance adhesive resin is used to make laminated
woods for decks, walls, and roofs. It is also used in other products that
require strong binding to a variety of substrates. High-performance adhesive
resin is widely used in the building & construction industry, from flooring
and countertops to structural adhesives and paints. Hence, wide usage of
adhesive resin in the building & construction industry is expected to drive
the adhesive resin market during the forecast period.
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The automotive segment is also
projected to hold key share of the global adhesive resin market in the near
future. Mechanical strength, metal adhesion, and heat resistance are among the
chemical properties of adhesive resin. These properties aid in the protection
of car bodywork from corrosion and other damages, potentially doubling a
vehicle's lifetime.
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